What is fixed asset inventory management?
Fixed asset inventory management is the process of tracking and managing a company’s physical assets throughout their entire lifecycle, from procurement to disposal. A comprehensive understanding of assets like equipment, machinery, IT assets can help businesses make informed decisions, reduce redundancies, lower storage costs, and eliminate taxes on ghost assets. Effective fixed asset inventory management can also help businesses optimize their assets, extend their useful life, and improve their bottom line.
What to consider when choosing a fixed asset inventory management software?
1. Features and capabilities
Fixed asset inventory management software can bring numerous benefits to businesses by enabling them to track and manage their assets across multiple locations and access relevant information from any device.
When choosing a fixed asset software, consider various features and capabilities, including mobile inventory solutions that enable users to download and view their fixed asset inventory, track one facility or multiple distribution centers, and support pre-election, election day, and post-election processes.
Other features to consider include multiple ways of calculating depreciation, generating asset status reports, and receiving status updates with rule-based alerts, in-depth reporting and analytics, such as asset and team performance KPIs, maintenance cost tracking, data collection and analysis, and data visualization and representation.
There are various pricing models available, such as subscription-based or perpetual licensing. Subscription-based models offer the advantage of lower upfront costs and regular updates, but can become more expensive in the long run. Perpetual licensing may require a larger upfront investment, but can be more cost-effective in the long term. It is also important to consider the long-term costs of maintaining the software, such as upgrades and support. Additional expenses such as training and implementation may also be applicable.
3. Ease of use
A user-friendly interface can increase productivity and reduce errors that can occur with a complicated system. To evaluate ease of use, look for traditional and clear navigation tools, customizable dashboards, and streamlined data entry.
4. Security and privacy
Inadequate security measures can lead to potential data breaches, which can have serious consequences for a company, including financial losses, damage to reputation, and legal liabilities.
These features may include data encryption, access controls, user authentication, audit trails, and regular security updates and comply with industry standards and regulations such as FASB/GASB, GAAP, SOX, and US Tax.
Technical support, training, and documentation are crucial in ensuring that the software is properly installed, maintained and used by your staff. Having access to a knowledgeable support team can help resolve any issues that may arise quickly. As well as 24/7 support.
6. Integrations and APIs
Seamless integrations with other systems and software can improve efficiency and streamline workflows by automating data transfer and reducing manual data entry. APIs allow for the exchange of data between different software systems, creating a more connected and integrated environment.
Some popular integrations in the industry include those with ERP systems, CMMS, and accounting software.
7. Analytics and reporting
By tracking key performance indicators such as asset uptime, maintenance costs, and asset value, organizations can gain valuable insights into the health of their assets and make data-driven decisions to optimize their performance.
For example, tracking the lifespan of assets can help organizations plan for replacements or repairs, while analyzing maintenance costs can highlight inefficiencies that need to be addressed.
Automated features to look for when choosing a software include tracking purchase cost, valuation, depreciation, and gain or loss on assets. Additionally, the software should automate inventory management workflows with audit trails, provide real-time asset information, and notify users when maintenance is due. It should also automate depreciation calculations and provide optimal asset management strategies for businesses with a large volume of assets.
9. Fixed asset hierarchy management
Fixed asset hierarchy management involves grouping assets into categories based on their characteristics, such as location, department, or function. This hierarchical structure helps businesses to track and manage their assets more efficiently by providing a clear overview of their inventory.
For instance, a business can categorize its assets by location, such as the main office, warehouse, or production facility. This approach enables maintenance managers to access relevant information from any device and conduct frequent audits to verify compliance.
10. Asset lifecycle management
By streamlining workflows throughout an asset’s usable life, you can make informed decisions that lead to reduced redundancies, lower storage costs, and the elimination of taxes on ghost assets. Fixed asset tracking software can help achieve this by managing a range of activities, such as checking assets in and out, creating service tickets, calculating depreciation, and more.
11. Asset RFID tags and barcodes
RFID tags and barcodes enable users to easily identify and track their assets, ensuring accuracy and efficiency in the management process. Asset tags also help to prevent loss or theft of assets by providing a visual deterrent and making it easier to identify missing items.
