Finding the right fixed asset management software is a challenge most businesses face.
In this review, we'll explore the top fixed asset software solutions to help you easily choose the perfect fit for your needs and budget.
We'll compare features, costs, implementation, and more across popular platforms like Sage, BNA, Intuit, and others. You'll get tailored recommendations to save time and maximize ROI on your fixed asset software investment.
Introduction to Fixed Asset Management Software
Fixed asset management software helps businesses track fixed assets like buildings, equipment, vehicles, and more throughout their lifecycle. This type of software is essential for accurately calculating depreciation expenses, maintaining compliance, and making data-driven decisions about fixed assets.
Defining Fixed Assets and Their Lifecycle
Fixed assets are long-term tangible assets that are vital to business operations. Unlike inventory which constantly changes, fixed assets have a longer lifespan like buildings, machinery, IT equipment, furniture, vehicles etc. Tracking fixed assets involves monitoring them from purchase to disposal including depreciation tracking. This lifecycle management is key for compliance, reporting, decision making and cost optimization.
Exploring Best Fixed Asset Software Features
Fixed asset software includes robust functionality to fully manage assets including:
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Depreciation Tracking: Automatically calculate and record depreciation expenses based on IRS guidelines and GAAP standards saving significant time.
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Custom Reporting: Generate detailed custom reports like depreciation projections, maintenance schedules, asset hierarchy views for better visibility.
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Process Automation: Streamline predictive maintenance, warranty tracking, asset transfers, impairments and more.
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Audit Support: Maintain compliance with change logs, data backups and multi-point verifications easing audits.
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Alerts and Notifications: Configure milestone alerts for renewals, impairment triggers, scheduled maintenance etc for routine upkeep.
Specialized fixed asset software enhances lifecycle management with these automated features improving accountability, accuracy and productivity.
Maximizing ROI with Fixed Asset Depreciation Software
Investing in fixed asset management software delivers strong ROI by:
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Saving Money: Automating depreciation calculations is more accurate lowering the risk of errors that lead to non compliance fines or overpayment of taxes.
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Increasing Efficiency: Centralizing fixed asset information reduces redundant manual work for better productivity. Features like custom reporting also aid faster decision making.
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Enabling Better Planning: Detailed lifecycle visibility assists data-driven planning on maintenance schedules, asset impairments, warranties, future capex spends etc.
For most small businesses, moving to software based fixed asset management rapidly pays for itself through considerable time and money savings over manual tracking. The enhanced data insights further amplify operational efficiencies.
How much does fixed asset management software cost?
Fixed asset management software can range in cost depending on the features, integrations, and level of support included. Here is an overview of typical pricing:
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Basic Plans: Start around $10 - $30 per month. Include basic tracking, depreciation calculations, and reporting. Best for very small businesses managing less than 100 assets.
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Standard Plans: Range from $30 - $70 per month. Additional features like custom fields, mass asset uploads, and role-based access controls. Best for small to medium-sized business with more complex needs or larger asset volumes.
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Premium Plans: $70 - $150 per month. Include advanced functionality like lease management, analytics, and API/ERP integrations. Ideal for large enterprises or companies managing thousands of assets across multiple locations.
Many software vendors also offer annual contracts at a discounted monthly rate. One-time purchases for installed applications typically start at $295 for up to 50 assets tracked. More robust systems with perpetual licensing can cost up to $6,800.
When evaluating options, consider both the number of assets you need to track and the specific features that are most important for your use case. Scalability is also key - make sure the solution can grow with your evolving business needs. Leveraging free trials to test drive platforms can help determine the best fit based on functionality and price.
Does QuickBooks online have a fixed asset module?
QuickBooks Online Advanced includes a fixed asset module to help businesses track and manage fixed assets. This module enables automation of key processes:
- Recording fixed asset purchases and disposals
- Tracking depreciation using supported methods like straight-line, MACRS, ACRS, ADR, etc.
- Running fixed asset and depreciation reports
- Integrating fixed assets with financial reporting
Some key capabilities offered by the fixed asset module in QuickBooks Online Advanced:
- Categorize assets and set depreciation details like method, life, and convention
- Bulk import asset data from Excel or CSV files
- Track asset maintenance and warranty details
- Record improvements, partial disposals, transfers, etc.
- Generate customizable depreciation schedules
- Integrate fixed asset data with balance sheet, P&L reports, and tax forms
The fixed asset tracking features reduce manual work for small business owners. Automation also minimizes errors that occur with depreciation calculation and reporting.
