Best Fixed Asset Software

What is Fixed Asset Software?

Fixed asset software is a solution that automates tracking assets in the different stages of the asset lifecycle, referring from acquisition to disposal.

Fixed asset software is tangible/intangible non-current assets procured to increase an organization's overall productivity. Many organizations use fixed asset register software, also known as fixed assets management software, to manage their fixed asset performance.

It is available as both: standardized and tailor-made and helps an organization in keeping complete track of their fixed assets application in date, outward date (in case of assets sent for repairs), place, asset categorization, applicable tax depreciation as per the laws of the land, warranty period, repairs & maintenance schedule, etc.

Understanding Fixed Asset Software

Fixed asset accounting effectively tracks your company's financial information related to your capital assets. It outlines the five stages that make up the entire fixed asset lifecycle.

1. Acquisition

   Individual firms have their asset acquisition tactics. For instance, some businesses may develop or build their assets internally by employing their personnel. In such a case, they must decide the portion of the employee's salary that needs to be included in the asset calculation.

   Naturally, the entire cost is assigned to the asset when it is explicitly purchased from outside sources, including any applicable transportation fees. 

   Whether developed or acquired internally, the asset is added to the real property inventory and tracked throughout its life cycle after installation.

2. Depreciation

   The value of your assets starts to decline over time. Therefore, you can receive tax benefits by calculating with fixed asset depreciation software free. And you can decrease your net profit.

   Every business, including yours, must perform the accounting transaction known as fixed asset depreciation.

   Numerous intangible assets, such as offices, IT hardware, software, tools, and corporate vehicles, can be depreciated.

   Regardless of your industry, you will need tangible and intangible assets to run your business successfully. However, you also need to understand the worth of your fixed assets solutions and the amount they've depreciated over time.

3. Revaluation

   The revaluation process involves restating asset costs in terms of their current value. Comparability is the fundamental tenet of revaluation. The question is whether you can meaningfully compare financial statements over time, considering things like the rate of inflation and the current value of assets.

   The cost model only permits downward modifications to account for impairment losses. In contrast, the revaluation model permits both upwards and downward adjustments to represent both rises (appreciation) and reductions (depreciation) in the value of an asset.

4. Impairment

   The difference between an asset's carrying value and its recoverable value is an impairment loss. The higher an asset's fair value fewer costs of disposal, and its value in use is the recoverable amount for that asset or cash-generating unit.

   Impairment is the long-term decline in a corporate asset's value. It could be an intangible asset or fixed assets solutions.

   The overall profit, cash flow, or other benefits the asset can produce are periodically compared to its current book value when an asset is tested for impairment.

5. Disposal

   No matter how carefully you manage the operation and maintenance of the asset, eventually, the firm will no longer benefit from it.

   While aging and diminished performance are the most frequent causes, other factors, such as the closure of operations or technological changes, may also be to blame.

   In any event, the asset's disposal needs to be done appropriately. There are numerous choices, including:

   - Give it to a charity.

   - Sell it straight away or for scrap.

   - Replace it with a more recent model of the same piece of machinery.

   To receive the tax benefit, it is critical to evaluate the asset's worth accurately. In addition, you must consider depreciation into account.

   It needs to be separated from a brand-new item that became defective within a short period of being purchased. In such a circumstance, the manufacturer or seller will typically offer you a replacement at no cost.

Basic Features to Expect in Fixed Assets Software

Every business that owns fixed assets, such as machinery and equipment, must guarantee that these assets are in good working order. However, handling fixed assets without a solid framework can have serious repercussions. If you don't properly manage your assets, they can disappear or get damaged.

Thankfully, the best fixed asset software, usually referred to as EAM software, provides a solid solution that aids in preventing unforeseen asset damage or loss.

The best fixed asset tracking software management includes observing and maintaining machinery, computers, vehicles, and other physical assets.

To assist you in comprehending the function of this software and making an informed decision regarding the best system, we have put together a thorough list of fixed asset management system capabilities.

