Emerging Trends in Fixed Asset Depreciation: Technology and Automation


Accounting software and asset management automation

The automation of accounting processes and software entails utilizing software solutions to streamline finance and accounting tasks. In recent times, both businesses and accounting firms have embraced process automation to supplant conventional accounting procedures that heavily rely on spreadsheets and manual workflows.

This shift is driven by the recognition that such traditional methods are less efficient and prone to inaccuracies.

Automation in accounting offers numerous benefits across various functions. It streamlines tasks such as monthly reporting, financial closing, expense management, supplier invoicing, payment processing and of course – fixed asset depreciation and lease accounting.

By eliminating manual data entry and spreadsheet-based processes, asset management automation reduces the need for human involvement, sometimes even eliminating it entirely.


Fixed asset management software instead of spreadsheets

Utilizing software for fixed asset management is crucial for businesses. Without proper management, fixed assets can turn into a liability. Software solutions offer the necessary tools to track, maintain, and dispose of fixed assets efficiently.

This includes monitoring acquisitions and disposals, as well as maintaining accurate records of location, condition, and value.

By utilizing software, businesses can guarantee effective and efficient use of their fixed assets. Relying on spreadsheets or manual processes for fixed asset management can be risky and ineffective. Spreadsheets are prone to errors and can be challenging to keep updated.

Manual processes are time-consuming and may lead to missing essential information. With software solutions, businesses can automate many tasks related to fixed asset management, saving time and minimizing the risk of errors.

Fixed asset management system in the cloud - AssetAccountant

Cloud-based fixed asset software has many advantages over desktop-based solutions.

Cloud-based software is accessible from any device with an internet connection, making it easy for employees to access and update information from anywhere.

This can be particularly beneficial for businesses with multiple locations or employees who work remotely.

A cloud-based fixed asset management tool offers accessibility from any device connected to the internet, enabling employees to conveniently access and modify information from any location.

This feature proves especially advantageous for businesses with multiple branches or remote workers. Moreover, cloud-based solutions generally entail lower initial expenses since there is no requirement to buy and install software on each individual computer.

Furthermore, by utilizing cloud-based software like AssetAccountant, businesses can benefit from automatic updates and backups, guaranteeing that their data remains current and protected.

AssetAccountant – saving you from spreadsheets since 2019

Software integrations with GLs and ERPs

AssetAccountant is a “best of breed” software application.

Which means, this is all we do. We ONLY develop sophisticated fixed asset depreciation and lease accounting software and focus on delivering this exceptionally well.

Yes it is true GLs and ERPs have fixed asset accounting modules, but very often they are rudimentary, lacking functionality and frankly, are only an afterthought and clunky.

Integrating best-of-breed fixed asset software with various accounting and tax platforms is crucial for the efficiency and accuracy of your fixed asset accounting0.

For instance, when fixed asset software is integrated with accounting software, it guarantees that data consistency and accuracy are maintained across both systems.

Moreover, integrating fixed asset software with tax software enables businesses to accurately report fixed asset information for tax compliance.

We take depreciation and leasing seriously

We undertake detailed modelling of fixed asset depreciation and lease calculation rules for both accounting and tax.

We monitor changes to ATO tax rulings and accounting standards like IAS 16 and IFRS 16 so you don’t have to.

And, of course, we are ISO27001 certified.

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Why our clients love AssetAccountant

Information and data security - ISO27001:2022 certification

By implementing fixed asset software with various accounting and tax systems for the biggest of businesses and accounting firms around the world, AssetAccountant has committed to the highest standard of data security and protection.

With an established Information Security Management System (ISMS) and ISO27001 certification, we assure our clients and partners that their data is safe and secure.

Our Tier 1 accounting firms clients require us to maintain this certification, setting us apart from competitors who do not prioritize information security in the same proactive manner.