Overall, QuickBooks Online Advanced provides a comprehensive fixed asset management solution for small businesses without the need for additional software. The integration with broader accounting and reporting processes ensures accurate financial statements.
How do I choose an asset management system?
When selecting a fixed asset management system, it's important to consider key features that will meet your business needs both now and in the future.
Asset Tracking
A robust system should allow you to track various asset details like location, custodian, purchase and disposal dates, depreciation calculations, maintenance records, and more. This provides visibility into your assets and ensures proper accounting and optimization.
Usability
An intuitive, easy-to-use interface enables staff to quickly record assets without extensive training. Consider how user-friendly the system is to interact with on a daily basis.
Compatibility
Choose a system that integrates with your existing software like ERPs and accounting systems. Automated syncing and data flows between platforms improves accuracy and saves manual efforts.
Scalability
As your business evolves, you need a system that can expand to accommodate new assets, locations, users, and other changes. Scalable software ensures you don't outgrow the solution.
Solution-Focused
Look for a provider that offers planning and guidance beyond just the software. Their expertise should enhance how you manage assets to support your operational objectives.
Mobile Access
A mobile-friendly portal makes it easy for staff to access asset data and update records from anywhere. This boosts productivity and real-time data accuracy.
When evaluating options, prioritize these key capabilities that directly address your highest-priority needs and ensure adaptable, optimized fixed asset management now and in the future. The right software becomes an invaluable tool for unlocking better asset visibility, compliance, and performance.
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What is an EAM software?
Enterprise asset management (EAM) software is used by organizations to monitor and maintain their assets. This includes both physical assets like buildings, vehicles, or equipment, and virtual assets like software and intellectual property.
EAM software provides a centralized system to track details about assets like cost, depreciation, maintenance history, warranties etc. It enables organizations to optimize asset utilization, reduce downtimes, plan maintenance activities, and monitor asset performance.
Key capabilities of EAM software include:
- Asset registry - Centralized database of all organizational assets with details like serial number, location, value etc.
- Maintenance management - Scheduling and tracking of preventive, predictive and corrective maintenance activities.
- Work order management - Creating, assigning and managing work orders for asset maintenance.
- Inventory management - Tracking inventory of spare parts and automating re-order levels.
- Asset tracking - Monitoring asset status, utilization rates, performance metrics.
- Reporting and analytics - Insights into asset health, maintenance costs, lifecycle analysis etc.
In summary, EAM software is essential for asset-intensive organizations to maximize ROI on existing assets. It brings visibility into asset data and drives data-driven decisions around capital expenses. Leading EAM tools like IBM Maximo, SAP EAM, Infor EAM suit
Evaluating Top Fixed Asset Management Software Platforms
As a business grows, managing fixed assets efficiently becomes increasingly important. The right software can help track depreciation, simplify reporting, and give insight into capital expenditures. Here we review some popular fixed asset management platforms on the market to examine their key features, strengths and weaknesses, pricing models, and best fit for different organizations.
Streamlining Assets with Sage Fixed Asset Software
Sage Fixed Assets is a robust, cloud-based solution tailored for small to mid-sized businesses. It helps manage the lifecycle of assets by tracking depreciation, disposals, transfers and more.
Some key capabilities include:
- Customizable dashboards to monitor assets in real-time
- Tools to track depreciation using MACRS and GAAP methods
- Automatic calculation of gains/losses on disposals
- Detailed fixed asset reporting and insight
Implementation is straightforward, with the cloud delivery model enabling rapid setup. Support options range from online chat to one-on-one training sessions.
Sage Fixed Assets starts at $295/month with volume-based discounts available. It's best suited for growing companies that need to simplify fixed asset accounting with a solution that scales from five to hundreds of users. The software strikes a balance between ease-of-use and advanced functionality for mid-market asset management needs.
Simplifying Processes with Simple Fixed Asset Software
For easy-to-use fixed asset management perfect for small business, FA Asset Management is a top choice. It focuses on simplifying asset tracking rather than robust reporting.
It enables users to:
- Quickly build an asset register and attach docs like receipts or titles
- Log depreciation schedules based on purchased date and asset type
- Run depreciation reports showing book vs. tax values
Because it's built on Excel, FA Asset Management has some limitations in scale and integrations compared to enterprise-level systems. But for under $200/year it provides an affordable way for small companies to automate previously manual tasks around asset tracking and depreciation.
