Top 15 Fixed Asset Management Software in 2022

Fixed asset management software automates accounting processes with the goal of tracking fixed assets for financial reporting, preventative maintenance, and theft prevention. This enables businesses to manage and monitor fixed assets, monitor equipment and machinery located in different locations, reduce maintenance costs, increase operational efficiency, and maintain complete records of retired, sold, stolen, or lost assets. Fixed asset management software tracks an organization’s whole inventory of physical assets and equipment, such as automobiles, computers, furniture, and machinery. In addition, the software may be able to automate inventory management and provide audit trails for asset tracking.

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Fixed Asset Management Software Features

Fixed Asset Management Software Advantages

Among the primary benefits of fixed asset management software are the following:

Maintain Up-to-Date Asset Records

Maintain Tax Advantages Through Current Asset Valuation

Maintaining Assets in Top Operating Condition

1. AssetMAXX

3. Xero

8. Automated Rental Management

9. Bassets eDepreciation

10. GoCodes

11. Denali Fixed Assets

12. CMI Fixed Assets

13. CenterPoint Depreciation

14. WorthIT Fixed Assets

15. Bloomberg Tax & Accounting Fixed Assets

Top 15 Fixed Asset Management Software in 2022

These fixed assets cannot be converted to cash quickly. Fixed asset management is frequently included as a module within the bigger accounting software. Indeed, most accounting software should come with some kind of straight-line depreciation calculation built-in. However, many businesses with a lot of assets find that their accounting system can’t keep up with them. Instead, they look for a specialized stand-alone solution that works with or complements their financial management systems.

Fixed asset management software automates the process of depreciating assets, allowing for the creation of effective asset management plans and the preparation of correct corporate tax returns. This has a direct influence on how you prepare for the future of your business and whatever goal your organization wishes to achieve as it grows. This is because fixed assets are long-term investments in property or equipment that a corporation keeps with the intention of generating revenue in the long run.

Within a year, fixed assets cannot be consumed or converted to revenue. Otherwise, they would resemble a piece of inventory for your business. On a balance sheet, fixed assets are identified as property, plant, and equipment (PP & E). Typically, these assets are controlled by asset tags, which might be serial numbers or bar codes.

Among the significant functional benefits provided by effective fixed asset software are the following:

Reduced asset expenses as a result of enhanced asset retirement planning and purchase versus lease decisions.
improved tax planning capabilities as a result of the capacity to depreciate assets over time.
When compared to manual methods, there is a reduction in labor costs associated with computing asset depreciation.

Fixed Asset Management Software Features

Multiple techniques of depreciation Calculate the depreciation of your assets automatically using a variety of different depreciation methods, such as straight-line, falling balance, and more.
Assistance with tax forms: It’s a good thing to have if you need to write down the depreciation of your assets on tax forms like Form 3468.
Assignments to cost centers: Management of corporate cost codes that allow you to assign assets to the right department or cost code.
Tracking asset location: software fields for tracking asset location, including check-in and check-out functionality. Asset movement history: Keeping track of past asset locations and assigning accountable parties.
Bar-coding: Asset labeling and scanning of assets using bar codes to facilitate asset recognition
Asset grouping: reporting features that enable the classification of assets according to their kind, cost center assignment, or location.
Asset retirement planning: forecasting all future expenditures, including maintenance and depreciation, in order to provide recommendations on an asset retirement schedule.
Lease vs. purchase comparison: Calculations of lifetime costs based on asset depreciation for the purpose of making lease versus buy recommendations

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Fixed Asset Management Software Advantages

Among the primary benefits of fixed asset management software are the following:

Maintain Up-to-Date Asset Records

Accounting for corporate assets may get complex owing to the vast amount of data being collected. With a diverse range of assets (such as automobiles, machinery, hardware, and office equipment), a fixed asset management software can not only help you save all that data but also arrange it in an easily-understandable manner—especially when you’re seeking to rapidly locate certain asset data. With up-to-date asset information, your organization will be better prepared for audits and report creation.

Being prepared to deliver asset information at a moment’s notice eliminates the need for your personnel to acquire data at the last minute and puts pressure on departments responsible for putting together asset reports (such as for quarterly reviews). You may be able to make customized reports with the help of the right fixed asset management software if you have easy access to asset records and data downloads. By rapidly running reports that meet your auditors’ requirements, you’ll be able to spend less time manipulating spreadsheets while still meeting your auditors’ requirements.

Maintain Tax Advantages Through Current Asset Valuation

People who work for your company will spend less time manually looking through records to find the right piece of information if they use an automated system to do depreciation. A fixed asset management software program can correctly depreciate assets over the course of their useful lives. Many businesses end up paying too much for taxes and insurance because they don’t properly manage their assets.

A fixed asset software solution may assist your business in maximizing the yield from capital expenditures by accurately identifying each investment, its value, location, purchase information, depreciation method, and cumulative depreciation. Calculating the right amount of depreciation is just the beginning of the fixed asset management software solutions of the modern era.

In addition, almost all systems calculate profits and losses when assets are sold and often have more complicated functions. Because tax rules are always changing, it’s important to have access to the most up-to-date package to make sure you’re taking advantage of all possible tax savings.

Maintaining Assets in Top Operating Condition

A firm that keeps track of its own assets for financial reasons is also responsible for maintaining the asset’s condition. At times, assets will fail and require maintenance to extend their life. Additionally, preventative maintenance may be performed in advance of an asset failing, giving you a head start on extending the life of your assets. To keep your assets running at their best, you’ll need to plan maintenance and make sure that your employees are also using them properly.

Well implemented fixed asset management software will be able to track where assets are located, when they are used, and how they are used, including downtime. To maximize your staff’s productivity, it may be prudent to schedule assets for repair during scheduled downtime—thereby maximizing the use of your employees’ time during regular working hours.

Fixed asset monitoring software can keep track of when a machine or piece of equipment was acquired when it was last serviced, and when preventative maintenance should be performed to maintain it in tip-top shape. Notifications may be sent to let you know when something needs to be repaired, so you can fix it before it gets worse. Having this data in a single system simplifies the asset of locating information on the equipment or machinery you’re searching for without having to go through mountains of papers or spreadsheets if you’ve been tracking assets using pen and paper or excel.