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.
Should I be using Fixed Asset Software or is a spreadsheet sufficient?
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
Learn more about how our fixed asset management software can help you to maintain compliance with the latest accounting guidelines and tax rules.