The best fixed asset management software should let users compute financial and tax depreciation, track the status and condition of fixed assets, and manage all fixed asset details. On top of that, software asset tracking is a required feature for businesses with information technology (IT) assets. With that in mind, here are our top picks for the best fixed asset management software for small businesses:
- AssetAccountant: Best overall fixed asset management software when integrated with QuickBooks Online
- Xero: Best fixed asset management software within a full cloud-based bookkeeping software
- QuickBooks Accountant Desktop: Best for bookkeepers with many clients
- Asset Panda: Best for tracking tangible assets using barcodes
- AssetExplorer: Best for IT asset tracking and software license management
Comparison of Best Fixed Asset Accounting Software for Small Businesses
- Special Features
Pricing | Number of Assets Tracked | Depreciation Methods | Best for Tracking | Accessibility | |
|---|---|---|---|---|---|
| $0 to $45 per month plus $90 monthly for QuickBooks Online Plus | Price is per 100 assets | Tangible Assets | Cloud | |
| $15 to $78 per month | Unlimited | Tangible Assets | Cloud | |
| $799 or $1,299 per year | Unlimited | Tangible Assets | Desktop | |
| Custom quote | Custom quote |
| Tangible & Intangible Assets | Cloud |
| $955 to $11,995 per year | Unlimited | Intangible Assets | Desktop | |
Tax Depreciation Reconciliation | Repairs & Maintenance Records | Fixed Asset Disposal | Lease Accounting | Accounting Software Integration | |
|---|---|---|---|---|---|
| ✓ | ✓ | ✓ | ✓ |
|
| ✓ | Via repairs & maintenance account | ✓ | Manual journal entry | Is accounting software |
| ✓ | Via repairs & maintenance account | Manual journal entry | Manual journal entry | Is accounting software |
| N/A | ✓ | ✓ | ✓ | N/A |
| N/A | ✓ | ✓ | N/A | N/A |
Accounting for fixed assets can be complicated. Check out our article about fixed asset accounting to learn the three most important concepts you need to know.
AssetAccountant: Best Overall Fixed Asset Management Software When Integrated With QuickBooks Online
Pros
- Affordable for most small businesses
- Integrates with popular accounting software like QuickBooks and Xero
- Includes a free plan for up to 10 assets
- Compatible with United States Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) depreciation standards
Cons
- Not a substitute for accounting software
- Requires a higher plan to account for disposals
- Limited implementation partners to help you set up AssetAccountant in your business
Read our AssetAccountant review
Plans & Pricing
All plans of AssetAccountant are good for unlimited users:
- Free: $0 for up to 10 assets
- Lite: $5 per month per 100 assets
- Basic: $10 per month per 100 assets
- Standard: $15 per month per 100 assets
- Standard + Leases: $45 per month per 100 assets
Annual pricing and volume discounts are available upon request. Contact AssetAccountant for more information.
Read our AssetAccountant review
AssetAccountant with QuickBooks Online offers a complete solution for general accounting needs and fixed asset tracking. It fills in the gap of QuickBooks Online’s lack of fixed asset management features. It covers all the aspects of fixed asset accounting from purchase to subsequent depreciation and maintenance and, ultimately, to the fixed asset’s disposal.
Its lease accounting features help you track fixed assets under finance lease, operating lease, or lease with repurchase agreements. More importantly, AssetAccountant’s ability to use standard depreciation methods and MACRS makes it a comfortable pick for computing tax depreciation savings and reconciling book-to-tax depreciation.
If you only have very basic fixed asset needs and are looking for an all-in-one bookkeeping solution without the need for accounting integration, consider Xero, which is a complete accounting software with a dedicated fixed asset manager. If your fixed asset tracking needs have no complexities, like lease accounting or asset revaluations, Xero would be a better pick.
- Best For
- Standout Features
- QuickBooks Online and Xero users: The absence of fixed asset tracking features in QuickBooks Online makes AssetAccountant a perfect integration. Moreover, Xero users wanting more powerful fixed asset management can also integrate with AssetAccountant. You can visit QuickBooks Online or head to Xero to learn more.
- Small businesses, in general: AssetAccountant’s plans are affordable and scalable. Paid plans charge per 100 assets, making it suitable for SMBs with fewer than 100 assets to track.
- Financial and tax depreciation reporting: You can compute depreciation for financial and tax purposes within AssetAccountant—you can use the straight-line method for book depreciation while reporting MACRS for tax. AssetAccountant makes it easy for you to determine depreciation for different reporting purposes.
- Businesses with leased equipment: AssetAccountant helps you account for finance leases, operating leases, and leases with repurchase agreements. Besides that, you can account for lease terminations and refinancing.
- Depreciation accounting for tax and financial reporting: AssetAccountant lets you choose multiple depreciation methods, including MACRS, for tax purposes. When integrated with QuickBooks Online, AssetAccountant automates all fixed asset entries that are to be made within QuickBooks Online.
