Most accountants would agree that keeping track of assets across multiple locations is a major pain point.
Luckily, with the right asset tracking software tailored to accounting workflows, you can gain visibility into your assets and make informed decisions to optimize utilization.
In this comprehensive review, we will decode must-have features like customizable reporting and real-time tracking, provide handpicked solutions specialized for accountants, and share proven strategies to ensure your software implementation succeeds.
Navigating the World of Asset Tracking Software
Asset tracking software can be a valuable tool for accountants to efficiently manage fixed assets and inventory. As companies expand their assets, keeping track of them manually becomes complex and time-consuming. Asset tracking solutions automate the asset monitoring process, providing a centralized hub for viewing and controlling assets, and ensuring compliance with accounting rules and regulations.
When searching for asset tracking software, accountants should assess their business needs and workflows to ensure the system will integrate well. Key aspects to assess are asset hierarchy capabilities, reporting features, mobility and offline access, barcode scanning integrations, user role permissions, lifecycle management tools, and more. Additionally, open API platforms allow the software to connect with existing accounting tools for easier financial management.
Overall, asset tracking software can deliver sizable cost and time savings for accountants, along with supporting business intelligence, planning, and regulatory compliance. The key is finding a platform that aligns tightly with your organization's specific needs and use cases. Researching vendors thoroughly and requesting demos of top contenders is advised to make an informed purchasing decision. The investment will pay dividends through streamlined workflows, powerful analytics, and simplified asset administration over time.
What software is used for asset management?
Asset management software helps organizations track and manage their tangible and intangible assets. Such software can provide visibility into all business assets to inform decision making around asset allocation, utilization, and risk management.
According to analysts, some of the top asset management software solutions on the market include:
Asset Panda
Asset Panda is user-friendly cloud-based software ideal for small to mid-sized businesses. Key features include:
- Barcode scanning for inventory
- Custom asset fields and labels
- Mobile app for on-the-go asset management
- Automatic asset deprecation calculations
ManageEngine AssetExplorer
ManageEngine AssetExplorer helps regulate IT assets and optimize asset use. Capabilities include:
- Discovery of hardware and software assets
- License and contract management
- Rich custom reports
- Workflow automation
MMSOFT Pulseway
Pulseway is a robust platform covering more than just assets. It provides:
- IT asset inventory management
- Patch management
- Remote monitoring and control
- Activity audit logging
The software suits managed service providers and enterprises.
While this covers just a sample of top options, there are many excellent asset management systems on the market covering a range of industries, asset types, and organizational needs. Conducting thorough evaluations is key to determine the best fit.
What is the best way to track assets?
Barcode scanning is one of the most popular and cost-effective methods for tracking business assets. By assigning unique barcodes to equipment, devices, and other valuables, companies can easily monitor these items as they move throughout facilities.
Here are some of the key benefits of using barcode scanning for asset tracking:
- Inexpensive to implement. Barcode labels and scanners are affordable for most budgets. Simple barcode systems can be created for very little investment.
- Automates tracking. Scanning barcodes eliminates manual data entry and spreadsheets. Asset tracking data is captured instantly.
- Provides real-time visibility. Barcode scans give managers eyes on where assets are located at all times. Inventory reports can be run on-demand.
- Supports auditing & compliance. Detailed barcode scan records help account for assets during audits and ensure compliance with regulations.
- Integrates with existing software. Barcode hardware and apps easily sync with popular fixed asset management platforms.
- Flexible for diverse assets. Barcodes can be applied to IT devices, vehicles, tools, office equipment, and more.
For most asset-intensive organizations, implementing barcode-driven tracking provides the right blend of simplicity, automation, and insight into asset inventories. And with affordable barcode tools readily available, it's one of the smartest first steps any business can take toward more strategic fixed asset management.
Which industries are mostly using asset tracking software?
Software asset tracking solutions are implemented across a diverse range of industries to help organizations effectively manage valuable assets and reduce operational costs. However, some industries tend to derive the most benefit from comprehensive asset tracking implementations due to the mission-critical nature of their assets.
