[Update] Top 10 Fixed Asset Management Software (Free & Paid) | fix asset – NATAVIGUIDES

It’s a very challenging task for every organization to track the location, quantity, condition, maintenance and depreciation status of their fixed assets. To manage and maintain such tasks, a dedicated process is designed i.e Fixed Asset Management. Fixed Asset Management is an organization’s process of keeping a track of the fixed assets and managing them for the purpose of financial accounting, theft prevention and pre-emptive maintenance.

Fixed assets are a very important module a business uses but not limited to computers, tools, software, or office equipment. However, a specific tool or tool is used to manage the same, without an accurate method of keeping track of these assets it would be very easy for a company to lose control of them.

Asset tracking software enables organizations to track assets it owns, locations, who possess it, about the transactions, maintenance schedule, and the cost and depreciation of each asset. The asset management software also renders reporting facilities such as pre-built reports, category-wise, and department-wise assets reports, check-in/check-out, the balance sheet value of assets, assets payable, audit history, and transactions. Such information is captured in one program, and by doing this, companies can reduce expenses through loss prevention and improved equipment maintenance and reduce unnecessary equipment purchases, and they can more accurately calculate taxes based on depreciation schedules.

Asset management software is generally used to track the information related to an asset for financial reporting purposes and the physical location of an asset. Whereas the financial reporting elements of tracking relate to accounting procedures and valuation needs but may or may not relate to location information. Plant & Equipment, Buildings, Fixtures & Fittings, Machinery, Vehicles, Heavy Equipment are some commonly tracked assets; you can easily manage them through fixed asset management software. If you are looking for top software in the same category, you can find some leading options from here. Please take a look….

» About Sage Fixed Assets:

Sage Fixed asset software merges with core accounting functions in a complete, flexible, and automated asset management system. This increases productivity through a streamlined process, and automation increases productivity by more than 50%. Sage Intacct fixed asset accounting software stimulates and simplifies accurate accounting throughout the entire fixed asset management lifecycle. Sage software enables the organization to work with a single set of asset-related data such as asset-acquisition, depreciation, and disposal information which are shared with the general ledger accounts payable and purchasing. This software enables you to maintain separate tax and accounting books easily and automatically record different depreciation methods for asset categories. By using this software, it’s easy to gain control of fixed assets. It enables you to centrally manage and safeguard your business’s fixed assets by making your job easier to track and report asset information including condition, insurance status, and maintenance logs. You will be able to tag fixed assets with dimensions to track how costs are distributed by location, department, project, and more.

» Sage Fixed Assets Features:

• Asset Accounting
• Audit Trail
• Depreciation Management
• Asset Lifecycle Management
• Barcoding/RFID
• Disposal Management
• Inventory Tracking

»

Capterra:

4

/5                                 

»

G2crowd:

4.1

/5                                     

»

GetApp:

4

/5

“By streamlining purchasing, Sage Intacct has freed up my time, so I can learn more about how best to use the software and focus on training our supervisors. In fact, I’ve shifted 70% more of my effort into the financials themselves, as well as important projects like preparing our first-ever comprehensive facility-wide fixed asset inventory.”
– Mike Regulski Finance Director, Bay County Medical Care Facility

» About UpKeep:

Upkeep fixed asset management software increases your uptime. Upkeep automates preventive maintenance tasks by enabling operators to create maintenance requests. It’s an easy and quick way to assign work orders to technicians with the Upkeep asset management solution. UpKeep is helpful is changing the trend of asset management from a manual, difficult process to a streamlined, efficient flow of communication. UpKeep enables you to manage and track every asset from a unified platform. Alongside, lets you create one-time or recurring work orders for injection machines, forklifts, conveyor belts, transport vehicles, and anything in between. With UpKeep it’s easy to track asset downtime, track asset usage, set up automated workflows, track costs, create and assign work orders, and with this data available easy to run reports.

