The key issues of tracking assets manually – which schools, districts, and small to mid-sized businesses face – are not uncommon. Excel simply isn’t designed for effective asset tracking.
However, many small business leaders are no longer willing to deal with the annual audit anxiety caused by the following:
1 Slowness. Entering asset data can take employees hours; especially if extensive detail is required and if the same item’s record must be updated multiple times over the course of the asset’s lifespan.
2 Confusion. Excel-based systems (or similar spreadsheet programs) involve clunky spreadsheets with many columns that can be hard to navigate and can take significant man-hours to identify a specific asset’s information.
3 Avoidable mistakes. The time consuming manual data entry and confusing spreadsheets means schools are prone to errors and there is virtually no way to catch the mistakes before they have large-scale impact.
4 Lack of accountability. Because Excel can’t track an individual user signing-in or who made changes, there is no way to know who has made errors, when they occurred, and how they happened.
Discover how to manage your fixed asset inventory “on a fly” with inBeam’s Fixed Asset Tracking.