Automation, various depreciation methods, and comprehensive report generation are features of the best fixed asset management software in 2024. Learn more.

Best Fixed Asset Management Software In 2024

Managing fixed assets is a time-consuming and labor-intensive task that requires significant staff resources. It is also susceptible to human error, particularly when multiple stakeholders are involved.

Fixed asset management systems offer automation of procedures and tracking systems that help SMEs and large organizations save time and money while ensuring maximum asset utilization. Therefore, taking advantage of fixed asset accounting software solutions is crucial for every enterprise. In 2024, the best options for such software solutions will be available.

FMIS Fixed Assets

A comprehensive solution for fixed asset management, FMIS’ Fixed Assets Management System is easy to use yet powerful and flexible enough to handle complex asset information across multiple books, companies, and countries, irrespective of the nature of the industry. This software solution includes asset accounting, maintenance (CMMS), and tracking, and it automates fixed asset accounting calculations such as amortization and depreciation for regulatory and tax purposes.

Key features:

• Flexible coding structures to fit individual fixed asset management requirements.
• Project go-live, additional/late costs, and invoice adjustment facilities.
• Full tracking history for asset events such as adjustments, disposals, and transfers.
• Parent-child relationships for inter-dependent fixed assets with detailed and summarised views.
• Standard or user-definable accounting periods and fixed asset description fields.
• Comprehensive search and reporting facilities.

BNA Fixed Assets

BNA Fixed Assets vastly simplifies fixed asset management and tracking in business organizations. This software solution has a strong reputation for excellent compliance with fixed asset regulations and for exemplary performance standards.

Key features:

• Full automation with accounting and tax systems.
• Full compliance with built-in tax code and violation alerts.
• Extensive audit trial schemes offer greater control and visibility.
• Open Timeline offers real-time depreciation calculation.
• Thorough report generation for critical data analysis.
• Built-in policies and templates for flawless data entry operations.

Sage Fixed Assets

With flexible functionalities as one of its hallmarks, Sage Fixed Assets is a fixed asset management and accounting software solution ideal for individuals, startups, SMEs, and agencies. This software offers various pricing options and SaaS-based payment solutions for web-based deployment. 

Key features:

•  Full customization for business’ unique needs.
•  Fully compliant with government-regulated depreciation standards.
•  Offers more than 50 depreciation methods.
•  High-end support for Windows, Mac, and Web OS desktop platforms.
•  Provision for effective inventory management system.
•  Web-based deployment.

ProSeries Fixed Asset Manager 

Geared toward startups and SMEs, ProSeries Fixed Asset Manager offers exclusive techniques and reporting tools. This software solution has gained an excellent reputation for accurate depreciation value generation and asset-tracking features.

Key features:

• Exclusive Modified Accelerated Cost Recovery System (MARCS) depreciation strategy.
• Client property and tax return solution compliance reporting tools.
• Separation of depreciation values for book and tax systems.
• Facilitates asset purchasing and tracking for one-year periods.
• Customizable user interface.
• Mobile monitoring schemes for tracking when traveling.

AssetWorks

AssetWorks is included on this list due to its comprehensive property tracking, accounting, and reporting features. This software solution boasts high-performance levels and potent business workflow procedures. 

Key features:

•  Multiple asset depreciation methods.
•  Asset maintenance and calibration technologies.
•  Dynamic reporting tools and thorough report generation.
•  Asset valuation and compliance reporting.
•  Asset values and incremental valuation are updated annually.
•  Provision of automated transfer management solutions. 

Manual fixed asset management procedures run the risk of inaccuracy and human error. The best software solutions available in 2024 not only automate the process but also increase the level of accuracy, ensuring that every business can leverage its assets and maximize its ROI.