Charities may regret not using asset management software

Untitled design 43 | Charities may regret not using asset management software
By Toby Lester | 15th January 2020 | 8 min read

Whether they realise it or not, charities can have a huge number of assets. These include obvious, tangible assets, such as premises, furniture and equipment, but also extend to less obvious intangible assets such as documents and contracts.

Imagine shopping without a grocery list. You’re only able to find what you need by looking at every item in the shop and deciding whether or not you want it. Now multiply your shopping by the number of assets your charity owns.

While asset management isn’t quite the same as managing the weekly shop, it’s impossible to efficiently track all of a charity’s assets without organising them in a list or database. That’s a fact.

The penalties for asset mismanagement are also much more serious than forgetting to get eggs and bread.

Neglecting asset management is dangerous

Failing to meet statutory asset management requirements can carry severe penalties. Charity funding comes in large part from donations, and regulatory bodies are keen to see that this isn’t mismanaged.

Despite these risks, too many charities continue to muddle through without dedicated asset management software, putting themselves at undue risk.

If these charities don’t move over to dedicated asset management software soon, they may come to regret it. Aside from its risk management benefits, asset management software also enables charities to maximise the value of the assets they already own, let alone the host of other everyday tasks that it can make easier for charities.

It’s also easy to adopt asset management systems; with the right provider, setup can be a quick and painless process, especially if they help to get you started.

The benefits of better asset management

The best dedicated asset management software can simplify and even automate maintenance dates and facilities teams alerts. If, like many charities, you operate out of several premises and locations, this is a godsend.

You may also have sensitive mission-critical equipment that is central to your charity’s mission. Missing a maintenance date could be disastrous, as this equipment may stop functioning at a critical time or you may even be found to be non-compliant. Fortunately, automated maintenance alerts can entirely prevent this scenario and ensure facilities team accountability.

With the right charity software, you can even track asset depreciation over time, enabling incredibly well-informed purchasing decisions. Track your assets as they drop in value, and only repurchase when it makes fiscal sense. This also helps you to prove that you’re using your charitable funding in the most efficient way possible.

Where do I start?

If you’re interested in implementing asset management software at your charity or not-for-profit organisation, the first thing you should look for is a simple onboarding and asset logging process. Systems built around a tag-and-scan process are easy to get started with, regardless of user experience.

Remember the importance of a grocery list while shopping – asset management software should also make it simple to organise and find the assets you’re looking for.

Finally, you should look for advanced functionality and additional value – like the features listed in this article. The very best asset management systems will even let you associate any information with an asset, such as guides and videos, so you can even lean on this to help your staff use equipment or follow your charity’s processes.

The best way to decide if an asset management system is right for your charity is to see it in action. If you want a free demonstration of an advanced charity asset management system, the IRIS Assets team are always available.