Accessibility features such as keyboard navigation, screen reader compatibility, and color contrast options can make the software more user-friendly for individuals with disabilities. It can also benefit users who are not familiar with the software or have limited computer skills.
13. Supportive business model and multi location tracking
With the ability to manage assets across multiple locations and access relevant information from any device, maintenance managers can easily track and maintain assets, ensuring they are secure and in good condition.
14. Mobile app
With mobile asset tracking apps, users can easily track their assets, scan barcodes, and make updates on-the-go, able to access inventory data from anywhere, at any time. This feature is especially useful for companies with field employees who need to access asset information remotely. Mobile apps also offer real-time updates and notifications, ensuring that users always have the most up-to-date information.
15. Fixed asset records management
The asset management software enables businesses to keep track of asset movements, conduct frequent audits for compliance verification, and use a central document management repository to digitize and store asset details and pertinent documents, providing end-to-end visibility into the entire management process, from acquisition to disposition.
16. Compliance and regulations
Consider compliance and regulations, because maintaining accurate and up-to-date fixed asset records is essential for organizations to comply with various regulations such as GASB 34, OMB A-133, FASB/GASB, GAAP, SOX, and US Tax. Failure to comply with these regulations can result in penalties, fines, and legal actions.
Your asset tracking software should be able to integrate with other systems such as enterprise resource planning (ERP) systems and computerized maintenance management systems (CMMS).
Having an interoperable system allows for seamless communication between different departments and systems, leading to better data accuracy, reduced manual data entry, and increased efficiency. For instance, if the fixed asset management software can integrate with the accounting system, it can automatically update asset values and depreciation records, saving time and reducing errors.
18. Asset inventory list
The inventory list should include all assets, their location, condition, and maintenance requirements. Incomplete or inaccurate inventory lists can lead to errors in the management of assets, resulting in financial losses and compliance issues.
The best fixed asset inventory management software for 2023
1. Asset Vue
AssetVue is an asset management company that specializes in providing comprehensive asset tracking solutions to businesses of all sizes. Their software allows companies to keep track of their assets in real-time and make informed decisions based on the data they collect.
AssetVue offers a variety of features such as automated inventory management, usage tracking, and data analytics to help businesses optimize their asset management processes. The software is designed to be user-friendly and customizable, allowing businesses to tailor it to their specific needs.
AssetVue also offers mobile solutions for on-the-go asset tracking and management. With AssetVue, businesses can save time and money by streamlining their asset management processes and reducing the risk of lost or stolen assets.
eMaint is a cloud-based computerized maintenance management system that offers a comprehensive suite of features for fixed asset inventory management. With eMaint, you can track asset health, analyze risk, manage asset performance over time, schedule maintenance jobs, allocate them to professionals, create preventative maintenance plans, and simplify repair work using maintenance management capabilities.
The software also features work order management, inventory management, and reporting and analytics capabilities. eMaint provides real-time data access from mobile devices, allowing maintenance teams to make informed decisions and take immediate action.
The platform’s reporting and analytics capabilities provide users with the insights they need to make informed decisions about maintenance operations, leading to increased efficiency and reduced costs. eMaint University provides users with unlimited access to training materials on maintenance management best practices, while the customer success portal offers tips and tricks on how to optimize the software for their operations.
Technical support is also readily available through phone, email, and live chat.
- Comprehensive and user-friendly: eMaint is a comprehensive and user-friendly CMMS that helps organizations of all sizes manage their maintenance operations with ease. It provides a centralized platform for managing and tracking work orders, scheduling preventive maintenance tasks, and monitoring asset information.
- Real-time data access: With eMaint, maintenance teams can access real-time data from mobile devices, allowing them to make informed decisions and take immediate action. This ensures that maintenance operations remain up-to-date and responsive to changing circumstances.
- Easy onboarding and reliable customer support: eMaint University provides users with unlimited access to training materials on maintenance management best practices, while the customer success portal offers tips and tricks on how to optimize the software for their operations. Technical support is also readily available through phone, email, and live chat, with a troubleshooting tool and guaranteed one-hour response time for critical concerns.
- Cost: eMaint can be expensive for small businesses or organizations with limited budgets.
- Limited customization: While eMaint offers a lot of pre-built features, its customization options are somewhat limited. This may not be ideal for organizations with unique workflows or processes.
