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Asset tagging and asset management is an accounting audit process that tracks fixed assets for the purposes of asset depreciation, asset financial accounting, asset preventive maintenance, and asset theft deterrence. The most commonly used asset tag is the barcode asset tagging technology. For most assets, iodinized tags are recommended because they do not ware out easily.
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While companies for a wide range of tasks use spreadsheets, a majority of companies continue to use spreadsheets for financial tracking and reporting. It is however more important that companies keep tighter track of their financial data, including their fixed assets.
Some negative aspects of spreadsheets when it comes to tracking and depreciating fixed assets are
Manual creation of formulas
Lack of audit trails
Potential for fraud
It is important that companies understand the deficiencies with spreadsheets and implement solutions that are designed specifically for the intended purpose.