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You just handed a credit card to a team member to get a software subscription or a piece of hardware they need to resume their work. A bit later, you get your card back, and everything moves forward again. But months later, your accountant is confused about charges on your credit card, and you have no idea why. Sounds familiar? In the fast-paced world of running a small business, we often skip some steps to save the day. However, skipping a few minutes of proper documentation can lead to many more problems besides a lack of financial accountability. This week, I’ll help you start documenting properly by unlocking the why, when, and how. Ready? Let’s go!
WHY
Let’s start with the most obvious benefit: financial accountability. Documenting purchases helps track expenses and, taking it a step further, evaluate and find savings. For example, a few days ago, we helped a client switch to an annual software subscription by tracking renewal dates and evaluating cost savings. The second benefit of documentation is knowing which hardware and software assets are in use, enabling you to terminate or reassign them as needed when team members come and go. The third benefit is effective budgeting. By documenting all assets and associated costs, you can visualize your upcoming expenses for the next year and have a clear understanding of the hard costs involved in hiring new talent. Ready for the fourth benefit? In an unfortunate scenario where a team member loses their computer, documentation will help with insurance claims and provide valuable information when setting up their replacement computer. Want one more? During IT strategy meetings, such documentation is an excellent starting point for reviewing your current IT standing and discussing potential upgrades or replacements.
WHEN
Knowing when to document is just as important as understanding why. Ideally, documentation should take place immediately after the purchase of any hardware, software, or service, and whenever an asset is reassigned or decommissioned. Have a checklist of tasks for onboarding and offboarding processes to ensure such processes are well-defined and include updating documentation as one of the to-do items. By consistently keeping your documentation up to date, you can always rely on it to provide helpful information whenever you need to look something up.
HOW
If you want to go fancy, Asset Panda is a great app where you can even create your own barcodes to tag physical assets and assign them to individual team members, making it easy to track who is in possession of what. If you prefer a simpler approach, an Excel file may be all you need. However, before you begin, set the criteria for what information to track. Below is a list of information I recommend tracking. Not all of these will be applicable in every scenario, but setting standards and staying consistent is key:
- Asset name (short and friendly name)
- Make & model
- Asset description (this is where additional info can go)
- Serial number (hardware)
- Purchase date
- Warranty information
- Renewal date (helpful for software subscriptions)
- License number or registration ID (software)
- Assigned user
- Notes
As we chase the clock, it often feels like something has to give, and documentation usually doesn’t end up high on the priority list. However, at its core, it’s about being organized, intentional, and meticulous—qualities most of us proudly bring to our work when servicing our clients. Our business and team deserve the same level of attention and care that people expect from our work. More importantly, as leaders of our team, we have a higher responsibility to set a good example. I hope I’ve convinced you to set aside time and get started soon. If you run into any roadblocks, please reach out, as I’m always happy to help!
– Burak Sarac, Team Lead
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