» Starting Price

› $35.00/month/user ($35 per user per month when billed monthly)

» Upkeep Fixed Assets Features:

• Asset Accounting
• Audit Trail
• Depreciation Management
• Document Management
• Asset Lifecycle Management
• Barcoding/RFID
• Disposal Management
• Inventory Tracking

»

Capterra:

4.7

/5                                 

»

G2crowd:

4.5

/5                                     

»

GetApp:

4.6

/5

“UpKeep is a great service for managing work orders, tracking assets and scheduling your team’s time. The asset system is great for tracking parts and preventative and reactive maintenance that has been performed on individual items such as HVAC units. The ability to upload pictures and other files such as repair manuals, work orders, and assets is also a huge plus. All around UpKeep is a great piece of software that I would recommend to anyone with a medium to large size business or anyone managing multiple properties.”
– Liam

» About IBM Maximo:

IBM Maximo asset management software provides essential insights for intelligent asset maintenance and operations. IBM Maximo is a fully integrated asset management platform that enables you to improve operational availability and reduce the risk, by using advanced analytic tools and IoT data. Organizations related to OT and IT have the tools to operate the physical assets with visibility and control across the enterprise to optimize performance, extend asset life cycles, and reduce operational downtime and costs. It simplifies the maintenance of all asset types irrespective of their location; new assets can be set up quickly and upgrade enterprise asset management (EAM) software automatically for nonstop uptime, reduced costs and minimized risk. The key benefits include improve operations, integrate asset information and history, unify asset management process, extend asset life cycles, optimize maintenance work processes.

» Starting Price

› $164.00/user (Pricing of Maximo EAM SaaS solution is $164 per user.)

»

Capterra:

4.2

/5                                 

»

G2crowd:

4.2

/5                                     

»

GetApp:

4.1

/5

“We save an average of two days per monthly report with IBM Maximo, because data consolidation is much more automated and efficient.”
– Marcus Russell Project Manager, OSRL

» About AssetCloud:

AssetCloud is the most feature-rich asset tracking software in the industry, besides being the most complete solution available from one provider. With AssetCloud ditch the traditional spreadsheet. Tracking fixed assets whereabouts, who has it, and return details. By checking out and checking in assets liberates end-user responsibility of assets management and enables the reallocation of assets throughout the organization. Performing scan-intensive transactions just got easier with Asset Cloud. Tracking assets get much user-friendly on iOS, Android, or Wasp mobile computer devices. AssetCloud’s mobile flexibility helps you to stay connected and up-to-date on all your asset activity wherever you, or your assets, go.

» AssetCloud Fixed Assets Features:

• Asset Accounting
• Audit Trail
• Depreciation Management
• Document Management
• Asset Lifecycle Management
• Barcoding/RFID
• Disposal Management
• Inventory Tracking

»

Capterra:

4.2

/5                                 

»

G2crowd:

–

                                     

»

GetApp:

4.1

/5

“Since it’s fast and accurate, the software allows our technicians to get more work done, yielding several thousand dollars of annual labor savings.”
– Maurice Fuller Executive director of Operations for Excell

» About Asset Panda:

Asset Panda is a cloud-based fixed asset management software solution. They support a powerful cloud-based platform integrated with free mobile apps to deliver a simple and secure way of managing your assets. The apps are simple and easy to navigate by enabling their clients to deploy them at every level inside and outside of the organization. Their pricing is simple and transparent. You just have to pay for the assets you track without any hidden user charges and location or other usage fees. Some of the important AssetPanda features include Mobile Apps that are free to install and Powerful (SaaS) Platform, scanners, software or spreadsheets that are inexpensive lets you track and manage your assets simultaneously, highly configurable, quick implementation, affordable, with better Information/decision making.

» Asset Panda Fixed Assets Features:

• Asset Accounting
• Audit Trail
• Depreciation Management
• Document Management
• Asset Lifecycle Management
• Barcoding/RFID
• Disposal Management
• Inventory Tracking

»

Capterra:

4.6

/5                                 

»

G2crowd:

4.2

/5                                     

»

GetApp:

4.7

/5

“My staff, my coworkers, my boss are consistently amazed at the amount of work that Asset Panda is doing for us that we have never had before.”
– Brittney Touchin Marketing Events Coordinator

» About 360Facility:

360Facility is an asset & facility management software designed to manage property and asset maintenance by reducing costs and improving operational efficiency with the help of a fully integrated system with all the necessary records for real estate and facilities. 360Facility software enables you to assess facility conditions by helping you to manage and prioritize all aspects of future repairs. Real-Time Reporting helps you identify and sort issues by type, region, or responsibility and take corrective action. 360Facility facilitates to securely manage vendors by monitoring vendor activities and access work orders/assets in real-time. The location-access of all the users in the organization can be managed using a single source key access database within their facilities. It’s easy to update work orders, attach images, or review labor logs all from the 360Facility Mobile App.