- Lease accounting: Lease accounting is a complex and specialized accounting concept. AssetAccountant makes it easy for users to determine right-of-use assets, lease liability, and lease opening balances. Users may also record multiple assets per lease.
- Impairment and revaluation accounting: You may record impairments and revaluation surplus of fixed assets in AssetAccountant. These features are helpful for businesses using both the cost and revaluation model of fixed asset accounting.
Xero: Best Fixed Asset Management Software Within a Cloud-based Accounting Platform
Pros
- Full accounting software
- Computes partial-year depreciation
- Access to Xero advisors for expert assistance in fixed asset accounting
- Has project and inventory accounting
Cons
- No built-in lease accounting features
- No MACRS method
- No built-in features to account for impairment
Read our Xero review
Plans & Pricing
All plans come with unlimited users and fixed asset manager:
- Early: $15 per month
- Growing: $42 per month
- Established: $78 per month
Read our Xero review
Xero is a small business accounting software with a dedicated fixed asset manager. We picked it for users who would like to have a two-in-one solution for accounting and fixed asset management. Its fixed asset manager is decent and can help you track fixed asset purchases, depreciation, and disposal.
However, you should consider integration with AssetAccountant if you need advanced features like lease, impairment, and revaluation accounting. Another viable alternative would be Asset Panda, especially if you have assets in multiple locations. Asset Panda’s barcode scanning feature makes it easy for you to capture fixed assets on the floor.
- Best For
- Standout Features
- Businesses not using MACRS: Xero doesn’t compute MACRS depreciation. It’s perfect for businesses using other depreciation methods for tax purposes, such as the straight-line method.
- Businesses without leased fixed assets: There’s no built-in feature to compute for leases within Xero unless your accountant can do the manual computations and input it via journal entry. Hence, Xero is best in situations when all assets are owned.
- Contractors: Aside from its fixed asset manager, Xero’s project accounting is commendable. Contractors can track project costs alongside fixed assets used for projects.
- Intuitive interface: Xero’s fixed asset manager’s interface is clean and easy to use. It shows all unregistered, registered, and disposed fixed assets on one screen.
- Basic depreciation reports: You can run reports to show depreciation values, disposal schedules, and overall gains and losses arising from disposals.
- Fixed asset register: You can check all fixed assets in the fixed assets register. This place records all fixed asset details, so you don’t need to go to the general ledger.
QuickBooks Accountant Desktop: Best for Bookkeepers With Many Clients
Pros
- Special and unique features for bookkeepers and accountants offering accounting services to QuickBooks Desktop Pro and Premier users
- Can access all the industry editions of QuickBooks Premier
- Compatible with previous editions of QuickBooks Pro and Premier
- Perform fixed asset accounting for an unlimited number of companies
Cons
- Only for QuickBooks Desktop ProAdvisors
- Not a product sold to end-users, such as businesses
- Requires Accountant Copy to transfer files from client to bookkeeper
Read our QuickBooks Accountant Desktop review
Plans & Pricing
QuickBooks Accountant Desktop comes in two membership levels:
- ProAdvisor Premier Software Bundle: $799 per year, per ProAdvisor
- ProAdvisor Enterprise Software Bundle: $1,299 per year, per ProAdvisor
Each includes the platform and a ProAdvisor membership.
Read our QuickBooks Accountant Desktop review
QuickBooks Accountant Desktop is a special product intended for bookkeepers and CPAs. It has features that let practitioners review and adjust clients’ books and fix client errors in bookkeeping. We picked QuickBooks Accountant Desktop because it is the only QuickBooks Desktop version with a fixed asset manager.
Bookkeepers with many clients can use QuickBooks Desktop to provide fixed asset management. If you’re not a bookkeeper, we recommend Xero instead since it’s also an accounting software that’s not a product catering solely to bookkeepers.
- Best For
- Standout Features
- Tracking fixed assets: QuickBooks Accountant Desktop’s fixed asset manager contains features that let you keep fixed asset information, compute depreciation, and record fixed asset disposal entries. It is extremely useful for businesses with a lot of fixed assets like office equipment or machinery.
- Accounting and bookkeeping practitioners: Accounting firms or solo practitioners can keep track of fixed assets for all their clients for one price.
- Accountants with QuickBooks Desktop clients: QuickBooks Desktop Accountant can import client books from QuickBooks Desktop Pro or Premier. You can make adjustments to their books and then export the changes back to them.
- Providing on-site assistance: You can still access your QuickBooks Desktop Accountant tools within the QuickBooks Desktop of your client, which will help you provide on-site assistance to clients when needed.
