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Four Reasons to Beware the Fixed Asset Spreadsheet

Have you ever asked yourself: Why should I pay for asset tracking software when we can use an application like Excel or Google Drive? If you answered yes, you’re not alone. Many businesses use Excel and Google Drive to track assets.  Is this a good solution, or are fixed asset spreadsheets just a cheap fix? You’re likely aware that Excel is bad for inventory tracking, but it can also cause major problems when managing fixed assets. In fact, in a recent post, Jackie Luo, CEO of E-ISG Asset Intelligence, stated Excel sheets as an example of bad asset management technology. As Luo points out, “Everyone knows Excel sheets are not designed to track the constantly updated information of asset location, conditions and chain of custody… however, companies still use it.” If you’re still using Microsoft Excel or Google’s variation, Google Drive, here are four reasons to beware the fixed asset spreadsheet: 1. Too many formulas – Asset tracking in Excel or a similar spreadsheet program requires numerous formulas. These functions and other operations can create errors if accidently altered or not used properly. However, that’s not the only aspect of spreadsheets that can cause errors. In fact, according to a Forbe’s article by Salesforce’s Stuart Leung, “various studies report that nearly 9 out of 10 spreadsheets (88%) contain errors.” 2. Undocumented spreadsheets – Even if your team manages to create an accurate record of fixed assets using a spreadsheet, the purpose of the spreadsheet is often not documented. As a result, spreadsheets can be lost or even misinterpreted, leading to incorrect use of data or incorrect data entry. 3. Inconsistent data entry – If your business includes more than one employee, chances are multiple people will need to access your fixed asset records at some point in time, either to add to these records or for other business purposes. Fixed asset spreadsheets run the risk of inconsistent data entry, because each person is able to use the spreadsheet in their own way – sometimes even changing the spreadsheet layout – which may or may not match the owner’s original intent. 4. No audit trail – As multiple spreadsheets are likely circulated and saved over, a record of what items may have been misplaced or damaged can also be removed. A asset tracking system specially designed for tracking assets allows you not only to locate items but also to conduct audits for internal or other purposes. Although budgets are often tight, it’s worth the investment to upgrade to a fixed asset tracking system designed to track your company’s fixed assets. Learn more about how Wasp’s asset tracking system helps businesses keep an accurate record of their fixed assets while saving time.