Ditch Your Fixed Asset Management Excel Template

In today's business world, organizations are looking for ways to streamline and improve their processes. One of the most time-consuming tasks for any business is managing fixed assets. You need a way to keep track of all your items--from computers and furniture to office supplies and equipment. You also need to do so in a system that can match your processes and give you a full lifecycle view of every piece of equipment you use.

With so many different aspects involved in keeping up with your fixed assets, it can be difficult even knowing where to start. That's why you should ditch your Excel spreadsheet templates for an effective software solution that will take care of all these tedious tasks automatically.

Problems with Excel for Asset Management

It's a common misconception that Excel is an acceptable option for managing fixed assets.  Unfortunately, there are many problems with using a spreadsheet to keep track of your equipment. Here are some of the reasons why Excel is an extremely limited means of managing your assets.

Reports aren't updated automatically

Are you updating your fixed asset inventory reports manually? If so, it's not surprising that there are issues with the data. It isn't always accurate, and even if you're diligent about making sure all changes are recorded correctly, they won't always be included in your reports without additional effort on your part.

No ability to attach related files with data

Even if you're meticulously recording all of your fixed asset data in an Excel spreadsheet, it won't be very helpful without any way to attach related files. For instance, let's say that one of the items on your list is a copier machine. If something goes wrong with this equipment and requires repairs or adjustments, having detailed notes will help the technicians. Employees who use your equipment might also want to attach photos to make it easier to identify assets or manuals to reduce time searching for them on the internet.

Lacking features for management needs

With an Excel spreadsheet, you either have to appoint one person to act as an administrator and handle all the necessary changes or allow open access to the document, which can create any number of issues. Plus, there's no easy way to limit access based on who the user is. If someone needs to update the status of an item, they may accidentally overwrite other data in the sheet or update the wrong column, leaving your data inaccurate.

Possibility of human error

Because an Excel spreadsheet created and managed manually, there is a possibility of human error. This might result in incorrect data being entered into your system or even missing information altogether.

No possibilities for integration with other software solutions

Unlike an Excel spreadsheet, asset management software can integrate seamlessly with your existing systems, such as accounting or ERP (enterprise resource planning) programs. This way, you'll be able to keep all of the data in one place without having to copy and paste it from an Excel spreadsheet into another platform.

Less customization

If you have a process that is different from another company, or even other departments in your own organization, Excel can't accommodate this difference. For instance, if one department needs to fill out their forms on the day an asset purchase occurs and another does it after receiving delivery of the product, you're out of luck.

Complicated to learn and master

Excel is a complicated program, and it can take a great deal of training and time before someone is proficient at using all of the features it provides. All of the time spent on that training and mastery is a significant drain on your employees' time and your resources.

With an intuitive asset management software platform, using the software is easy and the training required is dramatically reduced. This lets you focus on running your business, instead of running your spreadsheets.

No history

Unless you do a lot of custom work, a spreadsheet will always be a snapshot in time. You won't have any historical information about your assets to refer to when you need it. Without that information,  you can't know who had something a week ago or how often it's been repaired. That can leave you in the dark if a particular piece of equipment is causing frequent problems and needs to be replaced.

Not set up for notifications

Organizations are more efficient when everyone is kept in the loop. With an Excel spreadsheet, you can't create notifications that are sent out when specific things happen with your assets. That leaves you with a need to spend time on administrative tasks like manually sending an email when a repair has been completed or someone needs to request a piece of equipment.

Why Asset Management Software Outshines Excel Templates

So if Excel isn't the answer, then why is asset management software better? Here are some of the top reasons why a powerful asset management platform will transform the way you handle your assets for the better.

More accurate and up to date information

With an asset management software solution, your data can be updated in real time by all of your users. All changes are recorded and tracked, so you'll always know exactly what's going on with your assets. Plus, user groups can be created to ensure people only have access to what they need to get their job done.

Detailed records

When you're using an Excel spreadsheet template to manage your fixed-asset inventory list, there is a possibility of human error. This might result in incorrect data being entered into your system--or even missing information altogether. With powerful asset management software, you can ensure that people are filling out the right fields and dramatically reduce the possibility of errors.

Greater insight

Asset tracking software allows you to explore the details of your inventory so you can gain insights into how best to run your organization more effectively. This could be everything from reporting on idle equipment to determining which kinds of equipment are most cost-effective in the long run.

Easy to learn and use

With an asset management software solution, using the program is easy and the training required for your employees is dramatically reduced. This lets you focus on running your business, instead of wasting time learning how to operate a spreadsheet.

Customization options

A powerful asset management platform will give you the freedom to customize your fixed asset management processes to meet your unique needs.

Integration with other software

Excel can't integrate with accounting or ERP (enterprise resource planning) programs, so you need to copy and paste the information into another program that isn't integrated with it. With an asset management solution, integration is seamless--so all of your data can be managed from one place.

Better communication

Asset management software allows you to customize your reports so they're easier for different departments and stakeholders to understand. You can even get access to a mobile app so the information is always available when it's needed most--no matter where people happen to be located at any given time.

Since greater accuracy and up-to-date information is provided with an asset management software solution, your company's bottom line will be positively impacted.

Since greater accuracy and up-to-date information is provided with an asset management software solution, your employees can focus on their jobs instead of wasting time updating spreadsheets manually.

How to Migrate from Excel Spreadsheets to Asset Management Software

Downloading asset management software is an easy process, and usually takes just a few minutes. The first step is to find the right software that meets your needs. This can be done by looking for online reviews, or shopping around to find out who offers the best service. Once you've selected the software you want, you're ready to go.

The next steps involve inputting all of your data into this program. This does not necessarily mean you need to input everything at once, so don't worry about that in the initial phase.  You can always go back and add any information later on if it's missing. Once everything has been entered into the system, you can then access a variety of reports that let you know how your equipment is being used, and whether or not it's time to perform maintenance on anything. Some solutions, like Asset Panda, allow you to import your existing spreadsheet so you can get started even faster.

Asset management software will save you a lot of money in the long run by ensuring everything is tracked correctly so there are no discrepancies at tax time. It also makes running an efficient business easier— things like knowing which vehicles have been driven recently, or what kind of fuel they use (and where to get it) make day-to-day tasks much less stressful than before. Also having all information stored electronically means more accurate records for auditing purposes later down the road as well; this results in fewer fines from regulatory agencies such as OSHA who oversee workplace safety regulations.

Have questions about making the transition from Excel to asset management software? We can help. Contact us for a free demo or to learn more about Asset Panda's industry-leading asset management software today.