You can expect the following common features in fixed assets software:

1. Depreciation Methods

   Depreciation is the fixed asset's loss of value over the course of its lifetime as depreciation. It often only affects your organization's fixed assets, like real estate, vehicles, or machinery.

   For accounting purposes, your company's balance sheet includes fixed and intangible assets like trademarks or branding. But, only fixed assets are eligible for tax deductions.

   The four depreciation methods include:

   1. Straight line method,

   2. Units of products depreciation method,

   3. Declining balance depreciation method,

   4. Sum of the years’ digit method

2. Standard Reports

   Standard reports like inventory and audit reports are crucial for every organization.

   When inventory levels are known, an organization may determine how much stock is consumed and when to place a new order.

   With data analytics, the company can predict which stocks will be more popular during which period. As a result, planning can be done. Additionally, inventory data help reduce costs by preventing overstocking.

   Identification and confirmation of the physical presence of assets depend greatly on auditing.

   Assets are often leased, and the location is occasionally the subject of discussion. Auditing answers such questions.

   After reviewing the financial statements and related reports, the audit report considers the findings and the auditor's observations.

   Periodically, audit reports are produced to assist stakeholders and management in evaluating the reliability of asset management and the company's financial performance.

   The audit reports successfully give a company insights by outlining inadequate, inefficient, or underutilized assets.

   Fixed asset software also takes care of reports like review workflow, an asset’s detailed maintenance information and employee productivity.

3. Purchase Order Management

   With a purchase order management system, you can manage each purchase order and track them. The management is notified when any upgrade occurs in any purchase order. It provides better financial transparency for the company.

   Purchasing orders may contain much redundancy if there isn't a sufficient system. Additionally, there is a risk of human error, which slows down the purchasing order processing. It results in lower production. However, you don't have to be concerned about purchase orders if you have fixed asset software.

4. Management of Asset Disposal

   The process of organizing and managing the purchase, use, maintenance, replacement, and disposal of organizational assets is known as asset management. By reducing costs and risks, this method increases the ability of assets to be delivered. 

   A positive capital improvement over the asset lifecycle is guaranteed by adequate maintenance and the effective deployment of systems, people, and procedures.

   The price at which an item is sold when it is no longer useful is known as the asset disposal value in accounting. For instance, a newer, updated version is installed when a piece of factory equipment ends its useful life. The disposal value is the lowest price at which the equipment must be sold.

   Numerous factors should be considered before asset disposal:

   1. The working condition of the asset

   2. The industry standards for the asset

   3. The life of the asset

   4. The new updated version of the asset

5. Tracking And Monitoring

   The software should manage and maintain valuable assets without discrepancies by keeping track of all the important fiscal information. It also monitors various workflows and data exchange pathways. These features eliminate the risk of data loss or asset misplacement.

6. Fiscal Prudence

   The automated solution lowers manual inefficiencies and inaccuracies. It not only improves productivity but also ensures financial competitiveness. The company can strengthen its organizational proficiency by cutting down on unnecessary costs.

7. Data Transparency

   The asset-related data has to be secure, confidential, and reliable. The software can streamline check-in, check-out, and maintenance operations. It also transparently handles asset return due dates, schedules, audit history, and asset depreciation.

8. Unique Codes and Accuracy

   The best software has tools to auto-generate unique asset codes. Each asset has a specific purpose, and the code scans all the helpful information. For authenticity, the user can also update smartphone details using barcodes and QR codes.

   All asset-related calculations are performed without any errors. Data accuracy and information reliability are vital for any organization. Besides, the asset location and maintenance tasks also become more trustworthy.

9. Compliance

   Asset accounting is crucial as it has to follow regulations. Tax compliance and insurance coverage are also vital requirements. The software satisfies these needs using tax codes, planning, tracking, and intuitive data forms.

10. Larger Scope

    Fixed assets must be managed as they have large-scale business consequences. The right kind of software can reduce risks through proper accounting. It tracks the asset locations, processes work orders, and promptly generates audit trails. Accordingly, the assets become very reliable and manageable.

