Managing fixed assets can be a complex and time-consuming task, especially for businesses that own a large number of assets. Keeping track of each asset’s location, maintenance history, and depreciation can quickly become overwhelming without the right tools in place. This is where fixed asset management software comes in. Fixed assets are long-term tangible or intangible assets that a business acquires to use in its operations and generate income. Examples of fixed assets include:
- Property, plant, and equipment: This includes land, buildings, vehicles, machinery, and equipment.
- Computer hardware and software: This includes servers, desktops, laptops, and software licenses.
- Furniture and fixtures: This includes desks, chairs, shelves, and other office furnishings.
Related article: Fixed Assets Inventory and its Importance
As you may know, fixed assets are critical components of an organization’s operations, and their proper management is essential for the success and sustainability of the business. Here are some reasons why fixed assets are important:
- Capital investment: Fixed assets typically represent a significant capital investment for a business. Effective management of these assets can ensure that they are used efficiently, maintained properly, and ultimately generate the expected returns.
- Operational efficiency: Fixed assets, such as equipment or machinery, are often necessary to perform essential business operations. Effective management of these assets can ensure that they are available and functioning properly, minimizing downtime and maximizing productivity.
- Compliance: Fixed assets may be subject to regulatory compliance requirements, such as safety or environmental regulations. Proper management of these assets can ensure that the organization is in compliance and avoid any fines or legal liabilities.
- Financial reporting: Fixed assets must be accurately recorded and reported in financial statements, as they can significantly impact a company’s financial position and performance. Proper asset management can ensure accurate reporting and compliance with accounting standards.
By using the right fixed asset management software, businesses can automate many of the tasks associated with managing their assets, from recording new purchases to calculating depreciation and generating reports. This not only saves time and reduces errors but also provides greater visibility into a company’s asset base, allowing for better decision-making and increased profitability.
However, asset tracking can be time-consuming, error-prone, and inefficient without the right software. So, let’s look at the best asset tracking software in 2023.
Best fixed asset management software in 2023
Fiix is a cloud-based software that offers a comprehensive fixed asset management solution. It enables businesses to track and manage their fixed assets, such as equipment, machinery, and buildings, throughout their entire lifecycle, from acquisition to disposal.
- Asset tracking and history: Fiix provides real-time tracking and complete history of each asset, including maintenance records, service history, and repair costs.
- Asset depreciation and valuation: Fiix tracks and calculates asset depreciation and provides accurate valuation of assets.
- Preventive maintenance scheduling: Fiix automates preventive maintenance scheduling and ensures equipment is serviced at the right time to minimize downtime.
- Work order management: Fiix streamlines work order management and helps to prioritize work orders based on asset criticality and maintenance needs.
- Analytics and reporting: Fiix provides comprehensive analytics and reporting, allowing businesses to monitor asset performance, identify trends, and make data-driven decisions.
Fishbowl’s fixed asset management module provides businesses with an efficient and accurate way to track their fixed assets and manage their depreciation over time. By automating these processes, businesses can save time and reduce errors, while gaining greater visibility into their asset base and its value.
- Asset tracking and depreciation: Fishbowl allows businesses to track and manage their fixed assets and calculate asset depreciation using various methods, such as straight-line or declining balance.
- Maintenance scheduling: Fishbowl helps businesses schedule preventive maintenance and track repairs and services for their fixed assets.
- Reporting and analytics: Fishbowl provides comprehensive reporting and analytics, enabling businesses to track asset history, maintenance costs, and other important metrics.
- Barcode scanning: Fishbowl supports barcode scanning, making it easy to track and manage assets in real-time.
- Integration: Fishbowl integrates with other software, such as QuickBooks and Salesforce, making it easy to manage assets alongside other business processes.
ManageEngine AssetExplorer provides robust fixed asset management capabilities that help organizations effectively manage their assets throughout their lifecycle. With AssetExplorer, organizations can track fixed assets’ purchase history, maintenance schedules, depreciation, and disposal.
