Why Fixed Asset Management Software Works Better Than Excel Spreadsheets

Why Fixed Asset Management Software Works Better Than Excel Spreadsheets

Large corporations and local businesses both have fixed assets they need to manage. Companies from all industries can benefit from using fixed asset management software. Many managers and financial departments rely on spreadsheets to track asset information. However, this can cause a variety of issues, like these:

Spreadsheets Are Complicated and Require a Lot of Technical Know-How

Those who aren’t familiar with spreadsheet functions and requirements can feel like they have to know another language to use them. In order to optimize the functions available, you have to know what each one does and how to implement them. Even if you hire an Excel expert to manage your assets, chances are good that other employees will need to access your spreadsheets. This can cause issues in tracking and create data errors.

Spreadsheets Are Less Customizable Than Fixed Asset Management Software

Even if you or someone on your team knows the ins and outs of using spreadsheets, you can only do so much with them. Keeping photographs of your assets in a spreadsheet is difficult and cumbersome. Fixed asset management software makes it easier for you to get features that will best help your business track unique asset data.

Spreadsheets Aren’t Set Up for Notifications

Sometimes, you need to know about any asset changes happening in your company. When you have to manage multiple warehouses and job sites, you need to get notified when equipment is checked out and where it is at any given time. Spreadsheets don’t have the functions necessary to send you these notifications when assets change hands, so you can’t keep up with real-time changes.

Spreadsheets Are Prone to Errors

Because of the complexity involved in setting up a spreadsheet, it’s easy to overlook any mistakes that you or your team might make in tracking assets. Errors in your asset data mean that your decisions will be based on inaccurate information, which can have huge implications for your whole business. Being unable to correct errors in the asset-tracking process can cause financial inaccuracies and make you think you need to purchase more assets when you actually have enough on hand.

Asset Panda has created a fixed asset management software program that strives to avoid issues common to using spreadsheets. Our customizable platform means your team gets the support you need to accurately track your assets while still being user-friendly. You’ll be able to see exactly what’s going on in real time, which will help your company make the right decisions when it comes to obtaining more assets. Our cloud-based software is also designed to send you notifications when assets change hands or when you need to send tools in for maintenance.

One of our construction clients previously used spreadsheets to track their welding and work equipment. This system was cumbersome and took a great deal of time to maintain. By switching to Asset Panda, they were able to take the data they already had and create a more effective asset-tracking system that allowed them to input their custom statistics and data. They also tracked changes from various job sites in real time, which helped them make the most of their asset investments.

Want to see how Asset Panda can improve the system you’re currently using? Take a free guided tour today!

 

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