4 Best Fixed Assets Software for Accounting Management
Wondering if you’re managing your assets in the most efficient way possible?
From paying more on taxes for assets that no longer exist to managing accurate depreciation, businesses that track assets through manual processes and spreadsheets leave too much room for inefficiency and manual data entry errors.
In this guide, we’ll introduce you to 4 of the best fixed assets software to help you streamline the process of tracking each asset from acquisition through disposal.
Here’s What We’ll Cover:
What is Fixed Assets Software?
A fixed asset management software system helps a business manage fixed assets through all the vital stages of a fixed assets life cycle from acquisition to disposal. Some organizations hang on to spreadsheets thinking it’s enough, but they don’t realize all of the missed opportunities that come from modern software.
What Are the Benefits of Fixed Asset Management Software?
Common benefits that come with leveraging fixed asset management software include:
- Tax savings and insurance cost savings associated with ghost assets and duplicate assets.
- Helps your accounting team with vital information for regulatory compliance.
- Prolong the useful life of assets with comprehensive maintenance features.
- Simplify accounting by helping you track the value and costs of assets throughout their lifecycle, which makes it easier to calculate assets.
- Improves accountability with features such as check-in/check-out.
- Reduces unplanned equipment downtime with preventive maintenance features.
- Location tracking features that improve workplace productivity by reducing time spent looking for missing assets.
- Decreases the chance that an asset would be lost or stolen without notice.
Simplify Accounting Management
Fixed asset management software helps those in charge of accounting tasks accurately record assets and track depreciation. The right fixed asset management software also automates depreciation calculations throughout the entire asset lifecycle, and in some cases, also automates the creation of asset-related journal entries. Fixed assets software commonly provides robust custom reports and financial data surrounding your assets to help you make sound business decisions.
4 Best Fixed Assets Software for Accounting Management
Some fixed assets software help businesses with accurate accounting more than others. Either the software comes built-in with accounting capabilities or integrates with accounting software to provide you with a smooth experience. Here are our top picks to help you track assets for easier accounting.
Asset Panda is a popular cloud-based system with many positive user reviews. Although it’s not one of the more intuitive software, the steep learning curve is slightly offset by superb customer support.
A highlight feature of Asset Panda is its strong customization capability, which allows you to tailor the software to speak your business’s language. This feature makes sorting and finding assets easier for everyone.
Asset Panda allows you to manage asset depreciation but only offers the common straight-line depreciation method. The software integrates with accounting and enterprise resource planning systems as well, mostly through Zapier.
- Starts at $125/month billed annually for <500 assets
- Goes up about $50-$65 per month for every additional 500 assets you need to manage
- Custom pricing available for $5,000+ assets
- Pricing includes unlimited users
- Premium integrations available as an add-on
ASAP Systems is both an inventory and asset tracking cloud-based solution known for its superior integration abilities and ease of use. Among the many integration capabilities, Barcloud integrates with FreshBooks via Zapier. This Zapier connection allows FreshBooks users to better track and manage assets. This integration also gives users the ability to automate many accounting tasks such as creating automatic expenses and invoices, to name a few.
Barcloud allows customizable fields, which makes it easy to train other staff. As a cloud-based solution, you can also access the availability of specific assets from anywhere in the world.
Barcloud includes an impressive 100+ base features and 100+ advanced features. Some of its primary features include:
- Depreciation management including the following methods: straight-line, double declining, and sum of years
- Cost tracking
- Fully configurable so you can adjust it to fit your business even as it grows
- Customizable barcode labels
- Unlimited customizable reports
- Both web or on-premise solutions
- Check-in/Check-out with a due date for better accountability and visibility
- Asset tracking from purchase to retirement
- Maintenance scheduling and tracking to improve asset life and reduce unplanned costs
- Asset reservation so employees can reserve assets for specific dates in the future
- Ability to import Excel data for bulk updates or to add new asset data
- Offers free trial, no credit card needed
- Save 33% with annual plans
- Plans can be monthly, annually, and multi-year
You’ll need to contact ASAP systems for a price quote because pricing is no longer listed on the website, but historically the prices have been the following:
- Prices starting at $45 per user per year for the Lite plan
- Standard plan: $95 per month per user
- Professional: $145 per month per user
EZOfficeInventory is known for its simple interface. It offers most of the basic features you’d expect from a fixed assets tracker including comprehensive maintenance management and thorough reporting. Many users enjoy the ability to customize and print barcodes and QR codes with the app. It’s also RFID-friendly.
- All plans are billed annually for unlimited users. It will cost more if billed monthly.
- The essential plan starts at $35/month up to 250 items
- The advanced plan starts at $45/month
- Custom plan available
- Plans go up about $5-$20 for every additional 250 items
Multiple quantities of the same inventory only count as one item towards the item limit. For example, 50 shirts and 30 pants only count as 2 items altogether. However, EZOfficeInventory counts each asset separately.
Asset Cloud by Wasp
Asset Cloud by Wasp prides itself on being a completely unified platform. If you prefer to get everything you’d possibly need from one single vendor, Asset Cloud would be a competitive option. The caveat is that to get a complete unified platform, you’d have to purchase many of their products separately.
If you prefer on-premise solutions, they also offer some solutions. They offer various barcode scanners, barcode printers, mobile computers, and a variety of asset tags and labels to fit your organization’s unique needs.
Asset Cloud offers an impressive 5 customizable methods of depreciation.
- Pricing starts at $995 per year/ per user
- Basic pre-bundled systems start at $1,795 as a one time cost for one user
- Complete pre-bundled systems start at $6,995 as a one time cost for 5 users
- Offers tiered pricing for multiple users
- Add-on features available a la carte
Basic Features to Expect in Fixed Assets Software
Each fixed asset management software listed has its strengths and weaknesses, but there are some basic features you can expect from most fixed assets software. Although some of these features are more robust in one software compared to another, you can depend on the software you choose the have most of the following key features:
- Depreciation methods
- Asset management
- Location tracking
- Standard reports
- Purchase order management
- Asset’s complete maintenance log
- Work orders
- Complete audit trail
- Ability to store contracts, warranties, service agreements, and more
- Management of asset disposals
Streamline the Fixed Asset Life Cycle
The best fixed asset management software will have the ability to simplify accounting tasks for your business, improve productivity in the workplace, and save you from various costs associated with ghost assets and duplicate assets.
Managing fixed assets using a manual method involves sorting through high volumes of scattered data leaving less time for more lucrative business activities. Additionally, spreadsheets allow a lot of room for manual error and inefficiencies.
Interested in software to help with inventory tracking too? All asset management software on our list offers some type of inventory tracking capabilities as well, although it may be limited. In some cases, they offer it as an entirely separate solution.
For additional options, check out our list of the 8 best inventory management software.
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