» 360Facility Fixed Assets Features:

• Assess Facility Conditions
• Real-Time Reporting
• Securely Manage Vendors
• Key Control

»

Capterra:

4.6

/5                                 

»

G2crowd:

3.9

/5                                     

»

GetApp:

4.7

/5

“360Facility allows for easy metrics to be put into place to track our success. We were able to establish a baseline SLA metric for our team to manage their work and prioritize their time.”
– Gary Glawe Senior Director of Ballpark Systems

» About CHEQROOM:

CHEQROOM asset management software makes your inventory easy to access and manage from the ease of your phone or from the web. It enables you to make the right assets available when needed, by properly organizing them in your inventory system. Lets you have full control of your assets by Knowing who is using a particular piece of equipment, since when and when it’s due back. Track your AV or IT assets and control them from loss or damage. In case of any loss or no matter anything, your inventory information is safely stored online which can be accessed from any device at any time. Some of its main features include instant troubleshooting by identifying problems on the spot by tagging the item, and even adding an image, instantly identify, check-in or check out equipment anywhere with a quick scan of the QR tag, syncing CHEQROOM to your calendar app can enable you to schedule.

» Starting Price

› $55.00/month

» CHEQROOM Fixed Assets Features:

• Asset Accounting
• Audit Trail
• Depreciation Management
• Document Management
• Asset Lifecycle Management
• Barcoding/RFID
• Disposal Management
• Inventory Tracking

»

Capterra:

4.5

/5                                 

»

G2crowd:

4.8

/5                                     

»

GetApp:

4.6

/5

“As a marketing & development studio, we are always looking for solutions that can both fulfill our clients’ needs and are simple and intuitive for them to use. Out of all the products we tested, CHEQROOM was the only modern and functional solution – it just has everything we have ever wanted.”
– Dmytro Grechko CEO

» About AsseTrack FAMS:

AsseTrack FAMS is a web based asset management software designed for the efficient management of any company’s fixed assets. Each Institution needs to know the value of their fixed assets, their location, custodian, the date they were checked out, expected return date and the current status of each asset. It is also important to have a software that tracks the movement history of each asset and its depreciation as time passes by. The main part of our Fixed Asset Management software is to be able to scan/discover all the fixed assets in your network. Only when you have discovered all the fixed assets you can efficiently monitor and manage them. Our fixed asset management software gives you a wide range of asset scanning methods to make sure that you get them all. This software helps establishing a computerized system for tracking and recording all fixed assets and generates statutory, business and control related standard and dynamic reports. It improves management of widely dispersed assets of an organization, resulting in better accounting practices, maintenance and upkeep of the assets.

» Starting Price

› $50.00/month/user (150)

» AsseTrack FAMS Fixed Assets Features:

• Asset Accounting
• Audit Trail
• Depreciation Management
• Asset Lifecycle Management
• Barcoding/RFID
• Disposal Management

»

Capterra:

5

/5                                 

»

G2crowd:

–

                                     

»

GetApp:

–

“AsseTrack FAMS is an easy to implement and use software as it easily user friendly.it easily tags and maintains fixed and mobile assets and captures maintenance and assets upgrades. Generally its an efficient and effective software.”
– Nelson C. / Liason Officer

» About Limble CMMS:

Limble CMMS’s Enterprise Asset Management module can be used up to 100,000 Assets, to track exactly what is needed in an easy-to-use and searchable tree structure. It allows to know the health of your assets at every point in time, and what they are costing you. Limble CMMS provides complete and detailed Maintenance Logs, with unlimited custom fields. It helps to organize your assets in a clear parent-to-child hierarchy. Their customized dashboard provides real-time, granular reporting with KPIs such as MTTR, MTBF, etc. All your assets can be marked with a unique QR code to lookup the assets. No separate hardware is needed.

