Sage 100 Fixed Assets Software Helps Avoid the Hidden Cost of Spreadsheets
Find out how to create savings and efficiencies that benefit the bottom line with Sage 100 Fixed Assets.
If you’re headed into another year managing fixed assets with spreadsheets, you may be surprised at the hidden costs your business is paying. How much money is spent on taxes and insurance, inaccurate depreciation calculations, and redundant and repetitive activities? Find out about the dividends your company will gain by implementing a Sage 100 Fixed Assets solution.
Are Spreadsheets Really That Bad?
It’s hard to argue with the utility of a good, old-fashioned spreadsheet. But once you start creating multiple formulas, utilizing numerous dimensions, and knitting together countless workbooks across dozens of people, the opportunity for error becomes scary. It’s common to experience version control issues when spreadsheets are passed from employee to employee because it becomes nearly impossible to identify the most current version.
Simply put, spreadsheets are not built with audit trails. Any changes must be manually logged, which makes your spreadsheets vulnerable to unintentional changes that can impact data integrity.
Catch “Ghost Assets”
An integrated fixed asset inventory management solution like Sage 100 Fixed Assets saves time because it automatically connects and reconciles inventory data collected via handheld scanners. Your data does not have to be manually re-entered into the fixed inventory accounting system, which saves time and reduces errors.
In addition, Sage 100 Fixed Assets helps you catch and remove “ghost assets” during physical inventories. Some companies have reported that up to a third of their company’s property, plant, and equipment is actually lost, stolen, or unusable. With inventory reconciliation, Sage Fixed Assets identifies and removes these ghost assets from the corporate ledger, resulting in significant savings on unnecessary insurance and taxes for some companies.
Increase Security and Accuracy
Accountability and compliance for some companies goes beyond what spreadsheets were built to handle. For example, the lack of user controls means that sensitive data may be visible to the wrong set of users. But full access also means that anyone can make changes to cells and formulas that may cause unintended calculations and values elsewhere. If your company is subject to Sarbanes-Oxley, this will be insufficient to remain in compliance.
A fixed asset management system such as Sage 100 Fixed Assets is built specifically to securely and accurately track and calculate depreciation and taxes. In place of those error-prone spreadsheets, Sage Fixed Assets automates the tracking of capital projects from inception and design through construction. Once a capital project is complete, the resulting fixed asset is added to a centralized repository of asset, lifecycle, and performance data, ensuring data integrity. Sage Fixed Assets serves as a database and a calculation engine for asset depreciation, asset taxation, and accounting rule compliance. It is important that these rules be built into the system to ensure compliance with new and ever-changing regulatory requirements. Manually keeping up with new regulations is going to be a full-time job with spreadsheets and you risk missing small regulatory changes that can result in big fines.
Manage Depreciation Your Way
It is extremely important that assets are depreciated correctly, especially if your company is subject to differing depreciation methods. Not doing so can result in direct financial loss. A fixed asset management solution such as Sage Fixed Assets contains dozens of automated depreciation methods, so you can choose the method that maximizes financial benefits. Ideally, your solution also provides enterprise application integration, allowing users to share fixed asset management solution data with accounting, general ledger, and ERP systems.
Implementing a fixed asset management solution is the first step to accelerating your returns. You can achieve more accurate physical inventories, spend less money on taxes and insurance, maximize benefits from accurate depreciation calculations, more easily achieve regulatory compliance, as well as eliminate redundant and repetitive activities.