Tracking, accounting, and reporting on fixed assets is critical for any organization. But for government entities, accurately reporting on fixed asset values, depreciation, and disposal isn’t just good practice — it’s required by law under GASB 34. Despite this government regulation, however, many organizations continue to overlook the significance of fixed asset management. Often, [...]
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 [...]
Maintaining complete, accurate, and up-to-date fixed asset records can be a challenge, and when preparing for an audit, you may feel like you need a task force. However, leveraging a fixed asset management software solution for managing these assets and the associated data can streamline the process, provide you more insight into your data, [...]
