One-click journal posting
Tracking category support
Draft assets pull-through
AssetAccountant have clients who work with all sorts of accounting systems where the depreciation requirements have outgrown the native functionality of their platform.
Because of the scale of their market penetration (and we use it ourselves), one of the most common of these is Xero.
As with all the systems AssetAccountant can work alongside, there’s nothing fundamentally “wrong” with the depreciation and fixed asset management features in Xero, but rather there are cases where a business or accounting firm’s needs aren’t met by what’s included.
We have developed a remarkable integration between Xero and AssetAccountant to provide support for this.
Before we get to the details of how the integration works, let’s have a look at some of the use cases that our Xero-first users have and why they choose to use AssetAccountant.
The two main reasons businesses come to us to augment their experience using Xero:
The first of these (and the most straightforward) is that they have a large number of assets to manage which exceeds (and in some cases far exceeds) the soft cap limit of around 500 assets that Xero has with their Fixed Asset solution.
The second reason is where you may have some more complex technical requirements that Xero fixed assets does not handle because these are not required by much of its core user base. Some examples of this include:
- Management of BBI incentives – AssetAccountant manages tax content and rule changes so you don’t have to. This extends to building in specific support for government rule changes as a result of Covid-19.
- Partial disposals – Some businesses have a requirement to manage partial disposals or write offs of assets (eg if you were selling part of a block of land or writing off a proportion of assets with short lives).
- Revaluations and impairments – Sometimes you will need to revalue or impair an asset. AssetAccountant has functionality that automates this and keeps track of revaluation reserves which are journaled back to Xero.
- Components – AssetAccountant allows you to mark assets as components of other assets for convenience.
- Assets under construction (WIP – or Works in Progress) – AssetAccountant allows users to add multiple purchases to a single asset delivering a rich user experience for assets being built or purchased piecemeal.
- Adjusting private/taxable use from year to year – often the taxable or private use percentage of an asset can change from year-to-year. AssetAccountant has this feature built in as native.
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.
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.
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.
Fantastic product - has literally saved me hours of work.
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.
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!
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!
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.
It’s amazing we calculated this year’s depreciation in just a matter of minutes!
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.
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.
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.
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.
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.
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.
So how does AssetAccountant actually integrate with Xero?
Fortunately Xero has a great set of Application Programming Interfaces (APIs) that let AssetAccountant and Xero exchange selected data.
AA has invested significant resources to that allow you to take advantage of some of the features in Xero’s fixed asset system as follows:
- Draft assets – AssetAccountant interrogates the Xero draft fixed asset register for new items bought by the business.
- Classify in AssetAccountant – Once the asset has been imported to AssetAccountant, the user selects the correct tax and accounts depreciation treatment (or can use the standard method for that asset type).
- Tracking Categories – AssetAccountant supports use of tracking categories and this information is included in journals back to continue to provide granular reporting in Xero.
- Journals – AssetAccountant then depreciates these assets for both tax and accounts and gives the required information to the user as well as allowing for automated journals back to Xero.