» Starting Price

› $35.00/month/user (Starting at $35 per user per month)

» Limble CMMS Fixed Assets Features:

• Asset Accounting
• Audit Trail
• Depreciation Management
• Document Management
• Asset Lifecycle Management
• Barcoding/RFID
• Disposal Management
• Inventory Tracking

»

Capterra:

4.8

/5                                 

»

G2crowd:

4.9

/5                                     

»

GetApp:

4.9

/5

“I started using Limble after trying out many other off the shelf CMMS softwares and I quickly fell in love with the ease of use, intuitiveness yet the power this tool provided me and my team. The ability to see automatically generated and customized reports meant that I could choose whether I wanted to see things at a micro level or a macro one, or both of them together.”
– Mohammad Hassaan Akram Factory & Maintenance Manager, Unilever

» About Infor EAM:

Infor CloudSuite EAM is a purpose-built asset management software that can be scaled and transformed as organizations change and grow. CloudSuite EAM software automates asset monitoring by incorporating innovative workflow, alert management, A.I., mobility, analytics, IoT, and drone technologies. It helps to consolidate all the asset data into a single, integrated repository to help improve productivity and profitability. The software is designed for manufacturing, energy, healthcare, public sector, and more. It provides Integrated analytics. The exceptional Mobile application provides seamless connections with CloudSuite EAM.

»

Capterra:

3.3

/5                                 

»

G2crowd:

4.1

/5                                     

»

GetApp:

4.9

/5

“The Large Hadron Collider is the largest and most complex machine ever built by mankind. We use CloudSuite EAM for managing the materials and assets while they are being put into operation and production, and for the maintenance. We can do this with no modifications of the software, and with a basic support configuration.”
– DAVID WIDEGREN HEAD OF ENGINEERING PROCESSES SUPPORT, CERN

» About Nektar Data:

Nektar provides client and asset-specific configurable platform. It helps to manage all of your assets in one place. Assets can be tagged with physical tags c/w QR codes. Work Orders can be directly from the asset inspection data feed. Assets Work Order life cycle data can be reviewed from anywhere. Nektar provides a platform to create fully customized reports suiting your requirements. The real-time business intelligence, with customized dashboards and widgets, provides real-time reports on what’s happening on the field. The unique GIS Integration can be used to filter, map and display in GIS base maps. Nektar also provides the Offline working mode and sync when the system is back online. Nektar also provides Open APIs to share the data with other systems.

» Nektar Data Fixed Assets Features:

• Audit Trail
• Document Management
• Asset Lifecycle Management
• Barcoding/RFID
• Disposal Management
• Inventory Tracking

»

Capterra:

–

                                 

»

G2crowd:                                      

»

GetApp:

“The ability for the Nektar solution to provide live data collection using an iOS device, and being able to view that data instantaneously from virtually anywhere will definitely contribute to any project’s success. Nektar provides us with the ability to monitor work as it is completed as if we were on-site, something we have never had.”
– Engineer & Senior Asset Manager Transmission Line Assets – SaskPower

Fixed Asset Management Software Buyer’s Guide

Fixed asset management is the process followed by organizations for tracking and maintaining their physical assets and equipment. Asset type can be of any category including vehicles, computers, furniture, and machinery. Fixed asset management facilitates organizations to monitor equipment and vehicles, analyze their condition, and strive to keep them in good working order. This is followed to minimize inventory loss, equipment failures, and downtime. Thus improving asset’s lifetime value.

» What is Fixed Asset Management Software?

» What are The Top Fixed Asset Management Software?

» What are the features of Fixed Asset Management Software?

» What are the benefits of Fixed Asset Management Software?

» Questions to ask a vendor when buying best Fixed Asset Management Software

» What can be the cost of Fixed Asset Management Software?

» Conclusion

» What is Fixed Asset Management Software?

Fixed assets are one of the most important modules in any business. With the growing technology, it is easy to maintain the assets of the organization using a specific tool or tools to manage the same unlike traditional methods of tracking.