- Toggle between industry editions: Since QuickBooks Desktop Premier comes with multiple industry-specific editions, your QuickBooks Desktop Accountant can switch between editions to accommodate different kinds of clients. Currently, there are five editions, namely: nonprofits, manufacturers and distributors, professional service firms, contractors, and retailers.
- Accountant tools: Whenever there are discrepancies or errors in the client’s books, QuickBooks Desktop Accountant has tools that’ll recommend correcting entries for errors. It can also batch-enter transactions to make things quicker on your end.
- Accountant’s copy: QuickBooks ProAdvisors should receive a copy of the client’s data. Only the ProAdvisor can edit this copy to prevent unnecessary changes in the master data.
Asset Panda: Best for Tracking Tangible Assets Using Barcodes
Pros
- Barcode generation to identify assets easily
- Full lifecycle history for all fixed assets
- Can track software licenses as assets
- Has iOS and Android apps
Cons
- Only uses straight-line depreciation
- No transparent pricing
- Lease accounting and depreciation tracking are add-ons
Plans & Pricing
Asset Panda’s is custom priced depending on the needs of the users. The quoted price will include the following:
- IT and general asset management module
- Unlimited users
- 24/7 support via email
- Customizable fields and workflows
- Cloud-based access
- Mobile app access for iOS and Android
- Single sign-on (SSO) and authentication
Asset Panda is a good pick for businesses needing to track both tangible and intangible assets. Whether it’s software, furniture, laptops, or office refrigerators, Asset Panda is a one-stop solution for tracking fixed assets. Its barcode scanning feature lets you create unique barcodes for each fixed asset. You can print and paste the barcode to the body of the fixed asset and use it as a label.
The only downside is that Asset Panda doesn’t integrate with accounting software, meaning you’ll need to make journal entries to record depreciation and disposals. If you don’t want to make fixed asset journal entries in your accounting platform, we recommend AssetAccountant instead because it integrates with QuickBooks Online and Xero.
- Best For
- Standout Features
- Barcoding assets: Barcodes help you verify the existence and ownership of assets. Seeing barcode stickers is also proof that you have encoded the asset’s information in Asset Panda.
- Tracking tangible and intangible assets: Asset Panda lets you track tangible assets like computer hardware and intangible assets like software licenses. If your business has a mix of these two assets, we recommend Asset Panda.
- Mobile app accessibility in fixed asset tracking: The app is available on iOS and Android, plus full integration with the web app. Through the app, you can scan asset barcodes, pin GPS locations of specific assets, and add new assets.
- Providing IT assistance to remote employees: The built-in ticketing system helps you assist employees with troubleshooting and repairs. Employees can submit tickets using the web-based app or mobile app.
- Full lifecycle history: Each asset in Asset Panda will have a complete lifecycle history from its purchase and eventual disposal. You’ll also see repairs and maintenance activities performed during the life of the asset.
- Asset accountability: You can assign assets to employees within Asset Panda, including pertinent information about the asset, such as serial number, asset ID, and warranty information.
- Audit reports: Asset Panda generates an asset audit report that shows all asset items in the system and their status. You can use this list to scan assets that have not yet been scanned but have already been recorded in the system. These reports can help you spot missing assets that have been previously recorded but are nowhere to be found.
AssetExplorer: Best for IT Asset Tracking & Software License Management
Pros
- Includes a free plan with no expiration
- Scans the business’s network to detect devices and software used
- Connects IT assets relationships with the IT infrastructure
- Tracks all software installed on all devices
- Computes depreciation in four methods: declining balance, double declining balance, straight line, and sum-of-the-years digits
Cons
- No web version
- Tracks only IT-related hardware and assets
- Not ideal for businesses with no IT infrastructure
- Not ideal for businesses without an IT department
- No MACRS depreciation
Plans & Pricing
AssetExplorer’s plans are license-based and include free annual maintenance service. You can use each license until the limit. You can try AssetExplorer for 30 days to track 250 IT assets. Otherwise, you can proceed to the Free plan that lets you track 25 IT assets. Here are its paid options:
- 250 IT assets: $955 per year
- 500 IT assets: $1,795 per year
- 1,000 IT assets: $2,995 per year
- 1,500 IT assets: $4,195 per year
- 2,000 IT assets: $4,795 per year
- 3,000 IT assets: $7,195 per year
- 5,000 IT assets: $9,595 per year
- 10,000 IT assets: $11,995 per year
- Additional 1,000 IT assets for 10,000 IT assets pack: $1,195 per year
We picked AssetExplorer for small businesses that mainly use IT assets or businesses with a sophisticated IT infrastructure. Because AssetExplorer specializes in IT asset tracking, it is the best tool for managing everything IT. You can track computers, laptops, routers, internet and intranet connections, and databases.
However, businesses with simple IT assets may find AssetExplorer too complex for their needs. We recommend Asset Panda instead, as it can also track IT assets and offers a more user-friendly interface for small businesses. It’s easier to use than Asset Explorer, especially if your business has simple fixed asset management needs.
