About 75% off all clients and prospects that come knocking on my door are utilizing spreadsheets for their fixed asset depreciation calculations. When we perform a data conversion into the Sage FAS solution (or just simply audit their books), 100% of the time we ALWAYS uncover missing cells, columns or blown out (erased) formulas, which in turn drastically throw off their monthly depreciation.
One ‘new’ client thought that maybe they would stick with their Spreadsheet after reviewing our automated solution since, “it is easy and familiar”. I explained that it’s pretty darn easy to mess up a spreadsheet, forget to save it or open the wrong copy to update. After weeks of not hearing from them… that every thing happened and they had to enter in all their assets into a spreadsheet again and redo the whole schedule! They came back and thank goodness for them.
End of the day… a Spreadsheet is flexible and easy to use; however it’s not a reporting tool, it doesn’t have the right amount of security and it does NOT safeguard your critical fixed asset data.