Please check your network connection and .

Top Fixed Asset Accounting Software in 2020

Finding the best Fixed Asset Accounting Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Fixed Asset Accounting Software Guide

Table of Contents

What is a Fixed Asset Accounting Software?

Fixed assets are tangible/intangible non-current assets, procured for increasing the overall productivity of an organization. Many organizations use Fixed Assets Register Software also known as Fixed Assets Management Software to manage their fixed assets. It is available as both: standardized and tailor-made and helps an organization in keeping complete track of their fixed assets’ in date, outward date (in case of assets sent for repairs), place, asset categorization, applicable depreciation as per the laws of the land, warranty period, repairs & maintenance schedule, etc.

Key Features of Fixed Asset Accounting Software

  •  Accounting entries & posting as per the applicable accounting standards.

  • Automatic numbering based on group, date, etc. & preparation of labels, bar-codes, and asset identification numbers.

  • Reduced manual interference smooths the overall process and reduces the chances of errors.

  • Tracking the physical place of all movable and immovable assets by assigning GPS based chip recognition system & similar technologies, useful especially for organizations whose major block of assets consists of movable assets.

  • Classification of assets by Category, Location, Ownership, Depreciation Category (as per taxation laws), Custom (as per need)

  • Automatic alerts & notifications to the concerned department about repairs & maintenance schedules

  • Regular updates ensure compliance with the latest amendments in the laws.

Benefits of Fixed Asset Accounting Software

1. Easy to use

Fixed asset software has built-in audit trail capabilities, facilitates quick recording of asset movement, and usually integrates directly with other accounting systems.

2. Saves Time in Preparing Reports

Easily access asset records or information you need with user-friendly reports. This provides solutions that allow you to create customized reports and save even more time and make managing your data even easier.

3. Automate Depreciation Calculation

Manually created excel workbooks are highly error-prone and stagnant. The best-fixed asset software solutions will update automatically as and when laws amend; they reduce human data entry and they are proven to provide exact calculations.

4. Tax compliance

Compliance with tax laws is one of the main features of fixed asset register software, which not only ensures timely compliance with all regulations but also facilitates taking full advantage of all potential tax holidays & breaks.

Potential Issues You May Faced While Implementing a Fixed Asset Accounting Software

There's no good reason to not use fixed asset management software. However, adopting a new system and streamlining it across the organization can be challenging. Here are a few potential issues you may encounter while implementing a fixed asset accounting software. 

1. Loss of data

Although many software automatically backs up the database regularly, but is still prone to data loss, leakage & misuse.

2. Lack of customization features

Although many organizations are using such software, no industry is satisfied with the customization options that are currently available.

3. Ownership and user adoption

The whole organization needs to adopt asset management software. In order to be productive, business owners must ensure the solution fits their needs. Also, most asset management software systems are not easy to use, so users need to be trained and supported. Besides, you will also need a dedicated person to manage the asset software daily. Using the software without proper ownership can expose you to the risk of not utilizing the system to its full potential. 

4. Integration

Fixed asset accounting software works best when integrated with other systems and applications your organization is already using. A software system that integrates with other solutions provides delivers consistency and efficiency in managing assets across multiple systems. However, many asset account software systems don't come with an API. Thus, you might need to transfer data and files manually, which can cost you both time and money.

5. Metadata

Every asset management system uses assets, known as metadata, to speed up and ease the process of searching multiple files. And a fixed asset software solution will not perform optimally if the assets are not tagged properly. Therefore, you will need to invest time upfront in planning the keywords you'll use to create assets. 

You can store thousands of files in fixed asset accounting software. But if you can't find them, you can't use them. And thus, you need to organize files in a way that makes them easy to search. To gain such capabilities, you'll need to invest in an asset software that has AI functionality. Unfortunately, AI-powered solutions can be expensive and can increase your operational costs. 

6. Cost

Fixed asset register software can be expensive. And if you are a small business, you'll need to consider the cost associated with using an asset management system in the long run. Most asset solutions are scalable, but with scalability comes higher costs, and you might need to spend more effort in balancing the costs with the ROI achieved. 

7. Security Concerns

Most fixed asset accounting software solutions are cloud-based, which can be a potential security concern for most companies. When using cloud-based software, you share all of your information with a third-party provider. Thus, the data is vulnerable to loss, leakage, and misuse. 

Open Source Fixed Asset Accounting Software

For simplification, let us take an example. Apple is the only company that manufactures devices solely based on iOS (the OS for iPhones, iPads, iPods, etc.) however, companies which manufacture devices which function on Google’s Android OS such as Samsung, Sony, HTC, etc. use the open-source Android platform licensed by Google but with minor tweaks of their own. Android by Google is an open-source OS.

