A fixed asset is an aspect of your business where you have to use it for a longer period than 6 months. Fixed assets include buildings, land and equipment such as computers, vehicles etc. The fixed asset accounting software allows you to keep track all the details regarding your fixed assets, including them in inventory and depreciation.
In this guide, we review the aspects of Fixed Asset Accounting Software, fixed assets software for small business, fixed asset software compatible with quickbooks, and how to create asset management software.
Fixed Asset Accounting Software
Do you know where your assets are? Do you know how much they’re worth, and how much they’re costing you? These are the questions that businesses ask themselves every day. And in today’s marketplace, where digital transformation is changing the way we do business, it’s more important than ever to keep accurate records of all your fixed assets.
Keep track of your fixed assets with ease
- Importing data from your accounting system: Fixed Asset Accounting allows you to import fixed asset data from a variety of accounting systems, including QuickBooks Online, Sage 50/50, Xero and Intacct.
- Managing assets in a single interface: Set up an inventory list for each type of fixed asset you have (e.g., vehicles or machinery) and create asset lists to track specific items with the ability to mark them as inactive when appropriate. Then assign those assets to depreciation schedules—including MACRS half-year rules—and set up recurring automated transfers between bank accounts based on depreciation amounts so that you can make payments on time every month.
- Creating asset lists and depreciation schedules: With Fixed Asset Accounting’s intuitive wizards, building these two important elements is easy!
Combine asset listing and depreciation calculation in a single interface
You can use this software to keep track of your assets and depreciation in one place. The software has an intuitive interface that makes it easy to manage assets and depreciation over time, even if you’ve never used such a system before.
In the Asset Listing section, you’ll find everything you need to enter information about your company’s assets. You can add new items with ease, or change existing items by editing them in the list view or entering data directly into a spreadsheet-like grid.
You can also use the Asset Tracking feature to record any changes that occur over time—say, if you bought a new piece of equipment for $1 million but then sold it for $500K later on after usage had decreased its value considerably—and see how much money has been spent overall at any given moment based on depreciation calculations that have been set up accordingly (see below).
Save time on audit and compliance reporting
Save time on audit and compliance reporting by using a fixed asset accounting software. With automatic depreciation calculations, you can get rid of the headache of manually calculating fixed asset depreciation. An efficient asset management software will also help you keep track of your assets and ensure that all records remain up-to-date at all times.
You can use this data to report to auditors, reduce the time spent on reconciliation and simplify audit reporting.
Optimize your tax capture
Taxes are a significant expense for most businesses, and they’re often overlooked in asset management. Fortunately, you can automatically calculate taxes using the software. If you want to save time by calculating them manually, you can use the software’s built-in tax calculator function as well.
Improve the accuracy of your financial statements with a cloud-based fixed asset management tool.
Improve the accuracy of your financial statements with a cloud-based fixed asset management tool.
A fixed asset management tool can improve the accuracy of your financial statements by making it easier to find and track assets, reducing the time and cost of managing your assets, reducing the risk of misplacing assets, improving your ability to manage assets for tax purposes, and more!
fixed assets software for small business
1. Sage Fixed Assets
This is one of the best fixed assets accounting software solutions in the present market and it provides great flexibility in its various functionalities. It offers SaaS based payment solutions for corresponding web based deployment practices. Sage Fixed Assets is an ideal software for startups, individuals, enterprise, SMEs and agencies and offers the most affordable pricing solutions.
- Offers Web-based Deployment
- User-friendly interface for greater navigation purposes
- Provision for highly effective inventory management system
- Availability of full customization features as per the business requirements
- Applicability on mobile platforms like Android, IOS, Windows and Blackberry
- High end support for desktop platforms like Mac, Windows and Web OS respectively
- Full compliance of depreciation standards with regards to latest government regulations
- Availability of more than 50 depreciation methods like MACRS 150 percent and 200 percent, Straight-line, ACRS, etc.
2. BNA Fixed Assets
BNA Fixed Assets is popularly known for its compliance to high performance standards in the market, and especially when it comes to fixed assets regulations. This particular software is known for drastically reducing the efforts required to bring about effective management and tracking of fixed assets in any business organization.
- Full time compliance with built-in tax code and violation alert
- Greater visibility and control through extensive audit trial schemes
- Complete automation with tax and accounting systems
- Comprehensive report generation for critical data analysis
- Experts’ wizard guide solutions for implementation of new assets into the mainstream database.
- Real time depreciation calculation through ‘Open Timeline’ feature
- Built-in templates and policies for error-free data entry operations.
Another of the best fixed assets accounting software solutions in the market, AssetWorks offers comprehensive and excellent features of property tracking, accounting and reporting. AssetWorks brings-in greater integrity of asset management solutions through high end performance levels, greater efficacy and effective business workflow procedures.