Benefits of Fixed Asset Management Software

Fixed asset management software benefits small, medium, and large-scale companies. They can use the automated solution to manage and maintain key assets. These customers also receive various intangible and tangible advantages along the way:

1. Data Storage

   Fixed assets include real estate, software, machines, furniture, and vehicles. High-quality software can quantify them with credibility and easily assemble, organize, and store all the asset-related data. The user also finds the storage mechanisms reliable, safe, and productive.

2. Easy Retrieval

   The organizational asset data is stored without a plan and designed for easy and quick retrieval. The authorized user can efficiently access all the relevant information from various sources. It becomes possible to find useful data from online or on-premise servers. The software also presents the retrieved data understandably.

3. Auditing And Reports

   Digital documents, and databases are convenient for auditing. The assets can be audited faster through reliable processes. Insightful reports can also be generated without any errors or confusion. Such a streamlined process can deliver greater clarity and business intelligence to the users.

4. Scheduling Efficiency

   Asset ownership, transactions, and requirements are tracked regularly. Therefore, the managers will have access to the most accurate data in real time. They can make well-informed decisions and optimally assign assets. This level of effectiveness can reduce costs and lower risks and errors.

5. Centralized Control

   A centralized database is easy to maintain and convenient to use. The managers have complete control over all the assets and associated data. They can establish a functional chain of command by making intelligent decisions. This ability helps to lower operational inefficiencies to increase work productivity.

6. Archival Advantage

   The software is for management and maintenance. It collects, stores, and archives all the asset data. Even the movements, usage, and updates of specific assets are carefully tracked. This historical data is essential to maintain tight schedules and lower long-term expenses

7. Easy Categorization

   The assets are classified based on their status, condition, life expectancy, etc. Other custom criteria are also used to put them in relevant groups. The valuable resources are also categorized based on location, costs, benefits, and usage patterns.

8. Compliance And Standards

   High standards of asset management require reliable software. It not only follows regulations but also ensures tax compliance. Only up-to-date and legal accounting processes reach professionals. As a result, the company can deliver high-quality services without resorting to irregularities.

9. Recycling Benefits

   A company's fixed assets can get lost, damaged, or stolen. The best software takes these factors into account. It eliminates confusion by properly marking all the assets. The software can also help discard, restore, and recycle assets for practical reasons.

Top 5 Fixed Asset Accounting Software By Company Size

The fixed asset management software market value is expected to reach $6.2 billion by 2023. Today, you can find different software packages for different genres and sizes of businesses.

The top 5 fixed asset accounting software by market share are:

1. Sage Fixed Assets Software

Sage Fixed Assets offers the complete fixed asset management solution, giving companies complete control over their assets. Sage Fixed Assets enables you to manage the whole lifecycle of your fixed assets, from the time they are first acquired through the depreciation cycle and disposition at the end of their useful lives.

Features

• Compliance management
• Customizable forms
• Software license management
• Sales tax management
• Location tracking

Pros

• Easy to manage fixed assets for the entire lifecycle
• Simple and easy to use software
• Easy to track assets and calculate tax depreciation
• Excellent technical team

Cons

• Challenging to figure pre-set depreciation methods
• Cannot be installed on SaaS platform
• Slow system processor

Pricing

• Please connect with the vendor for pricing details.

2. UpKeep

UpKeep's CMMS is conveniently accessible from anywhere at any time using any device, including your desktop, phone, and tablet. Your company will operate more effectively than ever before with the ability to create work orders on the go, receive notifications and get alerts directly from your smartphone when assets are down.

Features

• Audit management
• Barcode printing
• Bills of materials
• Appointment scheduling
• Components tracking

Pros

• Centralizes the facility management information in one place 
• Offers easy accessibility to users
• User friendly and fast response time
• Convenient tracking of work orders

Cons

• Not for beginners
• Limited features
• UI can be more efficient

Pricing

• Pricing starts at $45/per month.

