Automated Xero workflows for the USA
| Capability | Xero Fixed Assets | AssetAccountant | Verdict |
|---|---|---|---|
| US GAAP & Accounting Standards | |||
| Revaluations | Not applicable - US GAAP requires the cost model. Revaluations not permitted. | Supports both cost model (US GAAP) and revaluation model (IFRS) as explicit book options - relevant for IFRS-reporting US entities. | ~ Comparable |
| Impairments (ASC 360) | Not supported. No impairment write-down functionality in the fixed assets module. | Supported - impairment write-downs with full journal posting. | ✓ AA Leads |
| GAAP vs IFRS book option | Single accounting book only. | Explicit US GAAP and IFRS options - relevant for US subsidiaries of foreign IFRS groups. | ✓ AA Leads |
| Partial disposals | Not supported. | Supported - partial disposal of assets and partial write-offs. | ✓ AA Leads |
| Prior period adjustments | Depreciation rollback/rerun available. | Supported. | ~ Comparable |
| IRS Tax Depreciation | |||
| IRS tax depreciation book (MACRS) | Not available. Xero's fixed asset module calculates accounting depreciation only. No MACRS or IRS tax calculations. | Full IRS tax book: MACRS (all asset classes and conventions), Section 179 expensing, 100% bonus depreciation (OBBBA) - maintained annually. | ✓ AA Leads |
| MACRS (all classes / conventions) | Not supported. Accounting depreciation only. | Supported - GDS and ADS, half-year/mid-quarter/mid-month conventions. | ✓ AA Leads |
| Section 179 expensing | Not supported in the fixed asset module. Xero publishes informational guides on Section 179 but the product does not calculate it. | Supported - up to $2,560,000 for tax years beginning 2026, with phase-out. | ✓ AA Leads |
| Bonus depreciation (100%, OBBBA) | Not supported. | Supported - 100% bonus depreciation for qualified property (restored under OBBBA, post 19 Jan 2025). | ✓ AA Leads |
| Listed property / vehicle caps | Not supported. | Supported - luxury vehicle caps and listed property rules applied automatically. | ✓ AA Leads |
| Depreciation Methods | |||
| Standard methods (SL, DV) | Straight-line and diminishing value - confirmed. | DV, SL, immediate, intangible amortisation. | ~ Comparable |
| Units-of-use / activity-based | Not available. | Supported. | ✓ AA Leads |
| Non-monthly periods | Monthly depreciation runs. | Supported. | ✓ AA Leads |
| Multi-book depreciation | Not available. Single accounting book only. | Supported - separate US GAAP and IRS MACRS books, different cost bases. | ✓ AA Leads |
| Asset Record & Data Model | |||
| Asset register size | Soft cap of approximately 500 assets. | Unlimited assets. Current clients include registers of up to 50,000 assets. | ✓ AA Leads |
| Custom fields | Not available. | Unlimited custom fields per asset. | ✓ AA Leads |
| Components (sub-assets) | Not supported. | Assets can be marked as components of other assets. | ✓ AA Leads |
| Attachments | Not supported in the fixed asset module. | Unlimited attachments per asset. | ✓ AA Leads |
| Asset classifications / tracking categories | Tracking categories limited to two per organisation. | Syncs with Xero's tracking categories. Unlimited classifications within AssetAccountant. | ✓ AA Leads |
| Auto-draft from transactions | Bills and bank transactions auto-create draft assets. | Transactions from Xero GL accounts of Fixed Asset type automatically generate draft assets. | ~ Comparable |
| Core asset fields | Purchase date, price, type - confirmed. | Equivalent core fields. | ~ Comparable |
| Audit trail | Xero's platform audit log. | Full audit trail of all changes. | ~ Comparable |
| Lease Accounting (ASC 842 / IFRS 16) | |||
| ASC 842 / IFRS 16 compliance | No native module. Requires third-party add-on for ASC 842 or IFRS 16 compliance. | IFRS 16 compliant lease accounting - built into the same platform as fixed assets, separately priced. ASC 842 for IFRS 16 reporters. | ✓ AA Leads |
| ROU asset & lease liability | Not available natively. | Automated ROU asset and lease liability with current/non-current split. | ✓ AA Leads |
| Asset finance loans (conditional sale) | Not available natively. | Supported natively. | ✓ AA Leads |
| Fixed assets + leases | Separate tools required. | Both in one platform, one subscription, shared GL mapping. | ✓ AA Leads |
| Reporting & Forecasting | |||
| Depreciation schedule report | Available - shows accounting depreciation by asset. | Asset summary, group summary, acquisitions, disposals. | ~ Comparable |
| IRS Form 4562 / tax audit report | Not available. | Dedicated IRS tax audit report; supports Form 4562 preparation. | ✓ AA Leads |
| Portfolio-level forecasting | Not available. | 100-year portfolio-level depreciation forecasting. | ✓ AA Leads |
| User-defined reporting | Xero Reports - integrated with P&L and balance sheet. A genuine strength. | User-defined report writer in development. | ● Xero Leads |
| Integration & Platform | |||
| Accounting system integration | Fully native - fixed assets are part of Xero. Automatic GL posting. | Dedicated Xero integration - sync-based. One-click journal posting. | ● Xero Leads |
| Multi-entity / multi-org | Separate Xero orgs per entity. No consolidated register. | Multi-entity supported with consolidated reporting. | ✓ AA Leads |
| Outcome | # Areas | % of Total | What this covers |
|---|---|---|---|
| ✓ AssetAccountant Leads | 21 | 70% | IRS MACRS, Section 179, bonus depreciation, listed property caps, IFRS 16 leasing, multi-book, asset size, partial disposals, custom fields, forecasting, classifications |
| ~ Broadly Comparable | 7 | 23% | Standard depreciation methods, core asset fields, audit trail, auto-draft, depreciation report, revaluations (US GAAP context), prior period adjustments |
| ● Xero Leads | 2 | 7% | Native Xero GL integration, Xero reporting suite |
CLIENT TESTIMONIALS
From Big 4 firms to solo accountants, public company CFOs to corporate finance teams;
— here’s what they say about our fixed asset depreciation and lease accounting software:
“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.”
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“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.”
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“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.”
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“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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“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!”
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“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.”
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“It’s amazing we calculated this year’s depreciation in just a matter of minutes!”
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“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.”
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“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.”
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“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.”
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“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.”
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“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.”
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“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.”
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We undertake detailed modelling of fixed asset depreciation and lease calculation rules for both accounting and tax.
We monitor changes to IRS tax rulings and accounting standards like US GAAP and ASC 842 so you don’t have to.
And, of course, we are ISO27001 certified.
Ask me anything about AssetAccountant and if my answer isn't what you need, send my humans an email: support@asset.accountant NB: Additional content will appear under 'References' below
