Benefits of a specialist fixed asset management system

Organizations large and small currently using spreadsheets to manage their fixed assets are missing out on benefits. An organization’s fixed asset register housed solely in Excel™ is prone to error and cannot provide the same benefits as a true fixed asset management system.

Some of the main benefits of a specialist fixed asset management software include compliancy with corporate governance regulations, accurately calculated depreciation, and a maintained audit trail to name a few.

To further demonstrate the benefits of a specialist system, consider the following items as example:

Corporate Governance Requirements (SOX, CSOX, US Tax, GAAP, IFRS, etc.)
Today, companies of all sizes are subject to increased scrutiny by government agencies and regulatory boards reacting to recent business reports and investor’s requests for higher standards of accountability, transparency and overall corporate behavior. The main goal here is to improve financial management, reporting and corporate governance.

With such a high degree of attention focused on your organization, why would you risk the integrity of your financial data by relying solely on spreadsheets? Accurate and effective implementation, management, monitoring and updating can easily be accomplished with a specialist fixed asset management system. system in place; it’s the only real way to ensure compliance.

Up next: Examples of inaccurate depreciation calculations