The Risks of Using Spreadsheets for Fixed Asset Management

April 1, 2021

Capital Asset Management
spreadsheets for asset management

“Do-it-yourself” asset management using just a spreadsheet—sounds easy enough, doesn’t it? While it may be tempting, there are many risks of using spreadsheets for asset management. Here are some of the largest:

A spreadsheet is prone to errors.

Forbes says that 88% of spreadsheets contain errors, most of which come from human error. Especially if you’re not using a spreadsheet stored in the cloud or on Google Drive, it’s tough to see where errors were made and how to backtrack. 

Excel is not mobile-friendly.

More modern asset management software comes with mobile app capabilities, making it easy to manage out in the field. This is virtually impossible with Excel.

It’s not real-time.

Asset management entries need to be updated regularly. Spreadsheets don’t allow for regular, real-time updates. 

It’s tough to attach documents or other files to spreadsheets.

Many documents are vital for asset management, such as purchasing documents, service maintenance photos, and disposition paperwork/forms. Spreadsheets do not have the right capabilities needed to organize these documents and attach them where needed.

It’s not being updated regularly.

Spreadsheets have been essentially the same for years and years. Asset management software is constantly being updated with you in mind, so you can trust you’re getting the latest in necessary asset management technology. 

It’s not designed to make you efficient.

Sure, spreadsheets can help you keep track of some data, and can even help you look up specific metrics. But how can you trust something that was built for a broad audience, not specifically with you in mind? Asset management software was built for you so you can trust you’ll be able to use it the way you truly need. 

If you’re still using spreadsheets to manage your fixed asset records, it’s time to make a change. At HCA Management, we give you the services you want with expertise you need and the software to do it correctly. Let’s talk so we can show you the difference our accurate data makes.