Challenges in Managing Physical Assets for Educational Institutions
It’s September. We are back to school, and the administrative staff (Finance, IT, Ops) are breathing a sign of relief, after a busy summer of new system implementations and upgrades.
During this summer, we have been helping our school district clients to transition to an automatic system to manage their physical and IT assets. While working with the finance and IT professionals in these school districts, I have come to truly admire their dedication to the work. The administrative staff in educational institutions often have to work with very limited budget and limited resources. But tracking and reporting the physical assets purchased by the school district is tedious work. These are some of the work these dedicated professional have been doing on a routine basis with the limited resources:
- Use excel sheets to track the campus locations the equipment is sent to, and log the receipt
- Manually split the one line item in a purchase order that contains multiple equipment into multiple pieces of record with its own serial number, barcode, and location information, so they can be tracked individually.
- Conduct physical inventory in different locations, with very limited staff support in these locations
- Manually track the funding sources for each equipment
- Manually calculate the depreciation on each equipment every month
- Manually update the disposal status of each equipment
I am proud that our team is making a difference in the lives of these dedicated professionals, and our system is making the process more efficient.