There are many reasons why spreadsheets are not the “go to” for all business needs… especially when it comes to running and keeping track of fixed asset depreciation. With so many potential causes and opportunities for errors, companies must look to software solutions that are specifically designed to automate, report and eliminate errors to critical financial data.
Here are the Top 14 Reasons why spreadsheets fall short:
- No pre-development design
- A spreadsheet’s purpose often not documented
- Meaningless cell references
- Dependencies are difficult to see
- Formulas are created manually
- “Sort” of confusing
- Formulas in every cell
- No version controls
- No audit trails
- Inconsistent data entry
- Security concerns
- Reporting deficiencies
- Changing a worksheet can be difficult
While spreadsheets can offer assistance in important parts of business operations, it is clear that it cannot perform all tasks businesses face for fixed asset management. It’s important that your fixed assets are not overlooked – instead they should be properly recorded, calculated and tracked.
Fun Fact (I love these): 30% to 90% of all spreadsheets suffer from at least one major user error.