- Learning curve: eMaint can take some time to learn, especially for those who are not familiar with maintenance management software. The platform’s robust capabilities and features may require some training or onboarding to ensure users can effectively utilize the software.
UpKeep is a mobile-first fixed asset inventory management software designed for industries such as manufacturing, facilities management, hotel, fleet, oil and gas, warehousing, utilities, and restaurants. It offers unlimited work orders, asset check-in and check-out, preventive maintenance, and barcode scanning, among other features.
Its advanced analytics tools help increase the life cycle of assets while notifying users about when and how much quantity of parts to order. UpKeep stands out among other fixed asset inventory management software with its mobile-first approach, cloud technology, and team management features.
With UpKeep, users can reduce downtime, monitor costs, streamline coordination and communication, and access data anywhere using any device with an internet connection. The free version of UpKeep is beneficial for small businesses, and paid plans are available for those who require more features.
- Mobile accessibility: UpKeep is a mobile-first maintenance management software that can be accessed from anywhere through iOS and Android devices, giving you the flexibility to manage your assets on the go.
- Advanced analytics: The software provides advanced analytics tools that help you increase the life cycle of your assets and track equipment downtime costs over time, making it easier for you to make data-driven decisions.
- Free plan: UpKeep offers a free plan that can be extremely beneficial for small businesses, and even the paid plans are reasonably priced, making it a cost-effective option for asset management.
- Limited customization: While UpKeep offers a range of features, some users may find the lack of customization options limiting, especially if they have specific needs that are not met by the software.
- Steep learning curve: The software can take some time to learn, and some users may find it challenging to get started, especially if they are not tech-savvy.
- Limited integrations: UpKeep does not offer as many integrations with third-party software as some of its competitors, which may be a drawback for businesses that rely on multiple tools for asset management.
4. Asset Panda
Asset Panda is a powerful and highly customizable cloud-based asset relationship management platform that offers an easy-to-use interface for tracking and managing fixed assets. With its mobile application and built-in barcode scanner, Asset Panda allows users to track assets from anywhere, providing insights into data about assets’ life cycle, warranty and lease information, user manuals, purchase date, and location.
Asset Panda’s customizable features make it ideal for businesses of all sizes, allowing different users to have different levels of access based on their role in the company. With its user-friendly interface and cloud-based accessibility, Asset Panda streamlines inventory management processes, saving organizations time and money while improving inventory accuracy.
- Highly configurable dashboard that can be customized to meet the unique needs of any business.
- Feature-rich mobile app with barcode scanning that allows for easy asset tracking on the go.
- Ability to include images, videos, and voice recordings in data files, providing a more comprehensive view of assets.
- Longer user learning curve due to its greater capacity to configure and customize.
- No network discovery, which may be a drawback for businesses with complex IT systems.
- Shorter trial period of only 14 days compared to others offering 30 or 45 days.
5. Sage Fixed Assets
Sage Fixed Assets is a powerful fixed asset management software that helps businesses manage and optimize their assets throughout their useful life. With over 50 depreciation methods, including MACRS, ACRS, and Straight-Line, Sage Fixed Assets offers accurate and customizable depreciation calculations. The software also features asset tracking and reporting capabilities, allowing users to track asset information such as condition, insurance status, and maintenance logs.
Additionally, Sage Fixed Assets integrates seamlessly with accounting, inventory, and reporting applications, including General Ledger systems. The software offers cloud backups and disaster recovery features to keep data secure, and users can maintain separate tax and accounting books for their fixed assets. Sage Fixed Assets has been praised by users for its user-friendly interface and accurate depreciation values, and has helped businesses save time and money on asset tracking and recording.
- User-friendly: Sage Fixed Assets software is appreciated by its users for being very easy to use.
- Accurate Depreciation Values: The software provides accurate depreciation values, which is a crucial aspect of asset management.
- Comprehensive Asset Information: This software tracks and reports asset information, including condition, insurance status, and maintenance logs.
- Steep Learning Curve: Some users state that the learning curve is steep, which may present a challenge for new users.
- Time-Consuming Reporting Feature: The reporting feature can be time-consuming, which may be inconvenient for some users.
- Cost: As the price quote is not available on the website, it may be challenging for small businesses to afford this software.