3. IBM Maximo

IBM Maximo offers asset management, monitoring, predictive maintenance, and reliability. An integrated cloud-based platform called the Maximo Application Suite leverages analytics, IoT, and AI to extend asset lifecycles, lower operating costs, and improve performance. 

Users of IBM Maximo have access to customizable CMMS, EAM, and APM applications and simplified installation and administration. Additionally, IBM Maximo improves user experience by allowing users to share data and workflows.

Features

• Work order management
• Maintenance management
• Location tracking
• Activity tracking
• RFID/Barcoding

Pros

• Seamless integration with legacy systems
• Easy to use
• Excellent software to keep track of assets
• Great customization capabilities

Cons

• Licensing scheme is hard to understand
• Confusing user interface
• Slow due to server issues

Pricing

• Pricing starts from $250/per month.

4. Asset Cloud

AssetCloud is an asset management platform that helps small to large public, or private companies manage priceless corporate assets effectively. 

The financial, contractual, and inventory elements of AssetCloud's IT asset tracking software combine to give users precise insight for making critical business decisions. Features for managing cribs and tracking tools assist organizations in standardizing processes, eliminating problems, and cutting down on material expenses.

Features

• Automated scheduling
• Funding source tracking
• Preventive maintenance
• RFID scanning
• Historical reporting

Pros

• User-friendly software
• Easy accessibility
• Great tracking assets
• Excellent customization features

Cons

• Average customer service
• Not for beginners
• Difficult to upload assets

Pricing

• Pricing starts from $49.99/ per user/per month.

5. Asset Panda 

A robust cloud and mobile asset tracking platform, Asset Panda can track, manage, and support their assets during their whole life cycle. Their software is safe, tailored to how our clients work, and uses the portable devices your staff usually carries. It allows users to perform audits and customize their workflow.

Features

• Audit management
• Document storage
• Warranty tracking
• Purchasing & receiving
• Work order creation

Pros

• Excellent customization options
• Formulate internal processes internally
• User-friendly software
• Intuitive interface

Cons

• Lack of conditional fields
• Technical glitches
• Lack of Android support

Pricing

• Pricing starts at $125/month. 

Best Fixed Asset Accounting Software Vendors for Enterprises

An integrated, cloud-connected ERP system is a winning proposition for large enterprises. It has all the basic features, key control and vendor management. It can handle large fixed asset data amounts in multiple locations and time zones. It facilitates centralized inspections, budget tracking, incident reporting, and contract management.

The best-fixed asset accounting software vendors for enterprises are:

1. AssetExpert

Tracking and managing fixed assets is the goal of AssetExpert, a fixed asset management software. You can eliminate the tedious work and high maintenance costs with the help of this software. It will assist you in ensuring that all assets are adequately insured and covered by an AMC. It will assist you in figuring out proper asset appraisals and depreciation deductions.

Features

• Document management
• Audit trail
• Barcoding/RFID
• Depreciation management
• Data security

Pros

• Easy to use
• Flexible team
• Great customer service
• Excellent customization features

Cons

• Slow loading time
• Not for beginners
• Difficult to upload assets

Pricing

• Please connect with the vendor for pricing.

2. AssetWorks

Users can manage assets, including vehicles, buildings, infrastructure, facilities, and more, with the help of AssetWorks. Its services include fleet and fuel management, asset and risk management for businesses, and surplus assets. 

It enhances operations through better facility staffing, machinery management, and workflows to expedite procedures. It supports users' efficient and economical handling of supplies, machinery, and assets.

Features

• Incident management
• Document management
• Task tracking
• Surveys and feedback
• Asset budgeting

Pros

• Easy navigation
• Centralized all assets
• Easy to use
• Customizable features

Cons

• Complex importing
• Technical glitches
• Limited features

Pricing

• Pricing starts at $2500. It is a one-time payment. 

