Fixed asset software

Fixed asset software is a crucial tool for businesses of all sizes. It helps companies manage and track their physical assets, such as equipment, buildings, and vehicles.

In today’s fast-paced business environment, it is essential to have a reliable and efficient way to manage fixed assets.

In this article, we will discuss the importance of using software to manage fixed assets, the downsides of using spreadsheets or other manual processes, the advantages of cloud-based fixed asset software, the importance of being able to differentiate between accounting fixed asset treatment and tax fixed asset treatment, and the importance of being able to integrate fixed asset software with other accounting and tax platforms.

Fixed asset software instead of spreadsheets

The importance of using software to manage fixed assets cannot be overstated. Without proper management, fixed assets can become a liability rather than an asset. Software solutions provide businesses with the tools they need to track, maintain, and dispose of their fixed assets. This includes tracking the acquisition and disposal of assets, as well as maintaining accurate records of their location, condition, and value. By using software, businesses can ensure that their fixed assets are being used effectively and efficiently.

Using spreadsheets or other manual processes to manage fixed assets can be risky and inefficient. Spreadsheets are prone to errors, and it can be difficult to keep them up-to-date. Manual processes are also time-consuming, and it can be challenging to ensure that all of the necessary information is included. With software solutions, businesses can automate many of the tasks associated with fixed asset management, saving time and reducing the risk of errors.

Fixed asset software in the cloud

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.

Cloud-based solutions also typically have lower upfront costs, as there is no need to purchase and install software on individual computers.

Additionally, with cloud-based software, businesses can take advantage of automatic updates and backups, ensuring that their data is always up-to-date and secure.

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Tax vs Accounts for fixed asset depreciation

Differentiating between accounting fixed asset treatment and tax fixed asset treatment is essential for businesses.

Accounting fixed asset treatment refers to how assets are recorded on a company’s financial statements, while tax fixed asset treatment refers to how assets are treated for tax purposes.

It is important to understand the difference between the two, as they can have a significant impact on a company’s financial and tax position.

Software solutions can help businesses navigate these differences by providing the necessary tools to properly record and report fixed assets for both accounting and tax purposes.

Software integrations with GLs and ERPs

Integrating fixed asset software with other accounting and tax platforms is important for businesses.

By integrating with other software, businesses can streamline their processes and reduce the risk of errors.

For example, by integrating fixed asset software with accounting software, businesses can ensure that the information recorded in both systems is accurate and up-to-date.

Additionally, by integrating fixed asset software with tax software, businesses can ensure that their fixed asset information is properly reported for tax purposes.