6. ManageEngine AssetExplorer
ManageEngine AssetExplorer has been named the best fixed asset inventory management software for 2023. This web-based software is designed for large enterprises and offers a mature toolkit with advanced features for easy and efficient asset management. It allows you to manage both hardware and software assets, track an asset’s entire life cycle, and accurately calculate the depreciation.
ManageEngine AssetExplorer also keeps track of licenses purchased and analyzes software usage patterns so that you spend only on the ones you require. Its relationship maps enable you to track CI interdependencies, and it provides detailed predefined reports and custom query reports to monitor and track essential asset details. With its ease of use and 24/7 tech support, ManageEngine AssetExplorer is an effective tool for any size organization that needs a robust ITAM solution. Plans start at $955 per year for up to 250 IT assets.
- Feature-rich tool set with mature technology that includes top-notch reporting, unique relationship maps, and support for both physical and virtual assets.
- Easy setup with a familiar Windows-style user interface and a Quick Links feature to help you stay focused on the tasks you need to complete.
- Reasonably priced starting at $995 per year for 250 IT assets and includes 24/7 technical support.
- No mobile application, making it difficult to navigate on mobile devices.
- Not recommended for small businesses with limited IT staff due to its abundance of advanced features and processes.
- Lack of support for managing a lot of mobile devices, although it does offer support for voice-over IP (VoIP) phones.
7. IBM Maximo
IBM Maximo is a cloud-based fixed asset inventory management software that leverages artificial intelligence to monitor assets, predict maintenance needs, increase uptime, and extend asset life cycle. It offers data analytics capabilities for predictive maintenance, and intelligent mobile EAM feature to track asset history and operational data. Its single dashboard allows for monitoring of operations across the enterprise.
IBM Maximo is designed to manage physical assets such as facilities, equipment, and machinery. It streamlines global operations involving procurement and contract management, monitors asset health, and maintains all asset types. It offers industry-specific solutions that cater to asset-intensive industries for an effective solution for their operations.
IBM Maximo stands out from similar software with its energy and utility specialization, simplification of scheduling, improved safety features, data visibility through IBM Maximo Registry, and mobility features with numerous mobile apps supporting role-specific tasks in the work management process on Android and iOS. However, it is reportedly expensive and not very user-friendly.
8. Fixed Assets CS
Fixed Assets CS is a highly customizable fixed asset management software that offers a user-friendly interface, reducing training time and increasing efficiency. It supports commonly used depreciation methods and provides a logical, easy-to-follow file folder format, with an intuitive display that shows how depreciation values were calculated.
Fixed Assets CS only displays appropriate data entry options, reducing errors and keeping teams focused and accurate. It can be used as a standalone system or integrated with other CS Professional Suite applications. Fixed Assets CS also offers cloud-based and desktop deployment options, providing flexibility. Its ability to import assets from spreadsheets for clients who do not use Fixed Assets CS makes it stand out from other fixed asset inventory management software.
9. Infor EAM
Infor EAM is the best fixed asset inventory management software for 2023 due to its rich built-in functionality, industry-specific capabilities, and flexibility in deployment options. This software enables enterprises of all sizes to track, organize, and simplify maintenance work, making it an excellent solution for businesses looking to streamline their asset management processes.
Infor EAM’s top benefits include cost management, asset life extension, and regulatory compliance. Its primary features include asset management, materials management, budgeting, and inspection management. Additionally, Infor EAM provides 24/7 mobile access, data-driven reports, and 2D and 3D visualization of your data, making it a user-friendly software that provides business-specific solutions.
With its robust support for all operating systems, mobile devices, and screen sizes, Infor EAM is highly recommendable for any sized business looking for a flexible and efficient asset management solution.
AssetCloud is a top-tier fixed asset inventory management software that offers an all-in-one solution for businesses, education, and government facilities. Its easy-to-use interface and customizable features make it a go-to for companies looking to streamline their asset tracking process. AssetCloud’s tool tracking feature ensures that businesses never run out of necessary tools and equipment.
Additionally, the software tracks the full life cycle of assets and provides necessary information about them. AssetCloud is scalable and can be used across multiple organizations, making it a versatile solution for businesses of all sizes. With its comprehensive reporting suite, users can generate data-driven feedback and custom reports.
