The 7 best fixed asset management software [2024]

Fixed asset management software has quickly become an essential part of modern accounting, allowing businesses to simplify how they optimize resources, reduce costs, and maintain compliance.

Once an unreliable, time-consuming, and error-prone task, fixed asset management software has streamlined how we keep track of property, plant, and equipment (PP&E). These powerful tools automate asset tracking, maintenance scheduling, and depreciation management to get maximum value out of physical assets. 

In this article, we'll explore the best fixed asset management software available today, highlighting their key features and how they can benefit your business.

What is fixed asset management software? 

Fixed asset management software refers to platforms that organizations use to track, manage, and maintain their physical assets throughout their lifecycle. It automates processes such as asset tracking, depreciation calculations, and maintenance schedules, ensuring accuracy and compliance with financial regulations. The benefit of this software is that businesses can optimize how they use assets, their expenditure, and their operational efficiency. 

But what exactly are these physical assets?

What is a fixed asset?

A fixed asset is a tangible piece of property or equipment that a company owns and uses in its operations to generate income over the long term. These assets aren’t like stock, which is held temporarily before it is sold—they are expected to be kept and maintained, providing value to the company over several years. 

Typical fixed assets include PP&E such as buildings, machinery, vehicles, office equipment, and land. For example, a clothing e-commerce store may have a warehouse full of t-shirts, but those tops aren’t fixed assets. However, the warehouse itself, distribution vans, and computers are all filed under fixed assets. 

Fixed assets are recorded on the balance sheet and depreciate in value over time, due to wear and tear, usage, or obsolescence. Therefore, proper management of fixed assets is crucial for companies to maximize their useful life, cut needless losses, and add value to the business. 

Keeping a spreadsheet is time-consuming and rife with errors, which is why most companies turn to dedicated fixed asset management software to maintain their records. 

Fixed asset management software features 

Fixed asset management software is designed to help organizations manage and maintain their fixed assets with as little effort as possible. It streamlines the process from start to finish by automating tracking, upkeep, and accounting of assets throughout their lifecycle. Businesses invest in this software as it improves accuracy, reduces costs, and ensures compliance. 

Here’s a look at the most common fixed asset management use cases you’ll find across the market.

• Asset tracking shows organizations the location, status, and condition of each asset in real time. It helps prevent asset loss, reduces the risk of theft, and ensures that all assets are accounted for at any given time. Combined with automated notifications, you can also receive alerts when assets are due to be serviced. 
• Maintenance management combines with asset tracking by providing tools for tracking and running maintenance. Outsourcing reminders to automated software means you can keep your equipment in good working condition without needing to worry about scheduling.
• Depreciation calculation automatically takes care of depreciation for assets based on a range of accounting methods. Rather than manually running the math, algorithms will accurately generate financial reports based on solid data. It puts the value of assets into context by showing decision-makers their declining value over time.
• Asset lifecycle management tracks the entire lifecycle of an asset from acquisition to disposal. It provides insights into when assets need to be replaced or upgraded, allowing organizations to make informed decisions about their asset investments.
• Compliance and audit support maintain detailed records of all asset-related activities, making it easier to comply with regulatory requirements and prepare for audits. It helps organizations avoid fines and penalties by ensuring that all asset management practices are documented and compliant. As new regulations are introduced, fixed asset management software will run updates to avoid you needing to learn the law and adapt your approach. 
• Reporting and analytics generate data-filled reports on asset performance, use, and financial metrics. They identify where you’re overspending, which processes are unnecessarily time-consuming, and even which of your assets you could do without. These insights are crucial to optimizing asset usage and making data-driven decisions.
• Integration with accounting systems means you can see the financial impact of your fixed assets in the context of your overall accounting. It reduces your margin for error and saves a chunk of time that you would ordinarily spend on data entry. This ensures that all asset-related financial transactions are accurately and efficiently recorded in the company’s financial statements. 

Best fixed asset management software 

Although the best fixed asset management software shares many of the same features, they’re not all the same. Differences in performance, simplicity, and support can all affect user happiness, so it’s a good idea to see what’s on the market before making a decision. As most solutions are inherently scalable, they prefer to customize packages for their clients, making it difficult to pinpoint a standardized price point. 