Manufacturing
Manufacturers utilize asset tracking to optimize productivity by monitoring equipment usage, automate maintenance, ensure regulatory compliance, and reduce asset loss. By keeping detailed records of asset lifecycles, manufacturers can maximize uptime and enhance workforce efficiency.
Healthcare
Healthcare providers leverage asset tracking software to oversee medical equipment, improve patient outcomes through better resource allocation, and maintain compliance standards. Precise asset visibility enables healthcare staff to rapidly locate needed medical equipment.
Oil, Gas & Energy
Energy companies use specialized asset tracking platforms designed for hazardous environments to pinpoint equipment location, optimize preventative maintenance, and ensure continuous safe operations. Granular asset insights minimize environmental risks while maximizing returns.
In summary, asset intensive industries with expensive, specialized equipment derive substantial operational and financial benefits from implementing robust asset tracking software. The solution empowers organizations to boost productivity, compliance, and safety through enhanced asset visibility and control.
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What is the difference between asset tracking and asset management?
Asset management encompasses the full lifecycle of assets within an organization, from acquisition to disposal. It involves tracking asset location and status, but also managing maintenance, optimizing utilization, analyzing performance and costs, planning for asset replacement, and more.
Asset tracking specifically focuses on tracking the real-time location and status of assets. It provides visibility into where assets are and whether they are in use, available, or need maintenance. Asset tracking is an important capability that feeds into the broader asset management process.
So in summary:
- Asset management refers to the holistic management of assets across departments and facilities in order to maximize ROI and make data-driven decisions regarding asset utilization.
- Asset tracking is the capability to view real-time insights into asset location and status. It is a key input for effective asset management.
While asset tracking provides the location data, asset management leverages those inputs to optimize workflows, reduce costs through improved asset visibility, ensure compliance, and make strategic decisions regarding asset investment and maintenance. Together, robust asset tracking and asset management lead to large gains in operational efficiency.
Handpicked Asset Tracking Solutions for Accountants
Accounting professionals rely on robust asset tracking to effectively manage resources across an organization. As custodians of financial data, accountants require visibility into fixed assets, IT hardware/software, and other tangible/intangible properties. This enables accurate record-keeping, financial reporting, and insightful advisory.
To serve these needs, here is a curated list of top asset tracking solutions for accountants.
Specializing in Fixed Asset Management Software
Fixed asset management software helps accountants track tangible assets like property, buildings, equipment, and more. Key features include depreciation calculations, custom reporting, audit support, and integration with popular accounting platforms.
Flexibility is vital when handling diverse asset types with unique accounting requirements. For example, software like Sage Fixed Assets enables customized tracking by asset category across industries like manufacturing, healthcare, retail, and technology. This meets specialty reporting needs while ensuring compliance.
Accounting teams also benefit from automation capabilities to save time. Solutions like ProLease Asset Management Software reduce repetitive tasks by automatically pulling lease data, calculating depreciation, generating reports, and more. The software also connects with leading tax providers for seamless fixed asset tax form completion.
By leveraging purpose-built, automated software, accountants can effectively track fixed assets while focusing on providing strategic business insights.
IT Asset Tracking Essentials
IT asset tracking is pivotal for managing hardware, software, and other technology across an organization. For accountants, these solutions enhance visibility to optimize IT spending and properly categorize tech assets.
Fundamental features include centralized registries of all IT assets, their users, locations, warranties, and lifecycles. EZOfficeInventory offers these capabilities, plus barcode scanning for streamlined inventory counts. This boosts accuracy when reconciling tech assets for improved decision-making.
Seamless integrations are also key. Platforms like Asset Panda connect directly with popular accounting software. This automatically imports IT assets for tracking within broader financial systems, saving accountants significant time.
With comprehensive IT asset tracking tailored to accounting workflows, professionals access better insights to guide clients and businesses.
