Managing fixed asset depreciation can be one of the most time-consuming tasks in accounting. Tracking asset acquisitions, running multiple depreciation methods simultaneously, and complying with tax regulations can lead to messy spreadsheets, errors, inefficiencies, and compliance risks.
Fixed asset depreciation software alleviates several of the issues plaguing accounting professionals by combining automation, real-time reporting, and integration with enterprise resource planning (ERP) systems.
In this article, we’ve curated a list of the top fixed asset depreciation software solutions to accurately—and easily—value your clients’ property, plant, and equipment assets.
Why do accounting firms need fixed asset depreciation software?
Managing fixed assets is no small task, including processes like tracking acquisitions, calculating depreciation, and managing compliance. It can quickly become overwhelming, especially when handling multiple clients with diverse needs.
Automated calculations, streamlined asset tracking, and built-in compliance with regulatory requirements make it easier for firms to focus on the tasks that need their attention.
The right fixed asset depreciation software does exactly that, eliminating the manual headaches of spreadsheets and reducing the risk of costly errors. Dedicated tools allow accountants to customize depreciation methods, generate detailed reports, and manage entire asset lifecycles with ease—all while saving valuable time during tax season or audits.
Integrations with ERP systems cut even more steps out of the workflow and sync data accurately between bookkeeping, asset inventory, and auditing platforms.
Beyond efficiency, depreciation software provides peace of mind. Centralized data, built-in audit trails, and instant reporting mean your accounting firm can respond confidently to client or regulatory inquiries.
Fixed asset depreciation software ultimately helps organizations improve accuracy, boost client satisfaction, and focus on high-impact tasks rather than time-consuming manual admin.
Fixed asset depreciation software use cases
Here are a few common reasons accounting firms look for effective fixed asset depreciation software.
1. Your current legacy software lacks the functionality you need
Legacy fixed asset software often comes with outdated features and clunky interfaces, slowing down workflows and increasing errors.
Tools like NetAsset Tax Pro replace these systems with a modern, intuitive design that evolves based on user feedback. Smart automation, scalable functionality, and support for federal and state tax compliance reduce accounting teams’ manual workflows so they can focus on strategic efforts.
2. Your existing fixed asset tax software costs keep going up
Watching traditional platforms’ prices jump from year to year—with no noticeable improvement in service—adds unnecessary stress to your budget.
Newer, more dynamic apps like NetAsset Tax Pro offer the same functionality at a fraction of the cost. What’s more, you can expect plans to include advanced features like AI-driven asset management and client collaboration tools, freeing up those extra funds to put toward higher-value services.
3. Your current legacy software offers limited channels for customer support
Without meaningful collaboration with your software supplier, you’re invariably left with stagnant tools and insufficient support when problems occur.
Look for tools with a customer-driven roadmap, high-touch client service, and continuous product enhancements based on feedback. Similarly, integration with bookkeeping platforms and other accounting platforms is a good sign of partner-focused solutions that grow with your needs.
4. Your existing fixed asset depreciation software doesn’t offer clients direct access to their fixed asset portfolios
If you’ve worked without client-facing features for traditional software, you know that collaboration quickly becomes inefficient and time-consuming.
But when clients have direct access to the platform, they can rely on real-time collaboration, greater transparency, and faster workflows. Clients can view asset data, manage tax schedules, and collaborate directly with their accounting firms, which leads to stronger partnerships and better overall service.
Best fixed asset depreciation software for accounting firms
Let’s take a look at some of the best fixed asset depreciation software for accounting firms.
1. NetAsset Tax Pro by Netgain
Best for: Accounting firms of all sizes looking for top-rated, AI-powered software that fits their budget
NetAsset Tax Pro provides end-to-end fixed asset depreciation management at a fraction of the cost of legacy solutions. With features for asset tracking, tax scheduling, depreciation calculations, compliance, and reporting, it offers an all-in-one solution that resolves the historical challenges of handling depreciation.
