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. A fixed asset tracking system 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 in a fixed asset tracking system 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 fixed asset tracking system 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 tracking system and 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 tracking system and 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 a fixed asset tracking system.

Top 10 Fixed Asset

ASAP Systems / IBM Maximo / ProSeries Fixed Asset Manager / Asset Panda / MapYourTag / EZOfficeInventory / UpKeep / RedBeam / MRI / Smart Assets™

WH Score
8.4
UpKeep
230reviews
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. 
WH Score
8.0
X3
15reviews
Starting Price:N/A
Sage Business Cloud Enterprise Management is changing how businesses compete and grow with a fast, flexible, simple solution for globally connected organizations. With Enterprise Management, you're choosing a next-generation cloud solution for your enterprise to grow faster and accelerate efficienci...
WH Score
7.9
RedBeam
0reviews
Starting Price:$995 / user / per month
RedBeam Asset Tracking is an asset management software with an intuitive user interface for tracking and managing 500 or more assets across multiple locations. It is an ideal solution for businesses with distributed operations since it is a complete asset management system that helps your company ke...
WH Score
7.6
MRI
5reviews
Starting Price:N/A
MRI fixed asset management software is a cloud-based asset tracking solution that is designed to streamline daily operations through secure, accurate asset management and tracking.
WH Score
7.5
Visual EstiTrack
10reviews
Starting Price:N/A
Visual EstiTrack Enterprise Resource Planning (ERP) offers a total solution for small and medium-sized businesses. It has a robust manufacturing execution, customer management, and Material Requirements Planning (MRP). There is also Product-Life Cycle Management (PLM), and Supply-Chain Management (S...
WH Score
7.5
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...
WH Score
7.3
Aquilon Software
6reviews
Starting Price:$120 / user / per month
Aquilon specializes in ERP systems tailored to small and medium-sized businesses, particularly those in the manufacturing and distribution industries. Their comprehensive ERP software, consisting of 17 modules, addresses key business elements such as Financial Management, Distribution & Supply C...
WH Score
7.1
Fiix
2reviews
Starting Price:$0 / user / per month
Fiix Software offers a cloud-based CMMS and asset management solution that is designed to help streamline maintenance and increase employee productivity through tools for organization, tracking, and scheduling.
WH Score
7.1
Reftab
2reviews
Starting Price:$0 / asset / per month
Reftab is proud to help businesses manage their fixed asset inventory, with features and tools that are powereful but also cost-effective.
WH Score
7.1
QAD
4reviews
Starting Price:N/A
QAD Enterprise Resource Planning system has maintained its position as one of the leading business software solutions in an extremely competitive industry. It targets various process and manufacturing industries such as the Automotive, Food and Beverage and Consumer Products. Among its key features ...

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
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