With ever increasing overheads, net funding reductions are one of the biggest problems schools and academies face. You need to make the most of the money they have, and luckily there is one easy and simple way to help reduce school spending: asset management software.

Just how can one piece of software potentially slash thousands of pounds from your school’s expenditure? Let’s take a look at the financial benefits of investing in asset management.

What is asset management software?

Quite simply, asset management software gives you a centralised view of all your school’s assets, from the desks and chairs to inspection documents and other important files. It allows your staff to know where everything is, at any time, as well as other vital details, such as when it was purchased and when it needs to be replaced or updated.

The alternative is to monitor your assets manually, which is often time-consuming and ineffective.

For more information on how asset management software works, check out our blog: What is asset management for schools?

Stop paying for assets you don’t need

Do you know exactly how many keyboards the school has? If you don’t, how do your staff know whether to order another or find an existing one when a keyboard breaks? What about software? Do you know exactly which licences you’re paying for and whether you actually use them?

Having a proper asset management system in place, rather than just an awkward-to-use spreadsheet, means you’ll easily be able to identify duplicates of software or hardware. No longer will the budget be accidentally spent on redundant software that no one is using anymore, or new equipment when there are already spares in storage.

If you manage an academy trust or group, asset management software will enable you to share assets between academies, which could save a lot of money! Moreover, an asset management system will allow you to produce accurate procurement forecasts that will result in better buying power – handy for when you do eventually need new equipment.

Never lose assets again

Equipment and furniture are inevitably going to be moved from room to room around your school. If you don’t have an asset management system in place, you’re going to lose track of your assets pretty quickly. This is a particularly big problem when it comes to high-value assets, such as iPads and laptops, which may be borrowed and taken outside of school, either by members of staff or students.

In order to avoid expensive loses, it’s vital to monitor who’s taken what, and where it’s gone. With asset management software, you could even set up a reminder that sends out an alert when it’s due back. That way, you won’t forget to check that it’s been returned.

Reduce insurance premiums

Unless you have an effective asset management system in place, it’s almost impossible to know what your school or academy’s estate is worth, and therefore get an accurate insurance quote. We’ve saved a number of schools thousands of pounds because, through our software, they discovered they were paying far too much for their insurance premium. Birchfield Community Academy in Warrington, for example, managed to reduce its premium by a whopping £6,000 per annum!

Avoid serious fines

Keeping on top of when important inspections are due can be difficult, especially when you’ve got so many things to do and worry about. However, missing the deadline for your school’s asbestos and legionella checks or latest risk assessment can result it huge fines – a cost your institute can’t afford to endure.

Asset management software will take that weight off your mind, as it will do the hard work and notify you when such checks and assessments are due. You’ll never be fined again.

It’s not hard to see why so many schools are investing in asset management software in a time when budgets are constrained. A quick browse of our testimonials and case studies will show just how much of a positive impact Parago software has had on hundreds of schools across the world.

So what are you waiting for? Get it in touch with us today – we are more than happy to answer any questions you may have.

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