Spreadsheets or Fixed Asset Software?


Posted June 26, 2015 by tedmark

Most companies think spreadsheets can do the work of Fixed Asset Management Software. It is a fair and valid point as Spreadsheets are cost effective

 
Most companies think spreadsheets can do the work of Fixed Asset Management Software. It is a fair and valid point as Spreadsheets are cost effective, well adopted and readily available. If you are a data and spreadsheet expert then you can really handle complex data situations with spreadsheets. The key is if you are a data and spreadsheet expert. Most people do not have the right level of spreadsheet skills unless all you do is manage spreadsheets. Audit Trail, Relationship between your assets, User Tagged Notes and Reporting are some fundamental areas where a Fixed Asset Software may be more suitable.

Let us start with recording relationship between assets, If you are managing complex assets like Industrial Plants then there are multiple relationships and links between your assets. It starts with Facilities, Equipment’s, Machineries, Location, Production Systems etc. Even if you are just looking to manage multiple assets without complex relationship then it is perhaps easier with a Fixed Asset Management Software. (Due to its reporting capabilities)

The next area is audit, For example; what has happened to your assets over the last 3 years – maintenance, depreciation, service, engineers allocated etc is quite tricky to work out in spreadsheets. Whereas all of the above data can be found in asset history tab in any modern Fixed Asset Software.

Multiple edits at the same time – It is very tricky to get multiple users to work simultaneously on a single spreadsheet and to have the notes/changes combined. Whereas an asset is managed and maintained by multiple teams, so the ability for multiple teams to simultaneously interact with an asset is fundamental. Most Fixed Asset Software will provide you with a facility for simultaneous access and aggregated notes history.

Reporting is another area where Spreadsheets require a bit more time. As we said before, there are users who will be able to manage rocket science calculations in a spreadsheet. The question to consider is do all our users who manage assets have good spreadsheet skills. Reporting by location, asset type, maintenance stages, relationship type are all vital asset reports required on a day-to-day basis. (All of them are readily available in contemporary fixed asset software)

I guess all of the above leads to one key observation, some users are going to be good at spreadsheets and some lagging behind (most people don’t learn new skills unless pushed). With mixed spreadsheet skills – will you get the confidence in the data that you are seeing in your spreadsheets? Fixed Asset Management Software are designed to manage fixed assets so they are easier to be adopted for fixed asset purposes. Let us assume that you are a small business with Asset Value of £500 K. A 5% efficiency increase in your asset management over 3 years makes it £25K. Most asset software cost anywhere between £1000 to £5000. We are talking 5 times return here…maybe it is time to consider fixed asset software rather than just pushing your spreadsheet skills.

If you would like an easier way to see what is available in the fixed asset management software market, then head to comparesoft.co.uk. You will quickly get customised shortlist and comparison of your fixed asset software with video demonstrations and product brochures.

A variety of fixed asset management software’s ( http://www.comparesoft.co.uk/fixed-asset-management-software ) are available in the market, your quickest way to compare fixed asset software ( http://www.comparesoft.co.uk/fixed-asset-management-software ) is at by visiting us.
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Issued By tedmark
Country United Kingdom
Categories Business
Last Updated June 26, 2015