Time is Money. Things to Ponder Before Creating an In-house Fixed Asset System

Even when you don’t have a real budget for an automated fixed asset system and you STILL want to get rid of your spreadsheet approach – careful, you may actually be spending more money developing an in-house solution than you think.

These days we often hear, “we just can’t justify spending more than $2,000 on a fixed asset solution”.  This is after they have already told us they are tired of their spreadsheets, etc.  What they may not think about is calculating all the costs associated in actually developing their own, in-house fixed asset system. 

Things to think about before developing your own in-house fixed asset system:

  • Who will be creating/developing the new system? 
  • Are they in-tune to ‘real’ fixed asset management and everything that needs to be included in the in-house system?
  • Who will be involved in the creation?  Not just IT needs to be involved, but accounting, maybe facilities, etc. 
  • What will your new in-house system be created in?  Will it be a stable environment?
  • Who will update your new in-house system when new requirements are adopted or arise?
  • Will the person who will be developing your new system going to ‘own’ it and ‘support it’?  If so, for how long? 
  • How much time and resources will actually be allocated to development?
  • Be honest here… is their time to develop your in-house system properly – on time and on budget?

Remember when developing your own in-house fixed asset system: who is going to support it when the person who developed it is gone?  Turn over happens!  And don’t forget the most important… Time is money and money is time!  At the end of the day, it could end up costing your organization or business more than just a couple thousand dollars!

It may be that finding $2,000 or more in your budget to invest in a solid, supported automated fixed asset solution may be a stretch, but remember the things I mentioned above.  YOUR answers may bring you your true return on investment (ROI).  Besides, a fixed asset solution and any service you may need (implementation and training), is either an expensed or capitalized asset!  So… it’s pretty much free; your time or your employees time however, is not!  Go figure…..

Feel free to call me (877) 824-6834 or shoot me an email to chat about your fixed asset needs.

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