Should I be using Fixed Asset Software or is a spreadsheet sufficient?

Whilst there are a number of advantages to using spreadsheets, including speed and cost effectiveness of set-up, the ease of modification and the flexibility of conducting simple calculations, there are also a number of disadvantages which far outweigh the benefits. In particular, organisations that use spreadsheets to manage an ever growing asset register constantly struggle to address a variety of issues surrounding the accountability and traceability of their asset base.

Seven reasons why spreadsheets are flawed when it comes to fixed asset management

Unable to meet Corporate Governance requirements

Inaccurate depreciation calculations

Lack of an audit trail and overall security

Inability to link parent/child assets or conduct asset splits/batch disposals, etc

No access to multi-currency, multi-lingual or multi-book capabilities

Unable to meet historical and reporting forecasting requirements

Lack of confidence & data integrity

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Fixed Asset Management

Learn more about how our fixed asset management software can help you to maintain compliance with the latest accounting guidelines and tax rules.

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