- Provision of automated transfer management solutions
- Incorporation of multiple methods for asset depreciation
- Full fledged asset maintenance and calibration technologies
- Mobile inventory capabilities and easy assistive systems
- Dynamic reporting tools
- Comprehensive report generation for accurate analysis
- Compliance reporting and asset valuation
- Annual updation of asset values and incremental valuation
4. ProSeries Fixed Asset Manager
The ProSeries Fixed Asset Manager provides excellent asset-tracking features and accurate generation of client’s depreciation values. Offered for Startups and SMEs, this software comes in quite handy with exclusive reporting tools and techniques. This software is also available as an add-on solution for ProSeries Professional and also as complete standalone software.
- Separation of deprecation values for book and tax systems respectively
- Facilitation for asset tracking and purchasing for a duration of one year
- Exclusive Modified Accelerated Cost Recovery System (MARCS) depreciation strategy
- Compliance reporting tools for client property and tax return solutions
- Toll Free U.S. based support system and service-cum-delivery.
- Highly effective and user friendly interface with greater customization features
- Intuitive mobile monitoring schemes for tracking even while ‘on the go’
5. Real Asset Management
Real Asset Management offers excellent asset tracking, professional asset accounting and integrative maintenance management solutions for businesses and commercial organizations. This software finds great applicability in the various SMEs, Enterprises, Not-For-Profit organizations, Commercial corporations and Health Care organizations.
- Accurate processing and forecasting of depreciation values
- High end capital expenditure control and lease accounting solutions
- Highly effective asset tracking and physical auditing
- Complete adherence and compatibility to the audit requirements
- Facilitation of reduction in insurance premiums
- Location based audit evaluation and assessment
- Hierarchical transactional maintenance with full and part time disposal systems
fixed asset software compatible with quickbooks
According to Dictionary.com, a Fixed Asset is a permanently owned item. It’s an asset of a business that is central to its operation and is not traded. QuickBooks has a way to track and handle all your fixed assets with its Fixed Asset Item List and the Fixed Asset Manager.
Fixed Asset Items
A Fixed Asset is something tangible your business owns. It’s not inventory. A Fixed Asset is an item on a company’s Balance Sheet — the tangible property used in the business and that is notfor resale. This would include buildings, furniture, fixtures, equipment, leasehold improvements and vehicles. Depreciation adjustments are recorded to expense the cost of these assets over their useful life.
In QuickBooks, there is a separate “item” list called the Fixed Asset Item List.
To start tracking your fixed assets, click the Item button at the bottom of the list and add the details for each asset.
If you previously recorded these purchases, your asset balances on your Balance Sheet are already up-to-date. For new purchases, first add the fixed asset item to the list and then use the item on your purchase transaction in QuickBooks.
Fixed Asset Manager
The QuickBooks Fixed Asset Manager (included in the Accountant versions of QuickBooks) enables your Accountant to manage fixed assets from acquisition to disposition. They can track the asset’s information, such as description, purchase date, cost, depreciation method, life and the associated general ledger accounts that will need to be adjusted in your QuickBooks file. If your Accountant uses this tool, they can synchronize your QuickBooks data to their copy of the Fixed Asset Manager.
how to create asset management software
It is hard to imagine a modern organization that does not rely on digital assets to promote its agenda or sell their product. Videos, images, photos, presentations, and infographics created with graphic tools like Canva – are the building blocks of modern entrepreneurship.
Here’s the paradox: while assets make your life easier they also make it more difficult by forcing you to spend time on managing and maintaining your collection in tip-top shape.
Corrupted and lost files, outdated assets, or those that you simply cannot find in a labyrinth of folders are the issues that make one’s life unnecessarily difficult.
Hence, a need for a robust, software-enabled approach that makes those problems non-existent.
In the modern world, the effective management of digital content has a name – a digital asset management system. This system includes both the eponymous software (Digital Asset Management solution) as well as a particular workflow that guarantees that your digital library remains in a tip-top shape.
In today’s article, we’ll discuss how to build a digital asset management system, what are its benefits, and why you should consider using DAM software as a centerpiece of your digital content taxonomy.
6 Benefits of Using a Digital Asset Management System
1. Speeds Up Asset Search
Having a large asset library is excellent. The problems arise, though, when you need to find a specific asset in a short frame. Without a proper content taxonomy in place, where the assets are sorted not only by folders but by their metadata, that search can take up an incredible amount of time. This is where the Digital Asset Management system steps in to make that a thing of the past. Per the DAM benefits report, Digital Asset Management saves up to 10 hours/mo per user that users would have spent looking for assets. That’s 10 hours that can be then spent on being productive and creative, instead of wallowing in unnecessary document-shuffling bureaucracy.
