Fixed Asset Software

What is the best Fixed Asset Software?

Fixed asset software is a centralized database and tool set for tracking and managing all of your company’s fixed assets, throughout the lifespan of each individual asset. This software eliminates the need for managing various spreadsheets and balance sheets on your fixed assets, giving you a more streamlined way to track and report on those assets for compliance, insurance, audits, or asset depreciation purposes. 

"Fixed asset" refers to any physical asset you purchase for long-term use in producing the goods or products that your business sells, without expecting to consume, sell or otherwise turn that asset into a cash, or liquid, asset for at least one year. Examples of fixed assets include:

  • Land, buildings, or other properties
  • Factories
  • Equipment

Fixed assets are important aspects of your business operations, and they require special care and maintenance. Managing and tracking fixed assets to properly account for depreciation, insurance purposes, and audits can be a cumbersome and error-prone process when done manually, which is why many companies are looking to automate by switching to a more streamlined and efficient fixed asset software system.

The top features and functions of Fixed Asset software are:

  • Track the location of all your fixed assets
  • Monitor equipment that must be checked out to employees (and checked back in)
  • Track due dates on equipment that must be returned
  • Schedule maintenance
  • Consolidate maintenance records into one system
  • Track audit history
  • Manage and track fixed asset costs
  • Calculate and track fixed asset deprecation (in multiple currencies)
  • Integrate with accounting software
  • Accurately track fixed asset lifecycles and reduce insurance premiums
  • Prepare reports for tax compliance, audits, and insurance

The benefits of Fixed Asset software are:

  • Boost productivity and efficiency in managing your fixed assets
  • Improve auditing efficiency and accuracy of all fixed assets, across multiple locations
  • Enhance audit accuracy
  • Improve accuracy on fixed asset depreciation reports
  • Minimize insurance premiums and claims
  • Simplify end of the year reporting procedures
  • Simplify compliance with industry and governing regulations
  • Reduce equipment costs by avoiding unnecessary equipment purchases or upgrades

When it comes to managing fixed assets, different industries have unique equipment and property tracking needs. As a result, more industry-specific tools are becoming available to best tracking and regulating fixed assets by industry. This will give companies more insightful tools that are relevant to their industry and needs for tracking fixed assets.

Top 10 Fixed Asset

Sage / ProSeries Fixed Asset Manager / Infor EAM / Smart Assets™ / EZOfficeInventory / UpKeep / MapYourTag / Reftab / Hardcat / IBM Maximo

WH Score
9.9
Asset Panda

Asset Panda

0reviews
Starting Price:$145.83 / asset / per month

Asset Panda offers a powerful, cloud-based, asset tracking solution that is highly customizable to fulfill the needs of varying industries, including:

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WH Score
9.6
ASAP Systems

ASAP Systems

0reviews
Starting Price:N/A

ASAP Systems provides an asset tracking system which combines desktop software, barcode scanners, barcode labels, and mobile devices to streamline the tracking of assets (e.g. equipment, items, tools, etc.) from acquisition to retirement in an organization. Their solution can be customized for a sma...

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WH Score
9.4
MapYourTag

MapYourTag

8reviews
Starting Price:$0 / asset / per month

MAPYOURTAG is an easy-to-use, cloud-based asset management system that offers all the robust benefits of asset tracking and maintenance management through your browser or mobile apps.

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WH Score
9.3
UpKeep

UpKeep

224reviews
Starting Price:$0 / user / per month

UpKeep Asset Management Software is designed to help companies increase uptime, automate preventive maintenance tasks, enable operators to create maintenance requests, and quickly assign work orders to technicians. 

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WH Score
9.2
ProSeries Fixed Asset Manager

ProSeries Fixed Asset Manager

7reviews
Starting Price:N/A

The fixed asset accounting software from ProSeries allows you to easily track assets and calculate your clients' depreciation automatically. Intuit ProConnect ProSeries Fixed Asset Manager is available as a compatible add-on solution for ProSeries Professional or stand-alone software.

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WH Score
9.1
EZOfficeInventory

EZOfficeInventory

12reviews
Starting Price:$1023.20 / user / per month

EZOfficeInventory is created with best practices in mind. Over many years of collaborating with our customers, we’ve introduced a system that makes asset management cost-effective, collaborative, and convenient.

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WH Score
8.9
Sage

Sage

9reviews
Starting Price:N/A

Manage your fixed assets with complete confidence, with Sage. From planning and depreciation to tracking, each solution is designed to seamlessly work together for organizations of all sizes. Includes more than 300,000 U.S. and Canadian regulations for businesses, governments, and non-profits. ...