NetAsset Tax Pro offers a cost-effective tax compliance solution with a modern, intuitive design, so accounting teams can spend less time learning new tech and more time focusing on delivering value to clients. Teams can also empower their clients with direct access to NetAsset Tax Pro, enhancing communication and streamlining collaboration.
Features:
- AI-powered efficiencies: Automate asset generation based on transactions.
- AI-powered chatbots: Query for insights into your data and tips on how to improve your processes.
- Comprehensive asset visibility: Track your clients' assets and maintain accurate records throughout their lifecycle.
- ERP integration: Integrate with CCH tax software and QuickBooks Online, or use the CSV upload capabilities for other ERPs.
- Increased collaboration with clients: Give clients direct access to the tool to foster greater transparency, streamline communication, and collaborate more effectively on fixed asset management and tax planning.
- Scalable and customizable interface: Meet your clients’ unique requirements, with features that scale effortlessly as your client base grows.
- Advanced depreciation tools: Automate calculations using multiple accounting methods to keep financial records accurate and up-to-date.
- Comprehensive tax-focused reporting: Access a wide range of tax-focused reports, including Form 4562, waterfall, roll-forward, and more.
Pricing: NetAsset Tax Pro offers flexible, customized pricing tailored to your firm’s size and needs.
Schedule a demo today to learn how you can use NetAsset Tax Pro to modernize fixed asset tax management, simplify compliance, and save valuable time with advanced automation.
2. CCH ProSystem fx Fixed Assets
Best for: Large accounting firms that need to stay compliant in their tax depreciation management.
CCH ProSystem fx Fixed Assets is a tax-focused software solution designed to simplify fixed asset management and depreciation tracking. The platform offers tools to calculate depreciation with various methods, track asset lifecycles, and generate tax-ready reports to ensure compliance with accounting standards. It supports integration with other CCH ProSystem fx solutions to build workflows across tax and accounting operations.
Features:
- Depreciation methods: Calculate with the Modified Accelerated Cost Recovery System (MACRS) as well as user-defined methods.
- Import and export tools: Transfer data from asset management programs or Excel spreadsheets.
- Custom reports: Streamline calculations, projections, and tax filings.
- Bi-directional integration: Link to CCH ProSystem fx Tax and Workpaper Manager.
- Asset lifecycle tools: Add asset disposals, like-kind exchanges, and grouped sales to your depreciation options.
Pricing: CCH ProSystem fx's Fixed Asset software cost is based on organizations’ size and specific needs.
3. Bloomberg Tax
Best for: Accounting firms on Workday and Microsoft Dynamics that need tax capabilities and integrations for managing fixed assets.
Bloomberg Tax Fixed Asset Management links fixed asset tracking and tax compliance with automated depreciation calculations and future-year tax impact projections. Integration with key ERPs like Workday and Microsoft Dynamics connects data to workflow automation. The platform also includes tools for handling abnormal bills and invoices to keep assets and tax records accurate.
Features:
- Tax automation: Run depreciation calculations and integrate tax workflows.
- Future-year projections: Forecast the impact of tax changes on future financial statements.
- ERP integration: Share data and sync workflow with Workday and Microsoft Dynamics.
- Invoice management: Take care of late and trailing invoices.
- Automated tax law updates: Keep systems compliant with the latest federal and state regulations without manual intervention.
Pricing: Interested firms need to request a personalized quote directly from Bloomberg Tax, and there is no free plan or trial.
4. Sage Fixed Assets
Best for: Medium to large accounting firms and those looking for fixed asset management with different depreciation methods.
Sage Fixed Assets is an asset management solution that covers fixed assets from acquisition to disposal. It offers over 50 depreciation methods, including Accelerated Cost Recovery System (ACRS), MACRS, straight-line, and declining balance. The software features modules for depreciation, tracking, planning, and reporting, so larger businesses can manage asset inventories, monitor project budgets, and generate reports.
