Erpisto #1 Asset Management Software in Saudi Arabia Any organization must track, account for, and report on its fixed assets. For government entities, reporting accurately on fixed asset value, depreciation and disposal is not only a good practice. Many organizations ignore the importance of fixed asset management despite this regulation from the government. Organizations often don’t realize how important fixed asset management is until they receive a qualified audit opinion, which is usually the result of poor fixed asset accounting procedures.
If your school district doesn’t have an asset management system in place, it’s likely that you will be using one of the following options to fill the gap.
- The Enterprise Resource Planning (ERP), Asset Management module for your district
Although both ERPs and spreadsheets are powerful tools for managing information and data, they were not designed for asset management. They’re also not capable of handling the nuances and requirements of school asset management. Fixed asset spreadsheets are not recommended for school asset management. These are the challenges we will be discussing in this article.
Erpisto #1 Asset Management Software in Saudi Arabia
Spreadsheets: The Problem
The asset management system in Saudi Arabia has found that most potential customers are still relying on spreadsheets when they speak to them about moving to an asset management system.
Spreadsheet programs such as Excel have a wide range of functionality and features. Many of them can help you with asset management. Many of those who rely on them are actually quite happy with their performance.
Fixed asset spreadsheets can also have many flaws, which may be hidden deep in your spreadsheet’s cells. These problems often only become apparent when someone digs (perhaps during a routine physical inventory, or an audit). It may not be possible to avoid serious consequences.
We hear the following complaints from school districts that use spreadsheets:
- Accountability is lacking
1. Spreadsheets can be error-prone
Let’s start with some facts. 90% of spreadsheets have formatting errors. 1
It’s not surprising that they are human-dependent. Mistakes are inevitable if your company manages assets using spreadsheets. These mistakes can range from typos and accidental omissions to mathematical errors. Excel can lose numbers and formulas can be misplaced, just like any other program. It is a real struggle.
As a school business official, it is crucial to ensure proper stewardship. Your district’s fixed assets accounting procedures are designed to facilitate this. What do fixed asset accounting mistakes mean for your school’s accounting department and your ledger?
Calculation of depreciation
There are many ways to calculate depreciation.
- Balance is declining
- Sum of all the years’ digits
- Units of production
You may use a combination of both of these methods depending on which category you are tracking. If you use spreadsheets to manage fixed assets, you are probably doing the depreciation calculations manually.
It’s difficult to keep track of all that information in a spreadsheet. Your data will be more vulnerable to errors the more you include details and differences for each asset. Incorrectly depreciating fixed assets can result in a loss or qualified audit opinion.
Your fixed asset spreadsheet also contains formulas that depend on other cells’ values, making it vulnerable to the “Domino Effect”. Once an error is made in a report, it’s impossible to make another.
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The budgeting process can be complicated by relying on erroneous spreadsheets for asset management.
You don’t know how much or where you have money if your e-invoice Software in Saudi Arabia records isn’t correct. This can make it extremely risky to allocate funds. If the data for next year isn’t accurate, how can you forecast for next year? Inaccurate data could lead to huge financial losses. We know that school districts can’t afford to lose a penny.
2. Spreadsheets are inconvenient
Let’s not forget about the second major flaw in fixed asset management solutions in Saudi Arabia. (And if fixed asset spreadsheets are what you use, we are certain that you already know this. So we’ll just say …)
Spreadsheets can be a pain in the rear.
Version Control: Where are You?
Yes, spreadsheets don’t have version control. This can pose a problem for school districts.
Many districts are limited in time and resources so they don’t have the luxury to appoint one person as the “Asset Manager”. As a result, asset management job responsibilities are frequently shared among many people.
It can quickly get messy when so many people try to access and update the same spreadsheets. Information can get lost or overwritten. Spreadsheets are not able to track down who is responsible.
Excel does not allow real-time collaboration. What happens when audit season is approaching and everyone needs to access one spreadsheet and make changes at the same time. Multiple people must collaborate on the same spreadsheet, which increases the risk of data loss or errors. This is the Official Most Stress Inducing Email Thread.
Multi-handed Asset Management:
Many school asset management software systems today use a per-user pricing model. Asset believes that you shouldn’t have to sacrifice user access in order to get a great solution. Having more users equals more touchpoints. also means more accurate data. That’s the point!
Nearly all the school districts that we work with require multiple users. Asset Management Software in Saudi Arabia prices is determined by student enrollment. Asset offers unlimited low-level user access and encourages you to invite as many people as you need to access your database. The goal is to empower the school district, and not limit it.
If you’ve ever used a fixed asset spreadsheet, you probably agree with the 92% of Excel users who say it’s too time-consuming.2
Your resources as a school district are very limited. This means your time is precious and equally scarce. Your spreadsheet doesn’t care.
Data entry can take a lot of time. After that, you will spend more time combing spreadsheets, consolidating data, as well as – guess what! Double-checking for errors.
The Louisiana Property Assistance Agency was capable of reducing their inventory time by automating it. This allowed them to save 80%.
3. Spreadsheets lack accountability
You must understand the responsibility of asset management in your school district. GASB 34 was created to hold the state and local governments accountable for taxes payer funds. It was actually created in response to instances of corruption and mismanagement of funds within government agencies.
We are now more accountable by keeping an eye on fixed assets. Using… solutions that lack accountability?
Let that soak in for a while.
The Spreadsheet Whodunnit
Excel doesn’t allow you to know who last interacted with a particular fixed asset in your database. It is almost impossible to locate a lost asset if you don’t have a complete record of its ownership. If you don’t know who last saw it, who can you ask?
Excel is not a good tool for asset management. You can’t see who modified your spreadsheets. This leaves you unable to determine who made changes and when. When you give your records to an auditor or any other stakeholders, how can you feel confident about the data? Did you remember the Official Most Stress-Inducing email thread of all time? It just got even more stressful.
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