10 reasons to replace Excel with a dedicated asset management software

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Many companies, schools or non-profit organizations start their asset records simply in Excel. It's a familiar tool, zero cost at first, and everyone kind of masters it. But as the number of items grows, problems with clarity, updating, or data security begin to emerge. In this article, we'll take a look at why dedicated asset management software is a better and more profitable solution in the long run.

Disadvantages of Excel for asset accounting

Excel is great for simple spreadsheets, but you run into a few limitations when keeping track of larger amounts of assets. You have to manually update records, it's easy to make mistakes when copying data, and there's no automatic checking or alerts. In addition, the document is difficult to share between multiple users, leading to versions like "Inventory_2022_final2.xlsx". And what about when a file gets corrupted or accidentally deleted? You lose all records without replacement.

10 reasons to switch to asset management software

Modern asset accounting and management applications offer a wide range of features and address the fundamental limitations of Excel. Here are the top ten reasons why it pays to invest in a dedicated tool:

1. Saving time through automation

   Specialized software allows you to quickly search for a specific item, generate inventory reports with one click and automatically update records. No need to waste time manually copying and checking spreadsheets.

2. Fewer errors thanks to data centralisation

   All data is stored in one secure location, so there is no risk of duplicate files and incorrect data being overwritten. When working in Excel, versions are often created in which something is easily overlooked or lost.

3. Easy inventory using the mobile app

   With a QR code or barcode reader, you can manage your inventory much faster and with fewer errors. Simply scan the code assigned to a specific item and the software will automatically record the status.

4. Immediate overview of the status of assets

   As soon as you need to check the value or number of a certain asset category, you do it in seconds. You always have up-to-date data online, and you don't have to create complicated Excel spreadsheets.

5. Notifications and comments

   Asset management software keeps track of warranty, revision or calibration deadlines. It will alert you in advance so you don't miss a late service or voided warranty, which can save you money and worry.

6. Better security and backup

   Unlike a free Excel file that anyone can accidentally delete or modify, a cloud solution is protected by passwords, encryption and regular backups. In the event of a failure, data is restored from the last backup without loss.

7. Ability to attach photos and documents

   You can upload invoices, contracts, manuals or photographs to your property. Everything is in one place and you don't have to search for documents in papers or different folders on the disk.

8. Easy report generation

   Whether for management, audit or accounting, you can create clear reports on the status and movements of assets with a single click. Save days of work and minimise the risk of manual errors.

9. Multi-user access with different rights

   IT administrator, economist, accountant or management - each may have a different level of access, can only see the data they need and cannot accidentally change records they are not supposed to interfere with. Excel solves this in a complicated way, if at all.

10. Scalability for growth

    Whether you're managing tens or thousands of items, modern asset management software is ready for it. Excel quickly becomes cluttered when the amount of data increases significantly.

Conclusion

If Excel is starting to become a hindrance to record keeping and asset management in your organisation, it's time to consider switching to specialist software. This investment usually pays for itself soon in saved time, more accurate data and less risk of data loss. For example, try a demo of Asset Manager and see how it can help simplify and automate everything from inventory to report generation. In the digital era, it makes sense to take full control of asset management and leverage technology for better results.