Why our clients love AssetAccountant™

Up until 2021 we had been using Excel spreadsheets to calculate and manage fixed asset tax depreciation for the group's registers, which was not sustainable. To address this and to implement automation of the process, we researched solutions offered in the market, including by the large accounting firms and specialist software providers. After thoroughly vetting AssetAccountant as a vendor, testing the software and its calculations, and reviewing the company’s data security, we committed to implement the software for all tax fixed asset registers for the Whitehaven Coal group. Since implementation we have been very satisfied with the decision. The software is intuitive, robust, easy to use, and accurate. AssetAccountant’s commitment to ongoing development of the product's features has also been impressive.
Greg Singh
Greg SinghGroup Tax Manager, Whitehaven Coal Limited
After being introduced to AssetAccountant in 2020 by PriceWaterhouseCoopers, I carefully reviewed the software's functionality to suit our complex fixed asset depreciation and lease accounting requirements. For example Buildsafe acquires, disposes and writes off thousands of assets including partial transactions. We also need flexible reporting and detailed journals. I have found the software to be enterprise standard, robust and precise. The software is a very elegant blend of beauty and smarts. The ongoing support, product development and assistance has been responsive and reliable. An amazing team and product. Thank you.
Sharon Hughes
Sharon HughesCFO, Buildsafe
AssetAccountant (AA) has produced the ultimate Fixed Asset Management System. AA integrates seamlessly with Xero and produces reports that satisfies any auditor with easy to trace transactions that are verifiable. The real hidden gem is their Lease Accounting facility which takes all the heartache and time consuming issues out of AASB16.
Fantastic product - has literally saved me hours of work.
John Smith
John SmithCFO & Company Secretary, Dateline Resources Ltd
We love using AssetAccountant. The time savings for every client’s depreciation entries means not only is profit increased on every job, but our additional team capacity can be directed to more valuable work. There is literally no risk in the investment of AssetAccountant fixed asset depreciation software.
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Suzanne Walker Director, Clear Path Accounting
Big Boy Jocks On....
Ever wanted the big company fixed asset system without all the clunkiness and overthinking on the part of the software developers (I'm looking at you Thomson Reuters...)? Well then you need AssetAccountant. It provides just the right mix of complex depreciation calculations and beautiful user interface. It's a system designed by accountants and executed perfectly by developers. The integration is seamless with Xero (you can sign into AA with Xero credentials which is awesome if you are already running Xero on your browser) and journaling synchs are very flexible between the two applications. Then there is the price. I challenge you to find a more robust fixed asset system at these price points. Well done AssetAccountant.
You get me.
I now have my big boy jocks back on for fixed asset management....and they fit!
Chris J Emerson CPA
Chris J Emerson CPAEmerson Consulting Services LLC
From the initial contact with the team at AssetAccountant to the final implementation, we have received prompt and positive responses. The effective support service and continuous improvement makes AssetAccountant a product highly recommended to a wide variety of industries as well as to accounting firms.
Marco Abril - TPM Builders Team Member
Marco AbrilFinancial Controller, TPM Builders
It’s amazing we calculated this year’s depreciation in just a matter of minutes!
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Veenith SinghGroup Finance Operations Manager, Beca Group
Our organisation was looking for a standalone cloud-based fixed asset register that could calculate depreciation for multiple companies. AssetAccountant was a perfect solution that removed the need for tracking assets and calculating depreciation through spreadsheets. The team at AssetAccountant were very responsive throughout the implementation process. The system is straightforward to use and has various options for both asset tracking and depreciation to make it suitable for most organisations.
Con Kirgianis
Con KirgianisFinance Manager, KWP!
Now that AssetAccountant is in our app store, our customers and sales team have a cloud option for fixed asset depreciation which has a strong integration with QuickBooks Online.
Matt Pisarski - Intuit Team Member
Matt PisarskiGlobal Business Development, Intuit Quickbooks
After years of “paying a premium” for our Asset Management, we decided to go in-house. More than impressed with the ease and capability of the software, and the staff were a pleasure to deal with from go to whoa. Fabulous to have monthly reporting, as opposed to annual as well.
Kim Stanton
Kim StantonChief Financial Officer, Hardy Aviation
I have seen a lot of niche products come and go but the one constant has been the lack of a decent fixed asset register. I was recently invited to see the latest incarnation and it did not disappoint. I am confident that both accounting firms and corporate clients will be lining up to use it – I have already been extolling the solutions’ virtues.
Alan Fitzgerald - Practice Connections Team Member
Alan FitzGeraldFounder, Practice Connections
We initially came across AssetAccountant when researching potential replacements for the Xero asset register. AssetAccountant sparked our interest due to its ability to easily and transparently forecast depreciation, transfer assets between sites, revalue assets and asset part disposals. The AA team have been extremely helpful which has provided us with confidence in the product, we look forward to exploring additional features to find more efficiencies in our processes.
Elspeth Mildren
Elspeth MildrenAccountant, Lawson Grains
We highly recommend the use of AssetAccountant. Our clients benefit immensely from accurate asset register records, making spreadsheet accounting (and typical errors) a thing of the past. We can easily maintain tax and accounting registers providing our clients with accurate and meaningful information. AssetAccountant is a breeze to use, and we love that it integrates with QBO and Xero.
Leanne Spiteri
Leanne SpiteriFounder, Virtue Private Advisory
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Evaluating different fixed asset software solutions

Asset tracking: The software should be able to track and maintain accurate records of all of your fixed assets, including their location, condition, and value.

Reporting: The software should be able to generate reports on your fixed assets, including acquisition and disposal reports, as well as reports on the location and condition of your assets.

Integration: The software should be able to integrate with other accounting and tax platforms, such as accounting software and tax software.

Security: The software should be able to protect your data and ensure that it is kept confidential.

Automation: One of the key features of a good fixed asset software solution is its ability to automate many of the tasks associated with fixed asset depreciation and lease accounting. This can save time and reduce the risk of errors. For example, the software should be able to automatically generate reports and update asset information, in bulk actions.

Accuracy: Up-to-date information on your fixed assets is essential. This can be particularly important for businesses that need to comply with regulatory requirements or that have a large number of assets. With accurate information, businesses can make better decisions about their assets and ensure that they are being used effectively and efficiently.

In summary

Fixed asset software is a crucial tool for businesses of all sizes.

It allows them to manage and track their physical assets, such as equipment, buildings, and vehicles.

With software, businesses can ensure that their fixed assets are being used effectively and efficiently.

Cloud-based fixed asset software has many advantages over desktop-based solutions and differentiating between accounting fixed asset treatment and tax fixed asset treatment is essential for businesses.

Integrating fixed asset software with other accounting and tax platforms can also streamline processes and reduce the risk of errors.

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