The operations using technical aspects may benefit from a computerized maintenance management system (CMMS). These automation software designed for managing and maintaining accommodate scheduling, management, and reporting activities, along with handling workflows, resourcing and routing, operating and repair guidance, and reporting and auditing.

However, asset management for big businesses or organizations is challenging, but that can be managed using some of the fixed asset management software available in the market, which provides a central platform for managing all fixed assets. It combines asset data from across the asset lifecycle right from acquisition, operations, maintenance, depreciation to renewal or replacement. These features and workflows help the organization to optimize management tasks and reduce downtime. It provides a better enterprise view and understanding of safety and environmental controls to confront any issues and risks.

» What are the features of Fixed Asset Management Software?

Below mentioned are some of the Features of a Fixed Asset Management Software:

› Easy Tracking & Monitoring: It seems complex to maintain and manage fixed assets, especially for huge business or bigger organizations or companies with large inventories. Therefore the usage of fixed asset management tools or software is very ideal and recommended to the database where you could easily track the information with no risk of it getting lost or misplaced. This is the main purpose of an asset management system.

› Improved Financial efficiency: Fixed asset management improves the financial efficiency and strength in an organization to manage its assets avoiding unnecessary expenditures.

› Transparency in Data: Fixed asset management software provides transparency in data such as check-in and check-out details, the due date of the return of assets, maintenance schedules, depreciation, audit history, etc.

› Easy Calculation & Compliance: With asset tracking software, it’s easy to calculate and check the regulatory compliance and tax code to minimize insurance and tax-related expenditures. Asset software support tax form, track asset location, planning of asset retirement.

› Location Tracking: Asset tracking software features like location tracking, work order processing, and audit trails offer reliability towards fixed assets.

› Auto generation of Asset Codes: Asset tracking software automatically generates unique asset codes for each asset, which is very helpful to scan information & update asset information from your phone using Barcodes or QR codes.

» What are the benefits of Fixed Asset Management Software?

Some of the key benefits of accommodating fixed asset management software in asset tracking solutions are:

› Data Storage and Assembly: Fixed asset management software assembles and stores all asset-related data and organizes it in a way that is easily accessible when you need to find specific asset data.

› Auditing & reporting: It makes the work smoother and easier for the associated department for auditing and reporting processes with proper maintenance of all the data in a centralized database.

› Effective & Organised way of storage: The organized way to keep conceptual records associated with organization assets. Asset management software gathers information for you and composes it in a simple way, maintain it in a database and discover particular asset information whenever needed.

› Easy Tracking & Scheduling: Fixed assets management software provides all the information related to asset transactions where your assets are at any given point of time, which teams need what assets on any given day. With this available information, it makes your job easy to schedule equipment usage.

› Complete Control: Fixed Asset Management Software enables you to have complete control over the assets and related data to make intelligent choices for future ventures. Thus making their tasks more productive and cut the operating costs.

› Tracking and Movement: With asset tracking software, it’s always easy to track entire movement & update history of any specific asset, along with visibility towards maintenance tickets, schedules, and activities, and total lifetime expenses.

› Compliance to financial regulations: Fixed asset management software empowers you to guarantee that asset accounting processes are up-to-date with the most accurate and recent financial regulations.

› Easy Categorization: Easy to categorize assets based on their location and category, classify them based on status, condition, and any other custom criteria.

› Easy discard: With asset management software, it’s quite easy to discard the assets without confusion and mark them as sold, lost, retired or by any other custom status. There is also an option to restore discarded assets back to your asset list.