2. Improves and Streamlines Version Control
Before a high-quality digital asset reaches its production stage, it goes through many iterations and revisions as you gather feedback from your marketers, sales reps, designers, etc. However, you may soon realize that it is difficult to keep track of all the changes and remember which version has been approved for release. DAM’s Version Control makes this process easy. Inside DAM, all revisions of any given assets can be accessed through a single thumbnail. From there, you can instantly switch back between versions, compare them, and see all the feedback that has been left by your team.
3. Makes Assets Sharing Easy & Secure
There is always a need to exchange assets with clients, customers, freelancers, and other third parties. The traditional sharing practices have you making compromises between security and quality. Using something like Dropbox or IM Apps allows you to send assets fast and not compress them much but that leaves you open to security breaches and potential leaks of sensitive information.
Using secure channels, on the other hand, is inconvenient and difficult to set up for infrequent partners. The Digital Asset Management tool lets you share entire folders worth of assets in one click by setting up an interactive branded portal for others to see, download, and comment on assets. Conversely, Inboxes let others upload assets straight to your media library without giving them access to your inner documents.
4. Optimizes Creative Workflow
Fragmentation is an important issue in the modern digital workflow. Using Slack for chatting, Figma and Photoshop for designing, and CMS for content management creates a situation where users have to hop between different channels to get a point across to the other departments. As an outcome, it becomes difficult to keep track of all the feedback on any given asset and stay on top of the timeline.
A combination of visual tags, comments embedded directly into Asset view, and notifications across all connected channels (DAM itself, Slack, email) ensures that your team always has the most up-to-date information about your media library at their fingertips.
5. Integrations That Make Life Easier for Everyone
Speaking of fragmentation, modern DAM software solutions seamlessly integrate into your existing workflow. Using plugins, you can enhance Adobe & G Suites, Shopify, Zoho, and Slack with direct and immediate access to your entire catalog of digital assets. So, for example, if your designer needs to pull up an asset into their Photoshop, they can grab it from inside, without unnecessary tab and screen switching.
6. Reduces Overhead, Costs, and Saves Time
With proprietary solutions or hardware-tethered media libraries, there is always a headache of spending time updating the software or transferring your collection to a new internal server. Cloud-based digital asset management solutions nip those problems in the bud as you don’t have to worry about updating, installing, or re-integrating software. You can simply open a tab on any device (computer, smartphone, tablet) and get straight into your media library with all of the DAM benefits attached.
Must-have Features of a Digital Asset Management System Software
There are many ways to build DAM solutions but we believe that some DAM features must be included in every one of them.
Easy to Use UI/UX
DAM should solve your issues, not create more of them. If the user interface looks like a control panel of a spaceship, your team is going to spend as much time figuring out the controls as they would using the software. Not to mention the difficulties of onboarding new team members or sharing assets with people who are completely unfamiliar with its workflow.
Realistically, a good interface is one where a completely new user can figure out how to do the most basic functions without referring to a manual or video guide.
We use software to work less, not more. A good DAM will try to reduce manual labor to a minimum while still keeping the agency in the users’ hands. One example of intelligent automation design is the automatic generation of keywords using AI computer vision. If you’re uploading hundreds of assets, you can just click a button and be done with it.
The agency comes with things such as controlled vocabulary. AI technology is not perfect, after all, and is bound to make false-positive calls. So, before you generate keywords, you can restrict the generation pool so that DAM won’t accidentally call the dog a cat, for instance.
Robust Search Capabilities
With conventional media libraries you can only look by simple parameters:
DAM seeks to make search simple, so it must have options to filter your collection by as many parameters as possible. With a good DAM system, you should have the ability to search by metadata (keywords, file name, description, EXIF, etc.) by the user who uploaded the file, by visual tags, image description, etc.
One common thing that plagues organizations that work with hundreds of digital assets is revisions. The issue with them is that if a single asset goes through a dozen iterations, then you end up with 10 slightly altered copies of the same image. Now multiply that by a hundred, and keep in mind that the latest version of an asset is not the one that goes into production. Quite a trouble.
A proper DAM solution keeps those revisions neat and tidy. The most common solution utilized in the quality DAMs is storing all versions under one thumbnail. So, you would open an image and see all revisions as a list on the panel to the right. What’s more, is that this panel will also serve as a comment section so the uploader and the reviewer can comment and compare revisions in real-time and decide if it makes the cut.
Sharing Features That Make Sense
What’s good about assets if you cannot share them? Whether sending it to social media channels or sharing with customers or people outside of your organization, a proper digital asset management app development process will give you an option of sharing assets with others in a few simple clicks.
If you need to share multiple options at once, proper Digital Asset Management software will also allow you to create a branded website so that a person with a link will have an easy way of navigating and looking through images.