Features:
- Depreciation models: Manage asset life cycles with over 50 depreciation methods and bulk editing.
- Asset tracking: Functionalities for physical inventories include barcode printing and scanning via Android devices.
- Project planning: Handle project budgets and statuses, and compare spending against original budgets.
- Customizable reports: Create custom reports and share them in PDF, XLS, HTML, and XML formats.
- Built-in compliance: Stay compliant with IRS regulations with built-in tax forms and annual tax compliance updates.
Pricing: Sage Fixed Assets requires a consultation to determine cost.
5. Asset Keeper Pro
Best for: Accounting firms that handle asset management for multiple clients.
Asset Keeper Pro is one of the lesser-known names in asset management but offers depreciation software that updates with changes in tax law. Unlike most other options, it isn’t available on the cloud, so syncing data and working remotely can be challenging. However, teams can still track multiple depreciation schedules and produce compliant reports for tax submissions and audits.
Features:
- Multiple depreciation methods: Asset Keeper Pro can handle MACRS, ACRS, and more.
- Customer support: Find solutions through tutorials and email support.
- Reporting categories: Categorize reports by general, end-of-year, monthly and periodic, tax, projected, management, and miscellaneous.
- Asset tools: Multiple auto-assign options, asset duplication, trading, and splitting.
- Data import/export: Facilitates data migration and conversion from other applications.
Pricing: Pro-Ware offers a free trial of Asset Keeper Pro, after which a one-year subscription is $549 and includes technical support.
6. Asset Accountant
Best for: Accounting firms that need to integrate depreciation software into their existing financial systems.
AssetAccountant is a cloud-based asset depreciation platform that integrates with accounting and ERP apps including Xero, QuickBooks Online, Sage Intacct, and Microsoft Dynamics 365. It automates calculations, journal entries, and payment schedules and supports straight-line, declining balance, and units-of-use depreciation methods. Operating within ASC 842, US GAAP, and IRS guidelines, AssetAccountant keeps accounting firms up-to-date on the latest compliance regulations.
Features:
- Unlimited users: Add users from all locations in your company on a cloud-based system.
- Compliance: AssetAccountant is ISO27001 certified and updates with International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Practices (GAAP) changes.
- Integrations: Connects with Xero, QuickBooks Online, Sage Intacct, and Microsoft Dynamics 365.
- Automated depreciation calculations: Supports various methods for accurate financial reporting, including straight-line and declining balance.
- Depreciation methods: Compare depreciation and leasing calculations side by side.
Pricing: AssetAccount has different pricing tiers for accounting firms:
- Free: For a limited service, up to nine assets
- Lite: $1 per client register, $1 per 25 assets in excess of shared allowance
- Basic: $2 per client register, $2 per 25 assets in excess of shared allowance, $3 per lease
- Standard: $3 per client register, $3 per 25 assets in excess of shared allowance, $4.50 per lease
- Premium: Pricing dependent on organizational requirements
How to choose the best fixed asset depreciation software for your firm
Fixed asset depreciation software isn’t a one-size-fits-all affair. Here are the key factors to consider while looking for an app that meets your firm’s needs:
1. Automation capabilities
Automation is the cornerstone of efficient fixed asset management. It eliminates repetitive manual tasks, reduces the risk of errors, and saves your accounting firm hours of work every month.
Automation allows you to set locations and contract rules for assets, track your asset’s condition in real time, and schedule maintenance tasks with minimal manual work. As a rule, the more automations you have, the better, but check impartial online reviews like Capterra or G2 to make sure tools follow through on their promises.
2. AI-powered functions
Artificial intelligence is beginning to transform fixed asset depreciation software with unprecedented efficiencies that allow you to spend more time on strategic tasks. AI-powered fixed asset tools create new assets by abstracting key data from transactions and populating data fields automatically. What’s more, you can ask an AI-powered chatbot to pull insights about your data, recommend fixed asset accounting best practices, or guide you through the tool itself.
