Spreadsheets Will Lose You Money, Use Asset Tracking Software Instead

Published on November 2, 2022 • 3 min read

Many organisations use spreadsheets as they seem to be an easy solution to asset tracking. Unfortunately, spreadsheets can lose organisations money. Instead, itemit’s asset tracking software should be used as it can help users to save money. 

Here’s a little more about why spreadsheets will lose you money.

Incomplete Data

Manually entering data into a spreadsheet can result in incomplete data. Humans can make mistakes resulting in spreadsheets not being as accurate as they could be. This could mean profits, taxes, and other monetary amounts go unreported. As a result, insurance issues and/or tax penalties could arise. 

When organisations use the right asset tracking software, however, data is always complete. itemit works to ensure that the data it produces is correct. As a result, exported reports are accurate meaning organisations know how well they’re performing.

Security Concerns

When spreadsheets are used instead of asset tracking software security is a potential issue. While tracking depreciation and inventory via a spreadsheet can be convenient, the data can be seen by unauthorised parties. Here is where itemit’s asset tracking software can help. Our software ensures that only those who should see depreciation and inventory data, for example, can see it. With the use of secure passwords, it’s possible to keep such information safe. 

An additional security benefit is that our tracking software provides location updates for all assets. As a result, fewer assets are likely to go missing. This, in turn, ensures that fewer replacement assets need to be purchased.

User Errors

As we have already seen, humans can make mistakes resulting in spreadsheets not being as accurate as they could be. User errors are common and they can take time to rectify. Writing formulas is not always as easy as it seems. As a result, errors can occur and they may not be automatically visible. 

When formulas are manually entered an average margin of error stands at 1%. While this may not seem like a large amount, there’s a chance that the 1% could reduce profits. Using the right tracking software can put an end to this.

Multiple Tasks Being Undertaken

Many business owners and managers find that they have to complete multiple tasks. This can result in managers being unable to spend much time focusing on a single task. When insufficient time is spent on a task, it can be difficult to see where money can be saved. When itemit’s tracking software is used, however, the load can be lightened and money can be saved. 

Managers and other users can let the software do all of the hard work. Assets can be tracked easily. Multiple details about each asset can also be tracked, ensuring that everything is accounted for. When itemit is used to make life easier, managers and other users can focus their attention elsewhere. Businesses can potentially run more smoothly and less money is lost.

Out Of Date Spreadsheets

Every time a spreadsheet is updated some of the previously inputted data becomes out of date. Spreadsheets can be full to the brim of multiple pieces of information, much of which can be irrelevant. As a result, there’s always the possibility that ghost assets may be created, causing money to be lost. 

However, removing irrelevant or out of date data means there’s no historical data to look back on. However, when the right asset tracking software is used in place of spreadsheets, life becomes easier. Every piece of information entered into itemit’s software will be stored. What this means is that businesses can build historical data easily. 

There is no need to store a lot of data on a single ever-growing spreadsheet. itemit can solve this problem for you quickly and easily. Additionally, ghost assets are likely to become a thing of the past. itemit can track the location of every asset as well as multiple details about each asset. It’s this that can result in a lot of money being saved.

Let itemit’s Asset Tracking Software Save You Money

Our asset tracking software exists to make your life easier. There’s a real and genuine potential for you to save money. Thanks to the way that our software works, businesses everywhere can track their assets with ease. 

It’s possible to say “Goodbye” to inputting formulas into a spreadsheet that has little to no security. Instead, users can make the most of itemit’s tracking software while boosting security and saving money. 

Our software can be used by any type of business. Whether you have fixed or non-fixed assets, our software can help you. Ask our friendly and professional team about how itemit can save you money. You can reach our team at team@itemit.com. Alternatively, you could sign up for our 14-day free trial so you can see just how itemit can save you money. Simply fill in the form below to get started.