- Best For
- Standout Features
- Businesses with IT departments: Your IT department can use AssetExplorer as the primary tool for tracking, maintaining, and troubleshooting IT assets. It can serve as central software for all IT-related processes and information.
- Managing software licenses: AssetExplorer takes control over all software products implemented within the business. It doesn’t only track them, but it also monitors unauthorized use of software in the organization. It also doesn’t limit what kind of license to track, whether these are original equipment manufacturer (OEM), concurrent, enterprise, free, named user, node-locked, trial, volume, or individual licenses.
- Tracking asset lifecycle and information: You can see all details about the assets, from their purchase to disposal. Repairs and maintenance performed will also be present in the asset’s records.
- Configuration management database (CMBD): The CMDB serves as a repository of all IT assets within the business. It detects relationships between IT assets, which could help IT support in finding the root causes of problems and bottlenecks.
- Multi-platform asset tracking: Whether you’re using Linux, Windows, Mac, or AIX machines, you can still use Asset Explorer.
- Software management: AssetExplorer can track all software used within the network. You can also assign software to people so that you’ll know who has authorization to use it.
How We Evaluated the Best Fixed Asset Software for Small Businesses
We considered all fixed asset management features that’ll help small businesses effectively manage fixed assets at ease. Hence, the best fixed asset management software should possess the majority, if not all, of the following features:
- Multiple depreciation methods: The tool should provide users with a variety of options to depreciate their assets. Most importantly, it must also compute tax depreciation methods, like the MACRS, aside from common depreciation methods.
- Tangible and intangible fixed assets tracking: Ideally, the platform should accommodate all kinds of assets, whether tangible or intangible. For small businesses with software licenses, copyrights, or patents, you should consider a solution that can track intangibles.
- Financial and tax depreciation reconciliation: Reconciling financial and tax depreciation is important to report the correct amount of taxable income. In other words, you don’t need to adjust financial income to taxable income manually.
- Repairs and maintenance management: The software must account for repairs and maintenance activities and costs incurred so that you’ll know how many resources were used for a particular asset.
- Fixed asset disposal: The tool should simplify the fixed asset disposal process by automatically computing partial year depreciation and any resulting gain or loss from the sale.
- Fixed asset condition monitoring: The software records should have a way of tracking the fixed asset’s physical condition. Assignment of asset tags or barcodes can help in this feature.
- Lease accounting: Some small businesses may find leasing a cheaper option than buying a brand-new fixed asset. Hence, the fixed asset software should enable users to track lease payments, lease liabilities, and other lease items.
- Accounting software integration: A seamless integration with accounting tools makes it easy for your accountant to account for depreciation, repairs and maintenance, and disposal. It will be a big plus if your platform of choice is already an accounting platform.
How To Choose a Fixed Asset Management Software
There are different factors to consider when choosing a solution for fixed asset management. In most cases, you need to consider the following:
- Number of fixed assets in the business: If there are a lot of fixed assets used per count, a fixed asset software can be a tool that’ll help you record and monitor these assets. You can also control who can access or use fixed assets, especially if it’s difficult to track each manually.
- Value of fixed assets: Some fixed assets are expensive or critical to business operations. Tracking them through a specialized platform is one way of ensuring that they’re accounted for properly and that you’re enjoying tax savings from depreciation.
- Affordability: Some fixed asset management software is affordable, while others are expensive. You should take a closer look at your business to determine what kind of tool you can afford. Moreover, would you need a sophisticated asset tracker? Alternatively, would a simpler and more affordable option suffice?
- Location of users: In case you have a scattered workforce, a fixed asset management tracker is a big help in ensuring that all company-issued assets are assigned to employees for accountability. It’s harder to track fixed assets that are not physically present on the business premises. Hence, the use of fixed asset management software is useful for remote workers.
- Number of users: You also need to consider how many users have company-issued assets. If there are only a few, like fewer than 20, it would be more efficient to track them manually using a spreadsheet. But if tracking by spreadsheet takes time, considering a fixed asset management software may help you recover lost time.
Frequently Asked Questions (FAQs)
No, it can’t track fixed assets and record depreciation. We recommend integrating it with fixed asset management software like AssetAccountant to fill in this missing feature.
Tax savings on depreciation is the main reason why most businesses would track fixed assets. Depreciation expense reduces taxable income and income tax. If you account for all fixed assets, you can minimize tax payments effectively.
Fixed assets are long-term assets that a business owns or leases. These assets can be movable, such as vehicles, laptops, and furniture, or immovable, such as land, buildings, and office space.
Bottom Line
The best fixed asset accounting software should help your business track all fixed assets, record depreciation for tax and financial purposes, and aid in disposal. Overall, the platform should help you monitor, maintain, and protect your fixed assets.