11. AsseTrack FAMS
AsseTrack FAMS is a web-based fixed asset accounting software that enables businesses to effectively track and record all their fixed assets while providing dynamic reports for timely actions. The software offers a host of features, including real-time tracking, customizable reporting, and barcode scanning capabilities.
With AsseTrack FAMS, businesses can add unlimited locations, buildings, and track assets to speed up auditing. The software also ensures data security through its highly secure data centers and performs regular backups. AsseTrack FAMS is user-friendly and efficient in monitoring assets, as it streamlines asset management processes, reduces errors, and improves overall efficiency for businesses.
EZOfficeInventory is a leading fixed asset inventory management software that offers an easy-to-use and scalable solution for small businesses. It allows you to track the location, depreciation, and maintenance status of your fixed assets, as well as manage your inventories across different locations. The software also schedules routine maintenance to ensure top functionality, and manages the life cycle of your fixed assets.
One of the best features of EZOfficeInventory is its ability to notify you about warranties, insurance, and more. It also provides insights generated from reports to identify bottlenecks and address them, improving efficiency and productivity. The software stands out from other options in the market with its full-featured CMMS module, integrations, and built-in functionality for purchase orders, work orders, and asset retirement plans.
With prices starting at $35 per month and a 15-day free trial, EZOfficeInventory is the best solution for small businesses looking for an affordable and easy-to-use fixed asset inventory management software in 2023.
- Easy to use: EZOfficeInventory is an easy-to-use software that simplifies the workflow and operations of equipment management, making it a good solution for small businesses.
- Asset tracking: The software allows you to track the location, depreciation, and maintenance status of your fixed assets, and you can scan barcodes on assets with the iOS and Android applications provided by the software.
- Access control: Even if your teams and departments are spread out across locations, you can manage assets with Access Control. This feature allows you to control who has access to certain equipment, reducing the risk of loss or theft.
- Limited integrations: EZOfficeInventory has limited integrations with other software, which means that it may not be the best solution if you need to integrate it with other tools you use for your business.
- Pricing: While EZOfficeInventory offers a 15-day free trial, prices start at $35 per month, which may be too expensive for small businesses on a tight budget.
- Mobile app limitations: Although the mobile app is available for both iOS and Android, it has some limitations compared to the web version of the software. For example, you cannot create custom fields or reports on the mobile app.
360Facility is a comprehensive facility and asset management solution designed to streamline asset management processes and reduce costs for businesses of all sizes. With real-time tracking, automated workflows, and customizable reporting, 360Facility provides a complete and comprehensive view of crucial metrics and asset details in your organization. The software simplifies collaboration on documents such as contracts and Certificates of Insurance, making it easy to track and associate documents to assets.
Additionally, its mobile app enables you to update records on the go, such as work orders, labor logs, and images. By enabling tenants to submit and review requests, 360Facility improves customer satisfaction. It also directly connects data to your capital plan for Accruent’s real estate lifecycle solution.
CHEQROOM is a cloud-based fixed asset inventory management software that simplifies equipment asset management for businesses. Its properly organized inventory system allows users to access the right asset at the right time while maintaining full control over it. The software accurately tracks AV or IT assets, preventing them from being damaged or disappearing.
With its mobile app, users can enjoy features such as booking overview, calendar integration, mobile equipment check-outs, and instant troubleshooting. CHEQROOM is trusted by big names like Google, Harvard University, Netflix, and many more. Its key features include asset tracking, label scanning, and report preparation containing data on asset usage, depreciation, and warranty.
Its target market includes businesses that require a reliable inventory management system to track their valuable assets. CHEQROOM offers a free trial for 15 days, with prices starting at $100 per month.
15. PowerPlan Fixed Asset Suite
PowerPlan Fixed Asset Suite is a comprehensive fixed asset inventory management software designed to optimize ERP and EAM systems. It offers end-to-end lifecycle tracking, management, and optimization of fixed asset data, from creation to retirement. This solution provides automation of specialized accounting processes, resulting in lower operating costs and improved cash flow.
PowerPlan Fixed Asset Suite offers a suite or a single product solution according to your preference and notifies accounting teams and project managers about the creation of assets and closing of projects. It provides an intuitive interface and graphical representation, minimizing training time.