Similarly, open-source fixed asset register software provides tailor-made solutions as per the needs of the particular organization. Say, if I own a trucking company than most of my fixed assets shall be trucks and lorries which are continually moving. Nowadays many software facilitates the feature of tracking their movable assets, but what if I want a separate identification number for each of my trucks. In such a case I would prefer a system that provides me feature of continuous updates about the place and condition of my every single truck or lorry.

Fixed Asset Accounting Software Research Guide

Important factors which play an important role in the selection of the right Fixed Assets Accounting software are:

1. Size of the organization

The size of an organization is one of the most important factors in deciding the most suitable system for your company.The needs of a multinational corporation will be very different & diverse as compared to the needs of a small-scale industry. Hence, a single software isn’t going to serve the purpose of all the organization sizes.

2. Integration with ERP systems

Integration of fixed asset accounting software with that of existing company’s ERP or standardized accounting software is a must as many calculations such as depreciation, gain or loss on account of disposal/exchange of assets, installment amounts of assets procured on hire purchase, etc. are to be recorded & posted appropriately in the books of accounts. These calculations require a high level of accuracy and direct integration is a must, to avoid any mistakes caused due to manual interference in the process.

3. Collaboration and interaction between departments

Many organizations have multiple operations, units, and have divisions in different countries. Such organizations sometimes temporarily transfer assets from one department to another and hence features such as Collaboration and interaction between departments are a must.

4. Repairs & Maintenance Scheduling

A lot of top management personnel have complained that they are unaware of the physical condition of their assets and many times they lapse their repairs schedule, hence leading to unnecessary capital expenditure on their major repairs or replacement. Also, sometimes assets whose useful life is not much, but still considerable amount is spent on their repairs. An ideal system will automatically send an alert about repairs & maintenance of assets on or before the due date, hence enabling them to take suitable action.

5. Tracking of assets

Tracking of assets lets you know in which part of the factory your asset is located and its physical condition. This feature is very useful and a decision driving factor for organizations whose major chunk of assets are usually moving such as transport companies, shipping companies, etc.

6. 24x7 Assistance & live support

24x7 assistance, live support & updates are pivotal since continuous amendments in the laws about accounting require continual compliance. Obviously, no one wants software that doesn’t alert you about any non-compliance in your system.

7. Easy Report Generation

Every enterprise nowadays tracks the progress of their organization on a periodical basis. In such a scenario system, this software helps you generate reports about the purchase, sale, due date of installments, fair valuation of assets, repair, maintenance schedules & costs, depreciation, useful life, production capacity, etc., as and when you require.

Such fixed assets accounting software has proven to be useful to the organizations in managing their assets in a more systematic and simplified way however, one should always be wary while completely depending on such systems. Trained accountancy staff, periodical backups & prompt customer service are the keys to the successful implementation of this software.

Software and Services Related to Fixed Asset Accounting Software

Fixed asset accounting software is often provided as a standalone product. But in some solutions, you may also receive it as a part of CMMS software or enterprise asset management (EAM) software. Let's take a quick look at the software and services related to fixed asset management software.

1. CMMS

A Computer Maintenance Management System (CMMS) is a computer software program used to simplify maintenance management in organizations. It is used mainly for achieving efficient workflow management, equipment uptime, fixed assets accounting, and monitoring operation and facility costs. CMMS solutions are primarily used by facility managers, maintenance managers, CFOs, and COOs. 

2. Enterprise Asset Management (EAM)

EAM software helps organizations in managing their physical assets throughout the lifecycle of each asset. Companies use an EAM system for planning, executing, and tracking maintenance activities based on tools, skills, information, materials, and priorities. 

3. Asset Performance Management (APM)

An APM solution helps you reduce unplanned downtime, reduce EH&S risks, and decrease maintenance costs. It enables you to implement a proven asset performance management strategy. APM software provides an integrated and connected platform that companies that are asset-intensive to create safer and more reliable operations. 

4. Asset Leasing

Asset leasing software is also referred to as equipment leasing software. This solution helps you monitor the entire leasing lifecycle management, ranging from the stage of ordination to the end of lease tasks and activities. Organizations use an asset leasing system to track their contracts, documents, and equipment leasing operations. Besides, this type of solution can also help with tax management and compliance. 

5. Facility Management

A facility management (FM) software system allows organizations to monitor their maintenance and repair programs. This type of tool is designed to help companies save their time, money, and resources by efficiently managing their spaces, buildings, and occupants.

Showing 1 - 25 of 35 products

#1

Spine Assets

Free Demo

#2

EAMbrace Asset Management

Free Demo

#3

Asset Expert

Free Demo

Fixed Asset Accounting software in following cities

Fixed Asset Accounting software in following industries

Karan VasitaBy Karan Vasita | Last Updated: October 27, 2020

Cookies Policy | This website uses cookies to ensure you get the best experience on our website. Got it