» Questions to ask a vendor when buying best Fixed Asset Management Software

1. Does your fixed asset management software offer full asset lifecycle management?
2. Does your system provide inventory tracking and management?
3. Will it enable the grouping of assets?
4. Can the solution offer predictive and preventive maintenance?
5. Is the system capable of providing an audit trail?
6. Does the product include RFID and barcode scanning?
7. Will the software include provisions for the effective management of depreciation?
8. Is there a disposal management function?
9. Will the software simplify document management?
10. Does the product facilitate work order management capabilities?
11. Does the software incorporate built-in reporting features?
12. What is the process of report generation? Can the report be personalized?
13. What kind of security does your system offer?
14. Can the software help conduct buy v/s lease analysis?
15. Does the system offer tax compliance?
16. Is there a way I can create asset retirement plans through this solution?
17. Will I get remote access to the solution?
18. Is the software device-independent?
19. Is it possible to scale the software to meet the growing demands of the future?
20. Where will it store my data?
21. What is the process and duration of implementing this software?
22. Can the system integrate with other business applications that I already use?
23. Do you offer on-site support? How can I connect to your support team?
24. Is the service SLA in place?
25. What is the frequency of your software upgrades? Is it included in the final cost?

» What can be the cost of Fixed Asset Management Software?

Many fixed asset tracking and management products are available in the market. Depending on the size of the organization or the business, the product can be chosen for asset management. These software products are priced based on a per-user or per month basis. There are few premium products available in the market which comes with additional features like enterprise reporting, multi-site reporting, and a central dispatch portal.

The basic product plan price ranges are

› $6 – $18
› $18 – $52
› $52+

However, there are few open-source fixed asset management software available online for free.

» Conclusion

Automated asset tracking and management is the best way to manage and maintain the organization’s assets and asset-related activities. It enables you to track all the assets, their transactions, asset accounting and other information from a centralized database from anywhere and anytime.

What is a Fixed Assets Register?

Fixed assets register is a catalogue of a business’s fixed assets, carrying details like their purchase price, depreciation values and current location to accurately document the course of their useful life. It helps a business maximize the utility of its fixed assets such as machinery, building, vehicle and the like.

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Key Takeaways

• Fixed assets register keeps a detailed record of the fixed assets of an organization. It helps maximize the utility of an asset, avoid duplicate purchase, ensure legal compliance and manage auditing requirements.
• Depending on your business’s needs, the register can be maintained using complex software products or a simple spreadsheet.
• There is no universal template for this register, but it usually contains categories like purchase date and cost, depreciation method, rate, lifespan, and maintenance cost.

Understanding Fixed Assets Registers

A business owner deals with different types of assets such as machinery, vehicle, current stock, cash, etc., to produce goods and services. Any piece of equipment or property that a company owns and uses over a long period of time to generate income or keep itself operational is known as a fixed assetFixed AssetFixed assets are assets that are held for the long term and are not expected to be converted into cash in a short period of time. Plant and machinery, land and buildings, furniture, computers, copyright, and vehicles are all examples.read more.

A lot of details accompany a fixed asset throughout its useful lifeUseful LifeUseful life is the estimated time period for which the asset is expected to be functional and can be put to use for the company’s core operations. It serves as an important input for calculating depreciation for assets which affects the profitability and carrying value of the assets.read more which could be its purchase price and date, location of existence, depreciation rate, yearly depreciation value, maintenance cost, servicing date, insurance details, and salvage value, among others.

If a business fails to keep track of such information, it may lead to losses. For instance, there is a pizza delivery company that delivers food to its customers using vehicles. In the middle of a busy day, five of its vehicles break down. A close examination found that they have been rendered obsolete as they were not taken for timely servicing in the last two years. An absence of ready-made data like an approaching servicing date led to their overuse and a subsequent loss for the firm.

As such, you must maintain a fixed assets register, regardless of the size of your business. It helps enhance efficiency, maximize the utility of an asset, avoid duplicate purchase and attain hassle-free auditing.

Whether or not an item is included in the register will depend on what it is used for. For instance, a delivery truck would be considered a fixed asset for a courier company, but it would be an inventory item for a truck manufacturing business. This is because the courier company will use the truck for operational purposes, while the truck manufacturer will sell it for a profit.

However, some typical assets included in the register are –

• Building, land and property owned by the business, such as factories, office buildings, retail outlets, and warehouses.
• Office tools and equipment like telephones, photocopiers printers and computers.
• Air-conditioning, furniture, water coolers, etc.
• Cars, trucks, vans, and other vehicles used for operational purposes.

