Best 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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Tally.ERP 9 is a business accounting software for accounting, inventory, payroll management. It is economical and one of the most popular ERP software solutions available in the industry. You can download free version of Tally.ERP 9.
Mprofit is one of the best portfolio management and accounting management software for investors, traders, advisiors, corporates, family offices and CAs to manage your stocks, MFs & other assets.
BUSY is the complete accounting software for small and medium businesses. It has been allowing SMEs across geographies, industry verticals and customer division such as FMCG, Retail, Trading, Manufacturing, Distribution and Service by helping them manage their business efficiently.
ORION Enterprise is a dynamic enterprise resource planning solution that allows organizations to smoothly integrate disparate teams, functions, processes, and systems. 3i Infotech is a global Information Technology company committed to Empowering Business Transformation.
Marg's fastest and advanced, GST Ready Accounting Software for SMEs can manage account payables and receivables efficiently. It generates invoices and reports in 1000s of formats, Auto-Reconcile bank transactions with 140 banks and bring online payment options with ICICI Bank.
ProfitBooks is a simple and fastest business accounting software for small businesses. It lets you create beautiful invoices, track expenses and manage inventory without any accounting background.
Acme Insight is comprehensive software, specifically made for the Retailers, Wholesalers, and Distributors by considering all the complexities of their business. Varied types of useful reports and customer relationship management modules that leads your business growth.
Sage offers a complete desktop accounting software that helps you spend less time managing your accounts and more time developing your business. With its easy to use interface, Sage 50cloud Accounting has aided small businesses and entrepreneurs to operate efficiently and effectively. Special Offer: 40% off Sage 50cloud annual subscriptions | Coupon Code: D-1929-0020.
Spine Assets is a very simple, flexible and user-friendly Fixed Asset accounting solution for asset and depreciation accounting keeping in view the requirements of all type of businesses, Companies Act and Indian Income Tax Act.
EAMbrace is designed to help organizations of all size better manage its assets spread across various locations. It acts as a perfect fixed asset register software.
RetailGraph is a reliable Retail management software for Small & mid-market Retailers. Manage Retail billing, inventory, accounting, GST filling, POS system & more. Get real-time updates from Multi-stores. Multiple reports to analyze business performance.
FACT ERP.NG provides the tools to empower your business, from supply chain, procurement, manufacturing, Inventory Warehouse Management, Fixed Asset Management, to financials, business intelligence and reporting.
AssetExpert is a Fixed asset accounting software designed to Track & Manage Fixed Assets. It will help you in eliminate drudgery and cost of maintaining Fixed Assets. AssetExpert will help you in ensuring that all assets are properly insured, are under AMC.
Our Expertise in the wide range of business applications in Multi-Tier distribution Architecture and Mobile device provided innovatively and quality IT products and solution to help implementation of the agile, integration system and process that will help the business continue to grow.
Smart Assets is an enterprise Fixed Assets Tracking and Management software to track and manage the Fixed Assets Software. Smart Assets™ software has modules for tracking of the fixed assets and Depreciation of the Fixed Assets.
Asset Infinity is cloud based Tracking, assigning, servicing, maintaining and discarding assets easier than ever with Asset Infinity, through alerts and reminders across devices and locations.
Tracet is a Fixed Asset Management Software to manage end-to-end asset life cycle including procurement, maintenance, deprecation, disposal or retirement. It provides asset tracking solutions, fixed asset auditing services and calculates depreciation as per Companies Act 2013 & IT Act.
Integrate Sage Fixed Assets Accounting Software with your back office solution, get implementation assistance, data and custom services. It help us forecast and plan for expected depreciation, making our budgets more accurate and our planning more strategic.
FAMS is the leading brand for recording and managing assets and calculating depreciation for corporates. It offers unmatched speed and functionality, an easy-to-use interface, and a robust reporting system that turns data into actionable information.
Karvy acts as a bridge between the GSTN systems and the taxpayers. It interfaces are easy to use and are made available at the disposal of the taxpayers to simplify their compliances in terms of registrations, returns, payments, refunds and other compliance processes for a time- saving and error free experience.
We expertise in implementing different modules of SAP ERP (SAP ECC 6.0) and S4/HANA. Our SAP Solutions: SAP Support, SAP implementation, SAP third-party integration and Development (custom) SAP Rollout and Upgradation SAP Audit.
Track, manage and comply enterprise assets across group companies, or each company’s locations/units, sub locations, branches, or internal partitions with web based, mobile and cloud ready Tracet.
Asset-Specialist is a fixed asset accounting software designed to Track, control and management of Fixed Assets. Gives a unified view and control of all your Assets, where they are, what their cost and present values.
Our Web based application takes care of all the Moveable and Non-Moveable Fixed Assets Purchased by the Organization or any corporate .It calculates Depreciation on all the fixed assets. Module pertains to Head Office but can be used at the Branch level also.
This Fixed Assets Software is a powerful depreciation system and a first choice for mid size companies for asset depreciation management. FADS, an intuitive Fixed Assets Depreciation software enables finance professional to accomplish tedious tasks of assets tracking and management in a fraction of time that might take weeks if done manually.