Leveraging Cloud-Based Asset Tracking Platforms
Cloud-based solutions offer a flexible approach to managing organizational assets. The SaaS model provides easy access from anywhere while reducing upfront investment. This allows accounting teams to quickly support assets tracking initiatives across the business.
Take Cheqroom Software's fixed asset management platform. Built for the cloud, it centralizes asset tracking while integrating with 100+ accounting, ERP, and facility platforms. Their REST API also connects other business-critical systems for a unified view. This combination of connectivity and cloud accessibility empowers accountants with insights wherever they are.
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Decoding the Must-Have Features in Asset Management Software
With the myriad of asset management software vendors available, it can be challenging for accountants to determine which solution best meets their needs. As the experts responsible for tracking assets and ensuring financial compliance, having the right features is critical.
When evaluating asset management software examples, several key capabilities rise to the top. Let's explore the must-have features accounting professionals should look for to fully harness the power of an asset tracking system.
The Art of Customizable Reporting
Custom reporting sits at the heart of impactful asset management software. Accountants need to produce tailored financial statements, like depreciation schedules, that adhere to accounting rules and organizational standards.
The ideal system makes creating and formatting reports simple, not requiring extensive technical skills. Leading solutions have an intuitive drag-and-drop interface for building reports from scratch or customizing existing templates to meet specific requirements with just a few clicks.
Flexible reporting also enables adding visualizations like charts or graphs to reports for more meaningful presentation of asset data. Whether accountants need to compare the ROI of assets side-by-side or show depreciation over time, strong visualization brings clarity to complex financial details.
Ultimately, the capacity to self-serve customized reporting ensures accountants can extract and share data to guide better decision making across the business.
The Power of Real-Time Asset Tracking
Timing is everything when managing organizational assets. Accountants not only need a fixed asset register displaying cost and depreciation details, but to truly harness the potential of asset tracking software, real-time visibility is required.
Look for systems that connect with IoT sensors or sync location data from mobile devices to provide live status monitoring. This type of functionality enables accountants to know when an asset moves location or record metrics like usage rates.
With real-time tracking, accounting teams can feel confident issuing up-to-date financial statements instead of relying on estimations. Dynamic data also uncovers usage patterns that inform smarter planning, budgeting, and decision making.
Setting Up Automated Alerts for Proactive Management
Even with real-time visibility, it's impossible to watch assets 24/7. That's where automated alerts become invaluable. Leading asset management software integrates alerts for both preventative and condition-based monitoring.
As the maintenance schedule for an asset comes due, the system automatically generates a notification. Accountants can assign this alert to facility managers responsible for upkeep, ensuring no renewals or compliance checks get missed.
Smart sensors enable creating alerts for potential problems too. If temperature readings for a freezer storing lab materials drifts outside acceptable range, it triggers an alert for faster response times and reduced spoilage.
Staying proactively informed on asset status via automated alerts enables accountants and other stakeholders to take timely action that reduces costs and productivity losses before minor issues become major headaches.
Integrating Data Across Business Systems
With distributed teams and data living in specialized systems across an organization, accessing a "single source of truth" remains an elusive goal for many businesses. Strong asset management software centralizes financial and operational data to align cross-departmental efforts.
Seeking out solutions with robust API connectivity ensures seamless integration with existing platforms like accounting software, ERP systems, and other business-critical applications. This enables dynamic data syncing across systems so updates made in one are automatically reflected in the other.
With integrated systems, not only do accounting teams gain a more holistic view of assets, but other departments benefit from real-time accuracy of financial figures. The collaborative visibility fosters better coordination on shared priorities and objectives between previously siloed teams.
Securing Assets with Role-Based Access Controls
Proper financial governance requires managing access to sensitive asset data. That's why advanced asset tracking solutions incorporate role-based permissions.
By assigning system roles and restrictions, accounting departments limit access to features or data based on user
Implementing Asset Tracking Software: Strategies for Success
Clarifying Your Asset Tracking Needs
To ensure successful implementation of asset tracking software, it is critical to first clarify your specific requirements. Key considerations include:
- What assets need tracking (IT equipment, office furniture, vehicles, etc.)?
