If you are like most of our nonprofit customers, you are likely using a spreadsheet or, more likely multiple spreadsheets to keep track of all your assets.
If you have ever tried to load a spreadsheet with 15+ tabs and 10,000 rows (let alone search or update it), you know how slow and unwieldy this task can be.
Add in all of your admin assistants and program managers reviewing and updating rows on the spreadsheet and checking in and out equipment, and you have a recipe for inefficient processes.
Asset management software simplifies these processes.
In this post, we’re sharing what asset management software is, the benefits of using it (over spreadsheets), and some popular use cases.
Let’s dive in.
What is asset management software?
Asset management software, such as Reftab, allows you to keep track of everything your nonprofit owns so that you can stay organized, plan better, and understand usage patterns.
In addition, most asset management software also have a request portal feature so you can keep track of any equipment or devices that you loan to others.
What nonprofits should look for when evaluating asset management software
When thinking about making the switch, here are some of the key things to consider when evaluating different asset management software options.
Ease of use
If you want the software to be adopted by everyone in your nonprofit, then it needs to be simple and straightforward to use.
A steep learning curve or a hard-to-navigate UX means that your team will revert back to their old habits and start using spreadsheets again.
Barcode scanning
Using barcode scanners is a simple solution for reserving, checking in, and checking out equipment. This means you can always see whether a particular piece of equipment is available, as well as how often it is loaned out right within your request portal.
Location tracking
If you are a larger nonprofit with multiple locations, having geo-tracking enabled means you can easily see whether an item is checked out or what location it is at across your phone, computer, or tablet.
You can also keep tabs on all of your assets in a single central hub – i.e., your asset management software, regardless of where they are physically located (be it your headquarters or satellite offices within the state)
Reports and dashboards
This brings us to a related feature – reporting. Instead of having to create your own reports in spreadsheets, the software can do this for you.
If you receive any government grants, you are required to keep detailed records for every asset you own. That’s where reports can save you a bunch of time since you can quickly see all of your assets alongside purchase price, depreciation value, location of items, condition, tag number, vendor details, and any additional financial metrics.
Forecasting
An added benefit of using software instead of spreadsheets is you can now run detailed forecasts.
For example, with a couple of clicks, you can see how many people are using a specific piece of equipment and how often it is loaned out. You can project out these utilization trends into the future, which can tell you if you need to add budget for additional equipment or when to prioritize maintenance updates.
Budget
Chances are, if you are a nonprofit, you don’t have an unlimited budget for software. So, it is important to make sure the software you are evaluating is not only easy to use and has the features you need, but it also fits your budget.
4 use cases for how nonprofits are using Reftab
Here are some popular use cases for how nonprofits are using Reftab for asset management.
1. Loaning out equipment
This is one of the most popular use cases. Many nonprofits have equipment like laptops, hotspots, books, and AV gear that they need to loan to staff.
Then, they need to track who it was loaned to and when it was returned. When you start having multiple people checking in and out items each day, a request portal and role-based access rights can make this process a lot more efficient.
2. Insurance tracking
If you have expensive assets, like vehicles, generators, computers, or heavy machinery, that are insured, you need to track that somewhere for insurance and financial reasons.
So, if the item breaks or your building gets flooded, you have a digital paper trail. This makes it easier to file a claim down the line.
3. Government funding and grants
This brings us to another reason why you need a digital paper trail. That’s if you apply and receive any federal funding or grants.
As we alluded to earlier in this post, you are required to keep digital records on where all of your assets are located, condition, vendor information, purchase price, etc. You also need to have everything serialized, which means asset tags are essential.
4. Events management
This is particularly common for religious nonprofits. For example, if you work in a megachurch, you probably throw a fair amount of events for your congregation. You need a way to keep track of all of your production gear and props.
***
In sum, these are a handful of ways that nonprofit organizations can benefit from using asset management software.
Want to make this process even simpler with asset management software designed for nonprofits? Try Reftab for free.
