Sophisticated depreciation and leasing functionality for accounting and tax.
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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“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."
"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!"
"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."
Fixed asset depreciation refers to the process of allocating the cost of a tangible asset over its useful life. For corporations, this is crucial for complying with accounting standards and accurately reporting the value of assets on financial statements. Depreciation impacts tax obligations and helps reflect the asset’s wear and tear over time.
Corporations in Australia commonly use the straight-line depreciation and diminishing value method. Each method has its own calculation process under Australian accounting standards, and the choice of method may vary based on the asset type and the company's tax strategy.
Depreciation for leased assets follows specific lease calculation rules. Under Australian accounting standards, corporations must recognize both the asset and liability of leases on their balance sheets. The depreciation of leased assets is calculated based on the asset’s useful life or the lease term, whichever is shorter.
Fixed asset depreciation in Australia is governed by the Australian Accounting Standards Board (AASB), specifically AASB 116 Property, Plant and Equipment. This standard outlines how to handle the recognition, depreciation, and impairment of fixed assets for corporations.
The adoption of AASB 16 Leases requires corporations to bring most leases onto the balance sheet, affecting both asset depreciation and lease liability recognition. This change has a significant impact on financial reporting, making it essential for corporations to comply with new lease calculation rules and update their accounting practices.
Under Australian tax laws, corporations can depreciate assets that are tangible and have a limited useful life, such as machinery, equipment, vehicles, and buildings. These assets must be used in the company’s operations and meet certain criteria set by the Australian Taxation Office (ATO).
Depreciation affects a corporation’s profit and loss statement by reducing taxable income, as well as the balance sheet, by decreasing the book value of assets over time. Properly calculating and reporting fixed asset depreciation ensures compliance with accounting standards and provides a clearer financial picture.