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WH Score
8.9
Smart Assets™

Smart Assets™

0reviews
Starting Price:N/A

Levantare SmartAssets offers software solutions for fixed asset tracking, auditing, and management. 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 asset...

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WH Score
8.8
IBM Maximo

IBM Maximo

0reviews
Starting Price:N/A

Enterprise asset management (EAM) in the era of IoT — with a constant stream of data from people, sensors and devices — can be challenging. Imagine if you could manage equipment and vehicle maintenance for non-stop uptime, reduce cost and minimize risk? 

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WH Score
8.2
Infor EAM

Infor EAM

4reviews
Starting Price:N/A

CloudSuite™ EAM is best-in-class asset management software that helps digitize and optimize maintenance operations to reach new levels of efficiency.  Infor Cloudsuite EAM was a 2018 Gartner Magic Quadrant Leader for Enterprise Asset Management Software.

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Learn more about Fixed Asset Software

What is Fixed Asset Software?

Fixed asset software is a centralized database and tool set for tracking and managing all of your company’s fixed assets, throughout the lifespan of each individual asset. This software eliminates the need for managing various spreadsheets and balance sheets on your fixed assets, giving you a more streamlined way to track and report on those assets for compliance, insurance, audits, or asset depreciation purposes. 

What is a Fixed Asset?

A "Fixed asset" is any physical asset you purchase for long-term use in producing the goods or products that your business sells, without expecting to consume, sell or otherwise turn that asset into a cash, or liquid, asset for at least one year. 

What is an Example of a Fixed Asset?

Examples of fixed assets include:

  • Land, buildings, or other properties
  • Factories
  • Equipment

What are the Common Features of Fixed Asset Software?

The common features of Fixed Asset Software are:

  • Track the location of all your fixed assets
  • Monitor equipment that must be checked out to employees (and checked back in)
  • Track due dates on equipment that must be returned
  • Schedule maintenance
  • Consolidate maintenance records into one system
  • Track audit history
  • Manage and track fixed asset costs
  • Calculate and track fixed asset deprecation (in multiple currencies)
  • Integrate with accounting software
  • Accurately track fixed asset lifecycles and reduce insurance premiums
  • Prepare reports for tax compliance, audits, and insurance

What are the Benefits of Fixed Asset Software?

The benefits of Fixed Asset software include:

  • Boost productivity and efficiency in managing your fixed assets
  • Improve auditing efficiency and accuracy of all fixed assets, across multiple locations
  • Enhance audit accuracy
  • Improve accuracy on fixed asset depreciation reports
  • Minimize insurance premiums and claims
  • Simplify end of the year reporting procedures
  • Simplify compliance with industry and governing regulations
  • Reduce equipment costs by avoiding unnecessary equipment purchases or upgrades

Why Do We Need a Fixed Asset Management System?

You need a fixed asset management system to organize, track, and monitor the lifecycle and condition of fixed assets to ensure they are all in good condition and providing ongoing value to your company. Using fixed asset software can also help increase the lifetime of your fixed assets.

Fixed asset management enables organizations to monitor equipment and vehicles, assess their condition, and keep them in good working order. In this way, they minimize lost inventory, equipment failures and downtime — and improve an asset's lifetime value.

What are the Risks Associated with Fixed Assets?

The risks associated with fixed assets are typically physical issues or damages, theft, or control issues in managing assets. 

Why is Fixed Asset Management Important?

Fixed Asset management is important because it provides companies with necessary tools for tracking, organizing, and monitoring valuable assets to ensure they stay in good condition and remain valuable and useful to a company throughout their lifecycle. Fixed Asset management can also minimize losses and add longevity to fixed asset life spans. 

What are the Challenges with Fixed Asset Management?

The challenges with fixed asset management include:

  • Correctly mistakes and finding solutions for inefficiencies
  • Reverting back to spreadsheets
  • Dealing with the pressure of financial close periods
  • Keeping controls in place to protect fixes assets
  • Customizing reporting

How to Buy Fixed Asset Software?

You can use the following checklist to help you determine how to buy the best Fixed Asset system for your business.

  • Focus on business needs, fixed asset issues, and growth goals driving the decision to get a new or upgraded software.
  • Plan for data migration, implementation costs, IT involvement, and any downtime that may impact employees or vendors during the transition.
  • Make a plan to support user adoption through training.
  • Understand the processes you’re looking to streamline and automate.
  • Don’t skip the product demos offered by Fixed Asset software vendors to show features and functionality.
  • Understand reporting and analytics needs