Wanting to track equipment in your company? The business problem is worldwide
Businesses come to us daily searching for something better than a spreadsheet to help them better track equipment in their company. We have heard a lot of common phrases, requests for “inventory management” (i.e. asset register ), an asset tracking solution, an equipment register and even “equipment check in check out “ software
Essentially businesses across America, the UK and Australia are often searching for a similar solution.
So, what have we learnt after thousands of conversations:
Fixed Asset Truth number 1: You are not alone
If you are using a spreadsheet you are part of the 99% of all types of businesses that use the humble spreadsheet that tracks what you own. Don’t believe any vendor that says that they own the market in this space, the truth is that spreadsheets will continue to exist for many decades to come …but there is such a better way to operate with your inventory of fixed assets (that’s why we do what we do).
Removing panic from the decision-making process can take the pressure off you personally and help clear your mind. Start by asking your team, your boss and yourself some key questions (if you don’t have a team, grab a coffee and a notepad and jot down some thoughts so you have a reference point):
a. Why can’t a spreadsheet work anymore? (i.e. what has changed in my business or why do I need something at all)
b. What would go wrong if our asset spreadsheet got lost, stolen or simply the file got corrupted?
c. What could I do if I could give my trusted colleagues access to what is normally just on my desktop as a file?
Fixed Asset Truth number 2: There is no magic spreadsheet
I can’t remember ever seeing two spreadsheets the same from different customers. There’s always something different in the columns, headings and even core information. If you just googled “magic spreadsheet” and you’ve stumbled across this page: “howdy”, Bonjour and G’day : – )
Fixed Asset Truth Number 3: Business growing pains are a universal problem
It’s not just you. Big organizations or mid-sized business all have the same issue. Whether you’re a Netsuite customer, a QuickBooks customer or a Sage Intacct customer you will likely to get to the same point. A spreadsheet just won’t scale, grow, be interactive and whatever pickle you are in…. a spreadsheet is certainly not audit friendly. (Not sure what an audit is? There’s a Wikipedia article here). So you’ll have to invest in good process and a good platform to help
Fixed Asset Truth number 4: You probably don’t need to spend $250,000 on a solution
The market and the industry have changed. This is another reason why we do what we do. I know that there are many use cases for complex and highly customized fixed asset solutions to help you track equipment in your company and if you need that, then IBM, Microsoft and Oracle all have excellent Fortune 500 company ready solutions. However, for the 99% of us that aren’t Fortune 500 then simply getting a platform to help you scale will help you today… and in big ways.
Before you begin..
If you carried out the exercise in point 1…and have a list of requirements. We’ve learnt that many of those can be questioned too.
So, where you do you start?
We’d suggest looking at these few key points (there are dozens more, but this is simply a starting place):
1. Make it cloud based. Cloud based solutions in 2019 are the way to go. You can scale faster, log in from just about anywhere and all the configuration is generally super-fast or already done for you.
2. Make it audit friendly. Your solution should help you be audit ready even if you can’t see that ever happening
3. Can you check out equipment to employees, contractors or customers? Rather than searching for Equipment check out software, leveraging an equipment check out app like Asset.Guru can help you assign things (items) to people and save you time and money
4. Got less than 50 assets? Just double check why you need a platform, if your inventory of fixed assets is worth millions then yes, but if your assets are worth only a few dollars, then its wise to ask yourself, what is the business problem I am trying to solve. We say this to save you time if your requirements are actually quite minor. As a business owner I wish someone had helped me with that when we were just starting out in business.
Is that it? Is this a full list? No, but starting a conversation always helps.
If there are challenges that are unique to your business, we’d love to connect with you and assist you if we can. Drop us a line at email@example.com