Getting New Financial Asset Management Systems Up to Speed

If your business started out small, you might already have managed your IT software and hardware inventory with spreadsheets at first. However, spreadsheets are now showing their limitations. For one, they are very error-prone. They are also tedious to update and do not create an audit trail. If you are lucky, you will transition to IT financial asset management systems.

You need IT financial asset management systems to keep track of all your hardware as it is  assigned, used, and retired, as well as to track software subscriptions and licenses to avoid violations. Also, you need to know how your organization’s hardware is configured and what software is installed where.

Going from spreadsheets to IT financial asset management system can be a huge undertaking, but it will absolutely be worth it. The amount that you pay for a  good financial asset management system is dwarfed by the size of  fines that you can get if you fail one software audit. Also, great financial asset management systems are designed to be easy to use, and to give the reporting capabilities and audit trails that will keep the information that you need right at your fingertips at all times. Below are some tips on how you can make a smooth transition.

Identify the best software for your needs

Look for financial asset management systems that incorporate features that will make asset management easier, like QR code and barcode reading capabilities. It should have an intuitive and friendly surface and give flexible reporting options. Many organizations today pick software as a service product, because it is always up to date. Also, they do not require the server maintenance needed in on-site software.

Assemble a tradition point of contact

In a small organization, you only need one person in charge of making the change from spreadsheets to financial asset management system. Among bigger companies, you might want to make a team. The way that you assign responsibilities is all up to you. There are some organizations that assign team members to departments where they will handle all asset data entry, while others assign an individual to work on financial asset management system data transition, another on desktops and another on laptops.