Best Fixed Asset Management Software of 2023
Our fixed asset management software reviews are the result of over 40 hours of research on 80+ fixed asset management software companies from across the web. These reviews and our fixed asset management software guide help small businesses and start-ups find the best fixed asset management software for their business.
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A wide variety of fixed asset management software is available to meet different needs. We took a look at the various features and services offered by each software offering to create our list, narrowing it down by focusing on the most important features.
Inventory Tracking
Monitoring the movement of assets is vital for proper accounting and valuation. Fixed asset management software lets you tag equipment and other capital assets using barcode and RFID technology so you can maintain accurate records. Inventory tracking features also facilitate compliance reporting, reconciliation, and annual valuations and updates.
Audit Trail
Fixed asset management software produces audit trail documentation, which allows you to track assets through their entire life cycle. Audit trails can protect your organization from liability, demonstrate compliance, and provide the data needed to secure bank loans, validate financial statements, or arrange for the transfer of assets. They’re also crucial when you’re undergoing an internal or tax audit, and they provide important depreciation information. Audit trail functionality should track asset value, condition, and location, as well as any information regarding repairs, purchases, sales, or other transfers of a fixed asset.
Depreciation Management
Fixed asset management software automates the process of calculating the depreciated value of your assets. This task, which is time-consuming and inefficient when done manually, can put your business at risk if human error creeps in. With fixed asset management software that updates automatically as tax laws change, you receive the accurate calculations you need for tax purposes. Top fixed asset management solutions allow calculation of depreciation using different asset bases, and they project each asset’s depreciation over its life cycle. In addition, the best software offers depreciation report templates as well as tax depreciation schedules that provide category information and are easy to understand and work with.
What Is Fixed Asset Management Software?
Fixed asset management software is available as either a specialized app or program or as part of computerized maintenance management software (CMMS). Fixed asset management programs allow tagging and tracking of everything from major equipment to consumables to help managers access asset history, including maintenance records, availability, and value. Many programs pair with mobile apps to provide QR code or barcode tagging that allows technicians in the field to automate data entry, including uploading of photos, site maps, warranties, and other documents, as well as providing the ability to access the full inventory or equipment database from the field.
Fixed asset management software often also calculates depreciation for taxation and GAAP purposes. It enables report creation to help managers and executives make smart decisions about when to remove or retire assets. Its tracking capabilities also make it easy to identify losses, stolen assets, or fraud. Scheduling tools facilitate check-in and check out of tools and equipment, and some asset management software also generates work orders for preventive maintenance. The more powerful fixed asset management programs are highly customizable, allowing users to personalize database fields and reports to meet their unique needs.
Benefits of Fixed Asset Management Software
Companies that incorporate fixed asset management software into their workflow save employee time when it comes to inventory management, maintenance planning, project management, and accounting. Among the key benefits of fixed asset management software are:
- More productive workflow: The time required for manual data entry during inventory management is drastically reduced with the use of this software. Technicians in the field also waste little time when they have mobile access to all the data they need regarding equipment and other assets.
- Greater uptime for equipment and other fixed assets: Maintenance tracking and scheduling helps avoid disruptions caused by equipment failure. When employees on the production line or in the field are able to count on having functional equipment, morale gets a boost and more work gets done.
- Maximized use of assets: Fixed asset management software allows smooth check-in and check out of assets and tools, with the ability to know where every asset is at any given time. This in turn makes maximum use of the assets you already have. In addition, being able to track an asset through its life cycle assures the ability to get the most out of it before replacement is necessary.
- Smart decision-making: Fixed asset management software typically delivers reports to decision makers, providing all the data on given equipment, including costs, value, and maintenance history. With this data in hand, managers can make wise procurement and disposal decisions.
- Minimization of human error: Every time an employee makes a manual data entry, there’s the possibility of error, through transposing numbers, using the wrong field, or introducing incorrect information. The use of barcodes/QR codes and the ability to import existing data minimizes these risks.
- Identification of “ghost” assets:If inventory and equipment are poorly tracked, items that have been lost, stolen, or removed from operation can remain on a company’s books, affecting its tax situation negatively. Use of fixed asset management software minimizes and purges these errors to keep records in good order.
Must-Have Features for Fixed Asset Management Software
Fixed asset management software offers a variety of features, with more powerful programs providing what enterprise-level organizations need to track inventory and assets. Some fixed asset management software is part of a suite that includes other CMMS capabilities or accounting functions. Among the typical essential features are:
- Inventory management tools:These tools allow the tagging and tracking of inventory, equipment, and consumables, with notifications to alert managers when stock runs low.
- Audit trails: The ability to create audit trails means software can provide the chronological records needed to understand the entire history of an asset, which is valuable for taxation and replacement decisions.
- Asset life cycle management: By understanding the entire life cycle of a major asset, decision makers can optimize that asset’s use and profitability over time.
- Depreciation management: Calculating the depreciation of an important fixed asset allows appropriate treatment of that asset at tax time. It also helps managers make the right repair and replacement decisions.
- Maintenance reminders: Maintenance scheduling features make it easy to prioritize maintenance, create preventive maintenance schedules, and extend the life span of a given asset.
- Document and warranty management: Attaching warranties and other documents to fixed asset databases helps everyone in the decision-making chain have access to the information they need to keep assets functioning and make replacement decisions.
- Mobile access: Many fixed asset management platforms provide mobile apps that allow technicians in the field to access inventory and equipment databases. In addition, the ability to use QR codes or barcode technology enables precise tagging and tracking of equipment.
The Cost of Fixed Asset Management Software
Fixed asset management software is available for purchase either as a stand-alone program or, in most cases, as software-as-a-service (SaaS). The few options that offer outright purchase tend to come in several levels, with more basic software starting at around $1,000 and high-level, fully featured programs reaching as high as $7,000.
Those platforms offering SaaS services also vary greatly in price, depending largely on the features offered. Basic fixed asset management software tends to start at about $35 per user per month, although some more stripped-down programs can beat this price significantly. Some of these less expensive programs may be lacking in features, such as depreciation management, asset life cycle tracking, or maintenance tracking. Other software, however, notably that which is part of a CMMS, may provide all the standard features for the low price.
At the mid-level, organizations can expect to pay about $300 to $500 per month. At this price point, there may be limitations as to how many employees can use the software or to how many assets can be tracked. This mid-level software may lack one or two key features, such as inventory tracking or mobile access, but it may provide what small to medium-sized businesses need.
At the enterprise level, fixed asset management software runs anywhere from about $800 a month to $2,000 or more per month. Software at this level is typically scalable to handle tens or hundreds of thousands of assets. It’s also likely to provide many options for customization, lots of templates for handling depreciation, and robust reporting capabilities.
Most fixed asset management software providers offer a 30-day free trial to let potential users see whether the software suits their needs. In other cases, free demos are available to help customers become familiar with what the software offers.