The software is highly customizable, allowing users to organize and present data in a way that suits their needs. PowerPlan Fixed Asset Suite supports commonly used depreciation methods such as ACRS, MACRS, Straight-Line, Units of Production, and Amortization.
Tenna is a fixed asset inventory management software designed for companies using physical assets in industries such as construction, oil and gas, waste management, and heavy industries. The software provides an integrated platform for asset tracking, allowing businesses to upload their asset inventory list and start tracking immediately. Tenna’s tracking capabilities include scanning tags such as QR code inventory tracking tags, GPS asset trackers, and RFID tracking.
With Tenna’s single asset tracking system, businesses can have complete visibility of their inventory in real-time, avoiding errors and missing records. This feature helps businesses keep track of all assets, including non-powered ones, leverage site accountability, and deter theft. Tenna’s software is easy to use and affordable, connecting businesses’ field with their office, making it a unique selling point.
Compared to other inventory management software, Tenna provides an all-in-one solution for tracking and managing fixed assets, making it a valuable tool for businesses in asset-intensive industries.
17. AgileAssets Software Platform
AgileAssets is the leading fixed asset inventory management software for 2023, offering a comprehensive solution for managing infrastructure assets throughout their entire lifecycle. With advanced technologies and an array of modules, AgileAssets provides a systematic process for asset acquisition, maintenance, regulatory compliance, replacement, and disposal.
The platform’s user-friendly interface, customizable dashboards, and robust reporting capabilities make it easy to streamline asset tracking, automate workflows, and provide real-time insights for better decision-making. AgileAssets integrates with other systems and supports mobile access for on-the-go asset management. Its cloud-based solution ensures easy access to data from anywhere, on any device, including iOS and Android.
WiseTrack is a comprehensive fixed asset inventory management software that offers professional asset tracking solutions for law enforcement, corporate, education, and government organizations. It is a standalone COTS solution that can be extended with additional modules.
WiseTrack uses Microsoft SQL Server Database, providing a familiar interface to Windows Desktop, making it easy for users to learn and navigate around the platform. The software is accessed through a web server and offers a mobile app for added convenience.
One of the key benefits of WiseTrack is that it provides powerful asset tracking at your fingertips. Its features include asset tracking, check-in/check-out, maintenance management, reporting, and more.
What is the best fixed asset inventory management software of 2023?
As of 2023, the best fixed asset inventory management software is AssetVue. This cloud-based platform offers a range of features that help maintenance teams plan, monitor, and optimize their operations. AssetVue stands out from its competitors because of its user-friendly and traditional interface, customizable dashboards, and mobile accessibility. It also offers advanced features such as predictive maintenance and integrations with other business systems.
Users have praised AssetVue for its excellent customer support and the time and cost savings it provides. With a 9.0 score and 100% user satisfaction, AssetVue is a reliable and efficient solution for businesses of all sizes.
What is the difference between asset accounting and fixed asset management?
Asset accounting is the process of tracking all assets owned by a company, including both fixed and non-fixed assets, for financial and tax purposes. Fixed asset management, on the other hand, is a subset of asset accounting that specifically focuses on tracking and maintaining tangible and intangible fixed assets, such as buildings, vehicles, and patents, for financial, tax, and physical location purposes.
The key difference between the two is that while asset accounting covers all assets, fixed asset management focuses exclusively on fixed assets with a useful life greater than one year.
How does barcode scanning and asset lifecycle management work?
Barcode scanning allows for efficient and accurate tracking of assets by quickly scanning barcodes, QR codes, or RFID tags. This eliminates the need for manual data entry and minimizes errors. Asset lifecycle management, on the other hand, helps organizations optimize their asset utilization by tracking and monitoring assets from procurement to disposal. This ensures that assets are properly maintained, serviced, and replaced when necessary, reducing unnecessary expenses.
What features should be considered when selecting fixed asset management software?
Key features that can help businesses manage their assets efficiently include end-to-end visibility into the management process, asset movement tracking, frequent audits for compliance verification, central document management repository, asset status reports and rule-based alerts.
Other important features include barcode labels, asset check-in/check-out, mobile apps, customization, secure access and cloud storage, multilocation support, asset lifecycle management, reporting and analytics tools, hardware management, access to a reporting dashboard and third-party software integrations.