3. 360Facility

 360 Facility, a cloud-based platform for workplace asset management, focuses primarily on facility and real estate management. Automating facility and maintenance procedures and improving team communication among all stakeholders, including service providers and tenants, assists companies and real estate owners in reducing expenses. 360Facility works well with businesses involved in facility management.

Features

• Vendor management
• Labour and service cost calculations
• Inventory management
• Scheduling
• Maintenance/operations/repair

Pros

• Accessible on any PC connected to the internet
• Easy customization
• Great user interface
• Easy tracking

Cons

• Cannot be used without an internet connection
• Not for beginners
• Only accessible to paid customers

Pricing

• Pricing starts from $45/month. 

Top Fixed Asset Accounting Software Vendors for Medium-sized Businesses

The software for a medium-sized enterprise should facilitate automated asset tracking, audit trails, asset lifecycle management, and depreciation. Those with customization, analysis, and maintenance features are ideal. Friendly interfaces and scalability options are also much-desired features.

The best-fixed asset accounting software vendors for medium-sized businesses are:

1. Space Runner

SpaceRunner is a web-based planning and management tool that envisions equipment, assets, and other data on any virtual image, map, or floor plan. Users can track and relate data about assets in spaces like warranties, maintenance records, part numbers, and serial numbers in one location.

Users of SpaceRunner can establish their company spaces with interactive outlines and save the data in linkable, dynamic, visual icons.

Features

• Data visualization
• Location tracking
• Workflow management
• Real-time data
• Reporting & statistics

Pros

• Excellent software to manage assets
• Easy data management
• Amazing vendor engagement and support
• Easy to use

Cons

• Limited features
• No translation available
• Slow system

Pricing

• Pricing starts from $45/user/per month.

2. Cheqroom

Cheqroom assists businesses in monitoring, evaluating, and enhancing their equipment management. We enable teams and individuals to excel and organizations to achieve their goals by making it simpler to get the right tools into the hands of the right people.

You won't ever lose track of your equipment using Cheqroom. You can use a unique QR code to identify your equipment to obtain more information.

Features

• Barcode recognition
• Cost tracking
• Depreciation management
• Reporting/analytics
• Role-based permissions

Pros

• QR scanner helps in easy scanning and retrieving information
• Easy and quick tracking
• Easy to use
• User-friendly software

Cons

• Limited label printing templates
• Confusing check-in and check-out process
• Lack of approve and request feature

Pricing

• Pricing starts at $100/per month.

3. TYA Suite

With the help of TYASuite cloud ERP software, you can streamline workflows, start campaigns, and manage teams from one page. It lets stakeholders streamline the procurement lifecycle, from processing invoices and payments to optimizing purchase requests (PRs) based on available stock, safety stocks, or lead time. Employees can use barcodes or QR codes to track assets across several locations.

Features

• Accounting integration
• Due date tracking
• Inventory optimization
• Performance metrics
• Spend analysis

Pros

• Easy to use finance and accounts modules
• Easy to use
• Great in automating processes
• Excellent in access control

Cons

• Gets slow at times
• Dashboards can be improved 
• Complicated mapping process

Pricing

• Pricing starts at $17/per user/month.

Top Fixed Assets Software for Small Businesses

A small company requires software with credible basic accounting tools. The company might not need elaborate reporting features and high-end cloud services. However, pricing plans have to be inexpensive.

The fixed inventory management software vendors for small businesses are

1. EZOfficeInventory 

You can easily manage assets and inventory supplies with the help of EZOfficeInventory.You can keep track of the full asset lifespan, allowing you to efficiently manage vendors, make purchase orders, and write up service tickets. With our smartphone app, you can easily create customized labels and scan barcodes and QR codes. For even faster processing times, the software provides an RFID integration.

Features

• Ad hoc reporting
• Barcode recognition
• Contractor management
• Equipment maintenance
• Procurement management

Pros

• Easy to manage fixed assets 
• Simple and easy to use software
• Great customizable options
• Excellent customer service

Cons

• Confusing UI
• Various inconsistencies throughout the software
• Connectivity issues

Pricing

• Pricing starts at $40/month.