3. Compliance and reporting features
Regulatory compliance is non-negotiable, so choose software that generates tax-focused reporting like Form 4562 and waterfall/roll-forward reports. Advanced solutions offer built-in compliance checks and reporting features so you can track real-time asset lifecycles and customize depreciation schedules to meet audit requirements. This simplifies audits and keeps your clients in good standing with regulators and stakeholders alike.
4. Integration with existing systems
Look for software that not only automates depreciation schedules but also streamlines tax reporting, journal entries, and end-of-year reconciliations. Integrations give you real-time data synchronization, reducing redundancies and errors in financial reporting. With all your systems working together, your team can make faster, more informed decisions based on accurate datasets.
5. Customization options
Every client has unique needs, so your software should be flexible enough to adapt. Look for features like customized depreciation methods, personalized tax schedules, and tailored reporting formats that align with your firm's and clients’ processes. A customizable platform allows your firm to be flexible, adapting to diverse clients and facing industry-specific challenges.
6. Scalability and usability
As your firm expands, so will your client portfolio, making scalability a vital consideration. Choose a platform that can handle growth, from managing multi-subsidiary structures to accommodating an increasing volume of assets. Equally important is a user-friendly interface that your team can quickly adopt and benefit from without a steep learning curve.
7. Support and training
Comprehensive support and training are vital for seamless software implementation. Look for providers like Netgain that offer expert support to guide your team during both setup and ongoing use. Access to an in-depth knowledge and support center allows your team to find answers for themselves quickly, reducing downtime and increasing expertise.
8. Cost and value
While affordability is important, the right software should also deliver measurable value. Evaluate pricing models alongside your budget without compromising on essential features. Transparent pricing with no hidden fees is a hallmark of trustworthy providers.
9. Advanced analytics and insights
Modern fixed asset software should do more than manage data; it should transform it into strategic insights. Advanced analytics provide real-time dashboards that track asset performance, depreciation trends, and lifecycle metrics and offer your clients a deeper understanding of financial health. These tools help streamline decision-making for better forecasting and operational strategies.
10. Security and data protection
Managing fixed assets requires handling sensitive financial data, so prioritizing security is non-negotiable. Choose software that features encryption, role-based access controls, and secure cloud hosting to safeguard your data against breaches. Advanced security measures give your team the confidence to focus on accounting, rather than stressing over avoidable cyber attacks.
Learn more about fixed asset depreciation software
Discover the answers to key questions about fixed asset depreciation software.
What is fixed asset depreciation?
Fixed asset depreciation is the gradual reduction in the value of a fixed asset over time due to wear and tear, obsolescence, or usage. It's an important accounting practice that allows businesses to allocate the cost of an asset over its useful life, aligning expenses with revenues. This process ensures accurate financial reporting and compliance with tax regulations.
Which software is best for asset management?
The best asset management software depends on your firm’s needs, such as automation, compliance, and reporting capabilities. Leading solutions like NetAsset Tax Pro excel at simplifying fixed asset accounting, automating depreciation schedules, and maintaining clear audit trails for simplified compliance.
How would you record depreciation for a fixed asset?
To record depreciation for a fixed asset, start by determining the asset's initial cost, useful life, salvage value, and depreciation method (e.g., straight-line or double-declining balance). Use this information and your chosen method to calculate the depreciation expense and record it as a debit to the depreciation expense account and a credit to accumulated depreciation. Most accounting firms now streamline the process with software that automates calculations and journal entries for a more accurate and efficient workflow.
Explore the best fixed asset depreciation software
By automating calculations, ensuring compliance, and integrating with your existing systems, all of these tools help you save time and reduce errors in your fixed asset management.
But when it comes to leading fixed asset depreciation software for CPA firms, NetAsset Tax Pro sets the bar high. With AI calculations, multiple depreciation methods, automations across the board, and solid compliance and reporting, it gives accounting firms of all sizes more time for high-impact work.
Schedule a demo today to learn how you can save time and money by automating your fixed asset management.