With all of that in mind, let’s take a look at some of the most popular platforms on the market. 

1. NetAsset by Netgain 

NetAsset by Netgain covers every aspect of fixed asset management for companies in every industry. With features for asset tracking, tax scheduling, depreciation management, compliance, and more, it is an all-in-one tool that has very few drawbacks.

Fully embedded in NetSuite, it shares key data with other native accounting tools, as well as CRM and human capital management platforms. This makes it one of the few fixed asset management software solutions that reaches beyond the standard acquisition-to-disposal lifecycle. 

Not on Netsuite? NetAsset has been enhaced to work with any enterprise resource planning software (ERP).

Features: 

• In-depth asset visibility gives you unparalleled insight into your assets and maintains accurate records effortlessly.
• It’s fully embedded in NetSuite, opening up flawless data synchronization and automated workflows that enhance your NetSuite experience.
• Customizable features and scalable solutions meet your specific business requirements and easily adjust as your company grows.
• Depreciation management tools automatically calculate asset depreciation using multiple accounting methods to keep financial records accurate and up-to-date.
• Comprehensive compliance and reporting eliminate any concerns about security and data integrity common with third-party apps.

Pros: 

• Made by accountants for accountants—it’s intuitive, powerful, and focused on solving issues accounting teams face. 
• Customizable reports drill down into details while standardized reports quickly reconcile accounts.
• Automations across the board take care of everything from true-ups to journal entries and asset tracking.
• Fully embedded in NetSuite, it gives users a familiar user experience and a powerful all-in-one system.
• Dedicated support guides you through everything from integration to launch and ongoing help. 

Cons:

• NetAsset can have a learning curve if you’re not used to the NetSuite platform.

Pricing: 

NetAsset offers customized pricing based on the specific needs and size of the organization.

Schedule a demo today to see how NetAsset can transform your fixed asset management process!

2. Asset Panda 

Asset Panda is an asset management software option that covers the full lifecycle of your assets and gives real-time insights into each item. 

As a standalone asset management platform, Asset Panda lacks the native integrations of full enterprise resource planning ERP software like NetSuite. That said, it has open API integrations to integrate it into your existing tech stack, and open configuration means you can tweak your tool to the way you’re comfortable working. 

Features: 

• It conducts and documents asset inspections directly within the software, accessible via mobile devices and offline modes.
• Barcodes track assets using barcode technology during audits and inventories.
• Lease accounting keeps records of leased equipment, including expiration dates and other relevant details.
• Repair tracking monitors maintenance activities related to assets to record service  history and performance.

Pros:

• It’s customizable to accommodate businesses of various sizes and industries.
• The mobile app combines asset inspection and barcode tracking.
• Users generally see it as an affordable option, although Asset Panda does not publish prices.

Cons:

• It’s complex to set up and tricky to scale once you’re registered as a user.
• Integrations can be unreliable with leading apps.

Pricing: 

Asset Panda doesn’t reveal the exact pricing of its software. However, we can see that pricing depends on the amount of assets you want to manage—starting at 250 assets, you can go up to more than 100,000. 

3. Sage

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Sage Fixed Asset is a fixed asset management software aimed at small companies looking to maximize tax savings through smart management and compliance. It provides an overview of each asset’s value throughout its lifecycle, and more than 50 depreciation methods give accurate figures for falls in value. 

Features: 

• Depreciation management uses over 50 depreciation methods, including straight-line, declining balance, and custom methods, to ensure accurate financial reporting.
• Asset tracking gives real-time visibility into their status, condition, and usage to prevent loss.
• Planning and forecasting allow you to budget for future acquisitions and analyze the financial impact of asset changes.
• Reporting on customizable templates displays reliable asset performance, depreciation, and compliance.
• Disposal management efficiently manages the disposal process of assets, including calculating gains or losses on disposal and remaining compliant.

Pros:

• It offers a simple interface for companies that don’t need all the bells and whistles.
• It syncs natively with other Sage services.

Cons:

• It only offers basic reports that aren’t easily customized.
• Users have reported customer support delays and overall poor quality service.