2. BNA Fixed Asset

The cloud-based BNA Fixed Assets software assists businesses in managing their fixed-asset lifecycle, from development and acquisition to retirement. 

Management is streamlined, processes are automated, compliance with frequently altering tax and GAAP requirements is automatically enforced, and thorough reporting provides the insight you need to make wise management decisions.

Features

• Taxation management 
• Consolidation/roll up
• Email integration
• Inventory management
• Expense tracking

Pros

• Excellent customer service
• Great training modules
• Easy to set up assets
• Easy tracking for fixed assets

Cons

• Complicated to adjust depreciation rates
• Challenging to customize reports
• Reports are prone to error

Pricing

• Please connect with the vendor for pricing details.

3. RAM Asset Management

Real Asset Management is a great solution for asset management. Its features include overseeing, monitoring, and recording auditing, risk management, and accurate asset reporting.  Organizations can optimize operations, increase efficiency, and save property management expenses thanks to RAM's specialized tenant and contractor portals, work order management, mobile work management apps, and live KPIs.

Features

• Task tracking
• Disposal management
• Self-service portal
• Incident management

Pros

• Excellent mobile support system
• Clean user interface
• Easy tracking and recording of asset changes
• Easy managing functions from anywhere

Cons

• Slow to load at times
• Technical glitches
• Navigation is not smooth

Pricing

• Please connect with the vendor for pricing details.

Latest Market Trends In Fixed Asset Accounting Software

Asset software is essential for management, maintenance, and evaluation. It can improve productivity by optimizing labor costs and inventory processes. It also handles asset depreciation, repairs, tracking, scheduling, and operations. The current market trends in this software are -

• Industries across the verticals are adopting automation and IoT smart devices

• The total assets in Energy, Manufacturing, Healthcare, Construction, etc., are set to grow

• Cloud-based solutions and web-based systems have higher demand among customers

• Global software developers are collaborating to design innovative solutions. Innovations in Cloud Computing, AI, and ML are giving a further boost

• Companies in the growing economies are showing more interest in integrating capital asset management software

• Smart service providers and business enterprises are forming partnerships

• The demand for fixed-asset accounting software automation is high in transport, logistics, sales, etc.

Tips on Improving your Fixed Asset Software

 You can make changes to your plan to maximize your earnings by understanding fixed asset accounting.

1. Establish an Approach for Capitalization

   Ensure your accounting records are consistent and assist you and your team in quickly identifying any accounting issues when purchasing an item. Your decision-makers appropriately establish a fixed amount for capitalization.

2. Label your Assets

   Because so many factors can change an asset's value over time, it is crucial to monitor and tag it. Tagging aids in a fixed asset tracking system with your things through each stage of their lifecycles, theft prevention, misplacement elimination, and financial data checking.

3. Reassessing Equipment Life  

   Your organization will benefit immensely in the long term if you accurately predict the time frame you can use your fixed assets for their intended purpose. Since correct life estimates are required for your accounting records and depreciation, it's crucial to reevaluate as needed because they may alter over time.

4. Automate Insights With the Right Fixed Asset Management Software      

   It will make your operations easier by automating your manual tasks to assist in tracking your data using fixed asset management software. Thanks to password protection, access is restricted to those who require it and have the necessary training.

Streamline the Fixed Asset Software Life Cycle 

The most effective fixed asset management software will simplify your company's accounting responsibilities, boost workplace efficiency, and spare you from charges related to ghost and duplicate assets.

Managing fixed assets requires going through large amounts of dispersed data, which takes time from more profitable corporate endeavors. Spreadsheets also give the potential for a lot of human mistakes and inefficiency.

Managing your valued assets and extending their life enables you to be more productive. So, it makes fixed asset lifecycle management a crucial task for any firm. With physical asset management software, you can ensure that an asset is correctly maintained, receives timely upgrades, and is repaired on time. Moreover, the fixed asset software for accountants ensures that it is appropriately disposed of at the end of its useful life.