Benefits of Fixed Assets Register

There are numerous ways in which your business will benefit from having an accurate and up-to-date fixed assets register. Some of these ways are as follows:

Provides Comprehensive Data

By maintaining a register, you will have all the relevant details about the location, usage, life cycle, and maintenance costs of each company asset at your disposal. This information will help you make informed decisions about efficiently utilizing all your company’s fixed assets and when to dispose of them.

Enhances Asset Security

It will provide a business with all the required information about the location, operational status, and expected lifecycle of any given asset owned by it. This will ensure the security of these assets and prevent theft or misplacement, as you will always know where each asset is located and whether or not it is still functional.

Evaluates Maintenance Costs

With a well-maintained register, you will always know when a particular piece of equipment was purchased. You will also learn how long it has been in use, how well it is performing, and when its expected life-cycle will end. This will help you accurately predict future maintenance costs for the tools and machines used in the functioning of your business. It will also assist in creating a budget for these expenses in advance. Also, for future purchases, this will help in decision making as the assets with a high maintenance cost can be avoided.

Keeps Track of Depreciation

The register will help you calculate the real value of all your company’s property and equipment. This is facilitated by keeping track of details such as purchase date, purchase cost, depreciation ratesDepreciation RatesThe depreciation rate is the percent rate at which an asset depreciates during its estimated useful life. It can also be defined as the percentage of a company’s long-term investment in an asset that the firm claims as a tax-deductible expense throughout the asset’s useful life.read more, and salvage value. It will ensure that the values on the life span of an asset remain correct. It also gives enough time for an organization to arrange for replacement without affecting the flow of operations.

Facilitates Legal Compliance

It provides precise information about the cost, depreciationDepreciationDepreciation is a method of accounting for the costs of any physical or tangible asset over the course of its useful life. Its value indicates how much of an asset’s worth has been used. read more, and the current value of each asset. Having such information in place, help a business comply with your country’s statutory regulations. This, in turn, will enable the business to avoid the fines and penalties associated with compliance violations.

Accelerates the Audit Process

When auditors inspect the account books of your business, having an accurate and up-to-date fixed assets register will make the audit and verification process simpler. In Wilson County, Tennessee, it was recently reported that the state comptroller’s audit found significant accounting errors. The amount added up to about $14 million.

Many issues in the calculation of accumulated depreciationAccumulated DepreciationThe accumulated depreciation of an asset is the amount of cumulative depreciation charged on the asset from its purchase date until the reporting date. It is a contra-account, the difference between the asset’s purchase price and its carrying value on the balance sheet.read more led to these problems. Some assets were depreciated on the inaccurate acquisition date, others were not depreciated, and a few were depreciated in excess.

How to Prepare a Fixed Assets Register?

The format of fixed assets register varies depending on your needs. A few decades earlier, businesses used to maintain manual, paper-based records of all their fixed assets. These records were updated from time to time by a bookkeeper. Nowadays, many such registers are electronic. There are many software applications to help with the management of fixed assets. Some popular names are Upkeep, AssetCloud, etc.

Depending on your business’s size and nature, you can choose to maintain your register on an excel spreadsheet or a specialized fixed asset management software. The method that enhances the efficiency and cost-effectiveness of your business is the one that you should opt for.

Format of a Fixed Assets Register

There is no universal template or format for how a register should be maintained. The extent of details included about each asset will depend primarily on your country’s laws and the requirements of your management team.

For small businesses, the register could be a single Excel spreadsheet. Large, multinational companiesMultinational CompaniesA multinational company (MNC) refers to that business entity whose headquarter is in one country, and its branches or subsidiaries extend across the globe in two or more nations. The MNCs aim at maximum revenue generation by spreading business worldwide.read more could use numerous complex software products to keep track of all their assets across diverse geographies. A sample format looks something like the picture below.

Source: efinancemanagement

Kindly note that the template above is an example of fixed assets registers, and must not be considered binding. The format varies as per organizational needs.

There are, however, certain categories that are found in most registers. This is because these categories have proven useful in keeping track of assets and calculating their value over time. They are listed below.

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This has been a guide to what is a Fixed Assets Register and its definition. Here we discuss how to prepare this register along with benefits and its format. You may learn more about financing from the following articles –