Pricing: 

Sage Fixed Assets doesn’t display clear pricing on its website. Instead, it invites you to get in contact for a quote based on your organizational needs. 

4. RedBeam 

RedBeam uses barcode and radio-frequency identification (RFID) tracking capabilities that automatically identify and tag assets. Hosted on Google Cloud and available on mobile, it serves sectors including corporations, government agencies, education, and manufacturing. 

Features: 

• Asset tagging labels assets with barcodes or RFID tags for accurate identification and tracking throughout the asset's life cycle.
• Hardware asset management tracks hardware assets across different locations to maintain accurate records and prevent loss or theft.
• RedBeam’s asset tracker mobile app tracks assets on the go, performs audits, and updates asset information in real time.
• Check-in/check-out monitors assets taken in and out by employees so all assets are accounted for and returned on time.
• RFID technology automates asset tracking, enabling faster and more accurate data collection during audits and inventories.

Pros:

• APIs remove the need for double entry on RedBeam and ERP systems.
• Barcode and RFID tracking can reduce manual effort.

Cons:

• Users have reported bugs in the system that suggest removing items from reports seemingly randomly.
• The initial setup is quite technical.  

Pricing: 

RedBeam offers an unlimited number of assets and locations, with their pricing dependent on the number of users and the length of the contract. 

• $899 per user per year for a five-year deal
• $948.33 per user per year for a three-year deal
• $995 per user per year for a one-year deal 

5. ASAP Systems 

ASAP Systems is available either on the cloud or on-premise, giving flexibility to businesses with specific needs. It relies heavily on barcode scanners to track assets and keeps records of transactions, location changes, and more for audits. 

Features: 

• Asset tracking check-in/check-out provides information on the current location of assets.
• Barcode scanning allows for asset tracking with data entry and helps reduce errors during audits and inventories.
• Apple and Android mobile apps offer access to information on the go.
• Asset reports show data on usage, depreciation, and performance.
• Maintenance tracking enables scheduling and monitoring of routine maintenance activities.

Pros:

• Either on-premise or cloud-based hosting offers organizations simplicity and security.
• It has a fully configurable interface, dashboards, reports, and workflows. 

Cons:

• Online reviews are hit and miss, with some users delighted, others not so much, and little in between.
• It has all the basic features of fixed asset management software but some users complain about bugs and the website freezing.

Pricing: 

ASAP Systems doesn’t provide definitive pricing on its website, instead offering a demo to discuss details. 

6. Aptean 

Aptean’s enterprise asset management (EAM) platform is based on a computerized maintenance management system (CMMS), which takes over manual processes. It takes care of work orders like emergency repairs or routine checkups, as well as planning maintenance activities over specified time intervals. 

While the CMMS doesn’t offer anything groundbreaking over other software, it centralizes data into a single platform on both desktop and mobile.

Features: 

• Preventative maintenance addresses potential issues with assets before they escalate.
• Real-time visibility provides continuous updates on the current state of assets.
• Detailed performance reporting offers data on asset performance for reference by personnel.
• Tailored EAM solutions are designed for specific industries, including food and beverage and industrial manufacturing.
• Spare parts inventory tracks and manages inventory of smaller assets.

Pros:

• It’s available both on desktop and mobile.
• It offers various security options for different organizational needs.

Cons:

• Tech support can be slow in fixing issues.
• Users often struggle with the layout and lack of intuitiveness.

Pricing: 

Aptean asks new users to request a demonstration to learn their rates.

7. Fiix 

Fiix is another proponent of CMMS software as the cornerstone of its fixed asset management. It shows you all your assets, parts, costs, schedules, and key performance indicators (KPIs) on a single dashboard. It combines asset management with work order management to stop tasks from falling through the cracks.

Features: 

• Predictive maintenance uses analytics to predict when maintenance should be performed.
• Work order management makes sure maintenance tasks are completed on time.
• Mobile accessibility allows maintenance teams to manage tasks and track assets from the field.
• Integration with ERP systems gathers real-time data on asset performance.
• Reporting and analytics show asset health, maintenance history, and operational efficiency.