The software is best suited for businesses with less than 20 employees that want basic fixed asset management capabilities without the learning curve and cost of advanced platforms.
Optimizing Enterprise Assets with BNA Fixed Asset Software
For large organizations with thousands of assets across divisions and global locations, BNA Fixed Assets offers robust tracking and reporting suitable for complex multinational companies.
As a module of JD Edwards E1 ERP, BNA Fixed Assets enables users to:
- Track unlimited assets with detail like serial/VIN numbers
- Model depreciation based on various methods and conventions
- Integrate fixed asset data across finance, inventory, purchasing
- Generate custom reports for strategic decision making
Because BNA Fixed Assets is part of a tier-one ERP, it requires significant implementation services starting at $100,000+. Ongoing costs also tend to be higher compared to stand-alone systems.
However the advanced functionality, scalability, and integrations make it a top choice for enterprise-level fixed asset management at global corporations. The software can handle hundreds of concurrent users and literally millions of assets when deployed properly. For Fortune 500 asset intensity businesses, BNA Fixed Assets delivers robust capabilities not easily matched by other solutions.
Key Evaluation Criteria for Selecting the Best Fixed Asset Software
There are many considerations when evaluating fixed asset management solutions, but the most essential aspects come down to three key areas:
Functionality That Matters: Depreciation to Disposition
When selecting fixed asset software, it's crucial to ensure it supports the full asset lifecycle from acquisition to depreciation calculations to eventual disposition. Core functionality to assess includes:
- Asset tracking: The ability to define fixed assets with details like category, location, owner, purchase cost, etc. Optimal software will provide strong search tools to quickly access any asset.
- Depreciation methods: Fixed asset software should support multiple depreciation calculation methods like straight line, MACRS, ACRS, ADR, and customized rules. This flexibility is important for accurate ledger reporting.
- Disposals and transfers: Software tools should facilitate recording the sale or write-off of assets. Automating the calculation of proceeds, gains/losses, and adjustments for partial asset dispositions streamlines accounting.
Additionally, analytics around customized reporting and dashboards can provide major value:
- Custom reports: Users should be able to build custom asset reports (detail or summary) without reliance on the software vendor. Flexible filtering and regrouping empowers in-house analysis.
- Real-time tracking: Dashboards with instant visibility into asset financials, lifecycle stage, warranty status, maintenance needs, etc. improve operational efficiency.
In summary, fixed asset software with robust tracking tools, flexible depreciation engine, seamless disposal/transfer processing, custom reporting, and real-time analytics offers optimal end-to-end fixed asset management.
User-Friendly Software: Ease of Use and Training
Beyond core functionality, fixed asset solutions should provide an intuitive user experience and resources to get accounting teams trained:
- Usability: Assessing software navigation, workflow building, data imports, custom fields, and labeling ensures a system aligned to existing processes.
- Configurability: Highly adjustable platforms allow customization as needs evolve over time, reducing reliance on IT or consultants for changes.
- Training resources: Whether workshops, videos, guides, or expert support, ensuring avenues to build team capability accelerates user adoption.
Evaluating fixed asset software interface designs, flexibility of configurations, and availability of onboarding/training materials gives the best indicator if a solution can be easily leveraged by staff.
Ensuring Smooth Transitions: Implementation and Ongoing Support
Successfully launching and maintaining fixed asset software relies heavily on the vendor partnership approach:
- Data migration: Transition plans should assess existing data formats, cleansing needs, import tools, and validation protocols to ensure accuracy upon go-live.
- Ongoing support: Understanding post go-live troubleshooting, technical assistance, self-help content, training refreshers, and user community access ensures long-term success.
Carefully examining implementation packages and ongoing vendor support models provides confidence that the software solution will integrate into existing financial systems and enable sustained fixed asset management with minimal disruption.
When weighing fixed asset management systems, prioritizing functionality, usability, and transitions assessments paves the way for smart software selection and value realization. Tracking core features around asset lifecycles and depreciation, user experience for staff adoption, and launch/support plans guarantees the best fit for an organization's specific fixed asset accounting needs. Evaluating these factors upfront sets up smooth implementation and long-lasting fixed asset software success.
