It’s No Secret That Spreadsheets Cause Problems for Your Fixed Asset Management
Entering data into spreadsheets is time consuming and cumbersome but — worst of all — it is also ineffective for fixed asset management. At a certain point, spreadsheet limitations result in companies losing track of their assets and losing money.
Here at Paragon International, we have spent more than 35 years helping companies like yours better manage fixed assets. Our expert opinion may surprise you: Considering the increasing complexity of tax depreciation laws and GAAP standards, it is time to declare Death to Spreadsheets.
Why Spreadsheets Do Not Work for Your Fixed Assets
As with all business activities, spreadsheets are a great starter tool, but they do not work well for long. Within a few years, spreadsheet management simply takes too much time to be effective for daily tasks like invoicing, inventory management, or business process management.
Since fixed asset management is not a daily task, it is easy to overlook the amount of time it actually takes. Using spreadsheets for this typically results in companies overlooking a lot more than their wasted time.
Using spreadsheets for fixed asset management can result in overpaid insurance, income taxes, and property taxes, and can wreak havoc on your balance sheets for decades.
There is a better way.
In “Death to Spreadsheets,” the in-depth white paper from the fixed assets experts at Paragon International, you will learn:
- 5 clear signs it is time to ditch spreadsheets at your business
- How to address the 1 critical error in nearly 90% of spreadsheets
- The top security challenge for your spreadsheets
- How spreadsheets reduce your agility to take advantage of new tax laws
- Why mid-month depreciations with spreadsheets run afoul of GAAP guidelines
There Is No Secret to Effective Fixed Asset Management
It’s no secret: Managing fixed assets with spreadsheets takes too much time and costs a lot in lost depreciations. It is also no secret that dedicated fixed asset management software solves these challenges in record time.
Typically, an investment into fixed asset software will pay off quickly. When our experts complete a fixed assets inventory and reconcile to the existing ledgers, we typically find 15-30% unrecorded asset retirements, or ghost assets. Uncovering the ghost assets secreted away in your spreadsheets will improve your ROI.
As you now know, an effective fixed assets management system can be the secret to substantial tax savings in depreciation deductions and pay off big in savings, whereas using spreadsheets can harm your bottom line. Get the facts about spreadsheets now.
Serving clients since 1985, Paragon International, Inc. provides independent, impartial and accurate cost segregation analyses, and property valuations and appraisals to assist in and support decisions related to taxes, risk management, investment, financing and corporate planning. Our consultants have extensive fixed asset experience – they’re fixed asset experts. Because of that we are able to offer a unique combination of irreplaceable human resources and advanced technology. We have specialists experienced in valuing closely held securities, patents and other intangible assets, business enterprises, buildings, equipment and real estate. In addition, Paragon provides complete asset inventory and management solutions. We are a certified Sage Fixed Assets Business Partner, assisting with software implementation and training, barcode labels and scanners, data conversion and ERP integration. Contact Paragon International to discover how we can help you.