The Demise of the Equipment Tracking Spreadsheet

Equipment asset tracking software has changed in the mobile world we all now live less money, time and manpower. In the not so distant past, spreadsheets were one of the most prevalent software applications used by businesses to track assets, and equipment tracking spreadsheets were common mainstays in most companies. They were used for everything from simple calculations to complex databases for tracking a wide range of information about a company’s (potentially) extensive list of assets. And while an equipment tracking spreadsheet used to be inherently useful in business, they now are ill-suited for today’s mobile workforce and growing asset base.

There are two major challenges companies face when it comes to tracking equipment, and the old way of using an equipment tracking spreadsheet just won’t suffice:

1. Organizing the massive amount of equipment that is currently in circulation or in storage. Where is your equipment and who has it? Do you know which pieces have been loaned or rented or what’s been taken out of inventory or is in for maintenance.
2. Controlling the amount of employees that handle equipment. How many hands does one single piece of equipment go through any given year? Who is responsible for logging and tracking the location, user, and working condition of each item? Which items are still under warranty and which aren’t? How many items need preventive maintenance or repairs? How many items are not in good working condition and should be replaced and disposed of?

In addition to these challenges, there are still other circumstances that require a detailed list of every asset along with information regarding their purchase price, depreciation rates, repair costs, and replacement costs. Can your equipment tracking spreadsheet do all of that?

Let’s not forget the issues with errors in spreadsheets. In the majority of businesses, officers and auditors are often held personally responsible for mistakes on financial spreadsheets. For public companies, these can sometimes result in fines, imprisonment, or public scrutiny that comes with explaining why the error occurred if it’s significant and affects hundreds or possibly thousands of people. Tracking fixed assets can and will directly affect the financial documents that public companies are required to file quarterly and annually, so it’s critical that the method for tracking these assets should be designed for specific, specialized tasks to eliminate said errors and ensure sound financial tracking and reporting.

The use of an equipment tracking spreadsheet can have a real negative impact on a business because it has little to no error detection, no audit trails, is very difficult to handle tax, and certain formulas can actually link spreadsheets together. Making the transition from an equipment tracking spreadsheet to a cloud-based software and Mobile App asset tracking system such as Asset Panda saves both your time and more importantly money. Working the way you do, on devices your team is already using, Asset Panda keeps you up to date on your inventory of equipment and who has what, as well as where it is, what condition it is in, and which lease the equipment is on.

Flexible enough to change as your needs change, Asset Panda gives you unlimited fields and configurability so you can work the way you need to work. Quickly and easily integrating with your systems, our platform seamlessly imports data from your existing spreadsheets. And our intuitive interface makes it just as easy to use. Track specific assets on a portfolio or single line items across asset classes. Set alerts. Determine which input information you want to flag as mandatory. Take and store photos and video to validate equipment conditions. Assign usage rights to the appropriate staff. Whether you’re online or using our free mobile app, there’s no need for additional hardware (or software for that matter).

Asset Panda can be implemented quickly, which in turn allows you and your employees to get back to their job. Enjoy unlimited flexibility, unlimited users, unlimited locations, and unlimited mobile apps downloads. Try Asset Panda today with a free 14-day trial and you’ll never go back to a traditional spreadsheet again! Visit www.assetpanda.com for more information.