- Asset tracking: AssetExplorer allows businesses to track and manage their fixed assets, including tracking asset location, ownership, and other important details.
- Depreciation tracking: AssetExplorer helps businesses calculate and track asset depreciation using various depreciation methods, including straight-line and declining balance.
- Maintenance tracking: AssetExplorer enables businesses to schedule and track maintenance and repairs for their fixed assets.
- Integration: AssetExplorer integrates with other software, such as Active Directory and ServiceDesk Plus, making it easy to manage fixed assets alongside other IT asset management processes.
AssetWorks offers a suite of software solutions, including fixed asset management, to help organizations manage their assets throughout their lifecycle. These capabilities enable organizations to track their assets’ usage, value, and maintenance history, improve compliance, and reduce the risk of loss or theft.
- Asset tracking: AssetWorks allows businesses to track and manage their fixed assets, including tracking asset location, ownership, and other important details.
- Depreciation tracking: AssetWorks helps businesses calculate and track asset depreciation using various depreciation methods, including straight-line and declining balance.
- Barcode and RFID tracking: AssetWorks provides barcode and RFID tracking capabilities, allowing businesses to quickly and accurately track their fixed assets.
- Compliance management: AssetWorks helps businesses comply with financial reporting regulations and standards, including GASB and IFRS.
- Integration: AssetWorks integrates with other software, such as ERP and accounting systems, making it easy to manage fixed assets alongside other financial processes.
With UpKeep’s fixed asset management capabilities, businesses can easily manage and track their fixed assets, including equipment, machinery, buildings, and more. It helps them gain greater visibility into their assets, streamline operations, and maximize the value of their investments.
- Asset categorization: UpKeep allows businesses to categorize their fixed assets by type, location, department, or any other relevant criteria, making it easy to group and manage similar assets.
- Warranty tracking: UpKeep enables businesses to track warranty information for their fixed assets, including warranty expiration dates, coverage details, and repair history.
- Asset history: UpKeep provides a complete history of each fixed asset, including purchase date, maintenance records, and any upgrades or repairs.
- Asset disposal: UpKeep allows businesses to track the disposal of fixed assets, including sale, donation, or disposal.
- Audit trails: UpKeep maintains a comprehensive audit trail of all changes made to fixed asset records, providing transparency and accountability.
Tap into the power of Infraon’s Fixed Asset Management Capabilities
Infraon’s GDPR-compliant Fixed Asset Management solution helps manage the lifecycles of fixed assets like PCs, laptops, furniture, storage devices, etc., with a 360-degree view into their overall performance. You can easily monitor and manage mission-critical fixed assets to avoid loss, failures, or other factors that affect their lifetime value.
- Fixed Asset Lifecycle Management: Digitalize all the records of your fixed assets and effortlessly monitor them
- Acquisition and Commissioning: Automate the creation of asset registry and other prerequisites.
- Fixed Asset Visibility: Enhance decision-making abilities with a single source of truth
- Fixed Asset Inventory and Reconciliation: Tag fixed assets by using barcoding, RFID & GPS technologies and eliminate manual inventory/reconciliation workflows
- Fixed Asset Compliance: Drive enterprise-wide compliance by staying updated as per the latest fixed asset accounting standards and regulations.
- Fixed Asset Reporting: Unearth valuable inputs about fixed assets through usage data.
Related article: Why Fixed Asset Management is Important and How to Automate It?
Using the right fixed asset management software is essential for any business that wants to accurately track and manage its assets over time. With the right software, businesses can efficiently record all of their fixed assets, calculate depreciation, and generate reports to help with maintenance, tax compliance, and other critical tasks. By automating these processes, businesses can save time, reduce errors, and gain greater visibility into their asset base, which can lead to improved decision-making and increased profitability. In some cases, choosing the right fixed asset management software can be a significant investment, but the benefits it can provide make it well worth the cost for most businesses.
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