Choosing the Right Fixed Asset Software for Small Businesses
Keeping It Simple with Intuit Fixed Asset Manager
Intuit's Fixed Asset Manager software is purpose-built for small business accounting teams who need an intuitive fixed asset management solution without overwhelming features or complexity. It provides core functionalities like asset tracking, depreciation calculations, custom reports, and tools to simplify asset disposal or transfers.
With its simple interface and workflows, accounting staff can quickly master Fixed Asset Manager software to track assets, run depreciation, and generate financial reporting. Wizards guide users through key tasks like asset acquisition, disposal, or mass changes. The software also includes over 50 customizable reports to analyze asset costs, depreciation, transactions, projections, and more. These user-friendly features allow smaller teams to manage fixed assets without advanced accounting expertise or training.
Overall, Intuit Fixed Asset Manager strikes an ideal balance of useful features with ease-of-use for time and resource-constrained small business accounting teams. Its affordability and seamless QuickBooks integration also makes it a practical fixed asset management choice.
Seamless Integrations for Small Business Efficiency
Eliminating duplicate data entry between systems is a top priority for efficient small business accounting. That's why integration capabilities should be a key evaluation criteria when choosing fixed asset software.
Leading solutions like Sage Fixed Assets integrate directly with popular small business platforms like QuickBooks Online and Xero. This allows seamless syncing of asset data between systems, removing manual efforts to recreate asset details across multiple databases. Staff can enter asset information just once from within their accounting software, saving hours of productivity each month.
Some platforms like BNA Fixed Assets Manager even allow configuring the integration to meet specific business needs. For example, choosing which asset fields or depreciation details to sync between the fixed asset module and small business accounting platforms. This level of flexibility provides further time savings for lean accounting teams.
Overall, direct integrations between fixed asset software and mainstream small business accounting platforms drive productivity by eliminating duplicate data entry. This allows staff to focus on critical accounting tasks instead of manual software workarounds.
Advantages of Cloud-Based Fixed Asset Software
Modern fixed asset solutions are almost universally cloud-based, running on secure remote servers instead of local computers. This cloud delivery model provides unique advantages that align with small business environments.
Firstly, cloud platforms enable anytime, anywhere access to the fixed asset software. Teams can securely log in from any device through web browsers to update asset records whether working remotely or from multiple office locations. This facilitates collaboration across accounting staff.
Secondly, cloud solutions provide centralized control over user access and permissions. Business owners can easily add or revoke employee access to sensitive financial data in line with staffing changes. These granular access controls also support segregation of duties for stronger compliance practices.
Additionally, cloud-based software follows a predictable subscription model for costs rather than large upfront licenses. Monthly or annual fees scale flexibly with business growth and are expensed rather than capitalized. This supports cash flow management, especially during initial years.
In summary, leading cloud-fixed asset solutions uniquely address small business needs - remote access, access controls, predictable costs - while still delivering enterprise-grade capabilities. Evaluating SaaS delivery as part of the software selection process pays dividends long-term.
Conclusion and Tailored Software Recommendations
Best for Simplicity: Sage Fixed Asset Software
Sage Fixed Assets provides an easy-to-use fixed asset management solution for small to mid-sized businesses. Its simple interface and basic feature set focus on core fixed asset tracking needs like depreciation calculations, reporting, and integration with Sage accounting software. Sage Fixed Assets delivers essential functionality that growing companies need to efficiently monitor fixed assets without overwhelming users. It lacks some advanced capabilities offered by enterprise solutions, but remains one of the top choices for usability and price.
Best for Growth: FAS Fixed Asset Software Scalability
For larger organizations needing robust fixed asset capabilities, FAS Asset Management is an enterprise-level solution that scales as companies expand. It equips finance teams with in-depth tracking tools covering the full asset lifecycle with dynamic reporting, custom fields, and advanced depreciation methods. As a highly flexible platform, FAS also integrates complex asset data across departments and can be tailored to meet current needs and future business growth. While the extensive features come at a higher price point, FAS is a top-rated choice for maximizing asset insights.
Best for Affordability: Intuit Fixed Asset Manager
Intuit's Fixed Asset Manager integration with QuickBooks streamlines fixed asset tracking for small business owners on a budget. It adds essential depreciation tools and reporting at a low price point. The simple interface allows non-accountants to easily track assets alongside accounting workflows in QuickBooks. However, Intuit's solution lacks functionality offered by standalone systems. It covers basic requirements for smaller organizations but may need to be upgraded for long-term scalability. On limited budgets, Fixed Asset Manager does the job getting fixed asset tracking started.