Pros:

• Users report effective integrations with third-party apps.
• It combines work orders with asset management, centralizing operations.

Cons:

• Users have reported bugs that require workarounds that can stifle efficiency.
• Visualizations on the asset list often don’t give all the information you need.

Pricing: 

Fiix offers a free version that gives small operations a minimum service. After that, you can choose from:

• $45 per user per month for the Basic plan
• $75 per user per month for the Professional plan
• Custom pricing for the Enterprise plan

Benefits of fixed asset management software 

Through different features and approaches, all fixed asset management software ultimately works toward the same benefits. Here are the key advantages that fixed asset management tools achieve. 

Increased productivity

Fixed asset management software automates routine tasks such as tracking, auditing, and maintenance scheduling, freeing up time for employees to focus on more strategic activities. This automation leads to improved operational efficiency and helps ensure that assets are available and in good working condition when needed.

Enhanced accuracy 

Manual tracking of assets can lead to errors, inconsistencies, and data loss. Fixed asset management software reduces the risk of human error by providing accurate, real-time data on asset status, location, and condition. The boost in accuracy keeps financial records precise and assets properly accounted for at all times. 

Audit readiness 

Specialized software maintains a comprehensive audit trail of all asset transactions, including acquisitions, disposals, and transfers. This detailed record-keeping simplifies the audit process, ensures compliance with regulatory requirements, and helps organizations avoid potential fines and penalties. Automated fixed asset roll forward reports can help businesses ensure they’re audit-ready in advance and fill any gaps well in advance. 

Simplified procedures 

Fixed asset management software simplifies complex processes such as depreciation calculations, compliance reporting, and asset lifecycle management. By centralizing these functions into one platform, businesses can streamline their operations and reduce the administrative burden on their teams.

Reduced expenses 

Effective management of assets minimizes unnecessary expenditures by preventing loss, optimizing maintenance schedules, and accurately forecasting asset needs. This proactive approach to asset management can lead to significant cost savings over time, as well as better resource allocation.

More about fixed asset management software 

Now that we’ve covered the bread and butter of fixed asset management software, here are the answers to a few common questions that can add further clarity to the topic. 

What is an example of a fixed asset?

A fixed asset is a long-term tangible asset that a company owns and uses in its operations to generate income. Examples of fixed assets include buildings, machinery, vehicles, office equipment, and land. These assets are expected to be used over several years and are recorded on the balance sheet, where they are depreciated over time.

Why is fixed asset management important?

Fixed asset management is crucial for organizations to ensure that their assets are properly used, maintained, and accounted for. Effective management reduces the risk of asset loss, extends the lifespan of assets through regular maintenance, and ensures accurate financial reporting. Additionally, it helps organizations comply with regulatory requirements and make informed decisions about asset investments.

What are the challenges with fixed asset management? 

Typical challenges with fixed asset management include:

• Time wasted on creating key reports manually
• Poor task management due to teams working on different systems
• Slow, error-prone data consolidation when working on inadequate software
• Keeping data accurate in real time

What is the best fixed asset software?

Although the best fixed asset software depends on the specific needs and size of a company, an excellent all-around choice is NetAsset. In terms of features, it meets the needs of companies from every sector, and it is highly customizable and scalable to grow with its users. Fully embedded with NetSuite’s cloud-based software, it integrates flawlessly with ERP, CRM, accounting, and e-commerce tools for a high-performance all-in-one solution.

Choose the right fixed asset management software for your team 

Selecting the right fixed asset management software for your team can significantly impact your organization's efficiency, cost management, and compliance. The ideal software should align with your specific business needs, offering the right balance of features, scalability, and ease of use. Here’s how to ensure you make the best choice:

• Assess your business needs
• Consider scalability
• Evaluate integration capabilities
• Focus on user experience
• Look for strong support and training

Designed by accountants for accountants, NetAsset by Netgain knows what finance departments want, offering a scalable, user-friendly platform that integrates easily with your existing systems. 

With features tailored to meet the needs of various industries, NetAsset ensures that your asset management processes are efficient and compliant. 

If you want to experience the benefits firsthand, book a demo with Netgain today and see how NetAsset can transform your fixed asset management.