- What data points are needed for each asset (serial number, purchase date and price, warranty info, etc.)?
- Who will be the primary users and what types of reporting do they need?
- Will you link the software to your accounting system? If so, what is required to integrate them?
Taking the time upfront to clearly define needs and use cases allows you to select software that aligns well and avoids paying for unnecessary features. It also streamlines configuration and customization.
Pilot Testing with Precision
Before rolling out new asset tracking software organization-wide, conduct an internal pilot test. Select a representative sample of assets and users to test the real-world performance.
Key steps for effective pilot testing include:
- Importing actual asset data to test integration and validation
- Asking pilot users to perform essential workflows and report feedback
- Testing all critical software functionality using standard operating procedures
- Validating accuracy of tracking and reporting outputs
- Assessing impact on existing accounting and IT systems
Thorough pilot testing uncovers integration, usability and performance issues early when they are easiest to fix. It also refines standard operating procedures, training materials and roll-out timelines.
Empowering Your Team through Training
To drive software adoption and utilization, accounting leaders must prioritize end user training. This includes:
- Customized training materials tailored to your accounting workflows, operating procedures and system configuration. Avoid one-size-fits-all vendor materials.
- Accessible support resources like quick start guides, cheat sheets, video tutorials and self-help articles. Cater to different learning preferences.
- Ongoing training opportunities through forums to ask peer questions, refresher courses on advanced functionalities and suggest workflow tweaks.
Proper training gives your accounting team confidence to fully leverage the asset tracking software, uncovering more insights to inform decisions.
Aligning Asset Tracking with Existing Accounting Workflows
To minimize business disruption, align asset tracking software with existing accounting systems and workflows including:
- Integrating with accounting system to synchronize asset transaction data like acquisitions, disposals, depreciations.
- Embedding into daily routines like integrating asset data checks into monthly close checklists.
- Modifying downstream reports like financial statements to incorporate asset tracking data and insights.
- Updating accounting procedures like capitalization thresholds to reflect enhanced visibility and change thresholds provided by new software.
This integration helps asset tracking feel like a natural extension of existing processes rather than an obstacle. It results in higher adoption rates internally and better leverage of software capabilities.
Adopting a Phased Rollout Approach
When launching new asset tracking software, use a phased rollout approach:
- Start with a single asset type like IT hardware to pilot the system.
- Next roll out software to another departmental use case like facilities management assets.
- Monitor data and user feedback, refining the system.
- Once confident in performance, expand organization-wide.
This staged expansion limits initial training demands, reduces change management challenges and allows accounting leaders to address issues methodically by use case. It results in a more tailored system configuration and smoother adoption arc.
Asset Tracking Software Selection: A Recap for Accountants
Selecting the right asset tracking software is crucial for accountants to efficiently manage fixed assets and ensure accurate financial reporting. As discussed, the key factors to consider include:
Integration Capabilities
The software should seamlessly integrate with popular accounting platforms like QuickBooks and Xero to enable easy data flows and reduce manual work. Cloud-based systems typically offer better connectivity.
Customizable Reporting
Robust reporting functionality with custom fields and filters is vital to extract specific asset data, produce financial statements, and comply with accounting standards.
Mobile Accessibility
Consider solutions with intuitive mobile apps to access asset information and conduct inventories from anywhere. This brings convenience for field staff auditing assets across locations.
Data Security
As asset data often contains sensitive financial information, prioritize systems with enterprise-grade security, access controls and compliance with data protection regulations.
Pricing Model
Evaluate pricing models (subscription, perpetual license etc) to find the most cost-effective option aligned to your accounting firm’s needs. Scalable cloud platforms can provide better value.
To conclude, carefully evaluating these key parameters will enable picking the ideal asset tracking system for streamlining asset accounting. Cloud solutions like AssetSonar and Sorted offer the right blend of features, security and affordability for modern accounting practice needs. Weighing these recommendations against specific functional expectations will lead accountants to smart software decisions.
