Using an Asset Management Spreadsheet: a Simple Solution That Could Lead To Complex Problems

Challenges to Consider when Relying on Spreadsheets to Track and Manage Assets

For years school districts and other public entities got by using multiple, complex spreadsheets for fixed asset tracking and accounting. While this may be a quick and simple solution, it also presents many risks.

1. VOLUME OF DATA: As the number of assets being maintained grows and regulations change, the amount of data being tracked increases. Maintaining large spreadsheets can become cumbersome and lead to an increase in the number of errors. Moving to a sophisticated database software solution with formal approval process can reduce errors and maintain data in an organized fashion.

2. DATA INTEGRITY: With many people having access to the same asset management spreadsheet and without formal processes for version control in place, data can be easily lost, changed or overwritten. Many centralized database software solutions provide various levels of user access and a complete auditable history, allowing multiple people to have access to the same information while ensuring the integrity of the data.

3. FLEXIBILITY/CUSTOMIZABILITY: Over time spreadsheets have become increasingly flexible allowing users to perform functions ranging from vlookups to complex statistical analysis. However, spreadsheets were designed to serve a broad audience while most database software solutions are designed to maximize performance in a particular area of expertise providing users with more robust, relevant functionality.

Have you experienced any challenges in working with spreadsheets? Visit our Asset Management Software page to learn more about our solutions for tracking, accounting, and reporting on fixed assets. Then, if you’d like to see a demo or request a quote, simply complete the request more information form at the bottom of the page and our team will be in touch!

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