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Fixed Asset Management Software

Fixed Asset Management software is an accounting tool that allows organisations to track the MRO lifecycle and maintain depreciation values on physical assets, which cannot easily be turned into cash such as land, buildings, furniture, office equipment, and computers. A fixed asset management system can help any size company convert from spreadsheet record-keeping to streamlined fixed-asset depreciation reporting. Fixed Asset Management software is a good fit for companies that need to be valued for tax or acquisition purposes. Fixed Asset Management software is related to Accounting software, IT Asset Management software, Inventory Control software, and Inventory Management software. Compare product reviews and features to help find the best Fixed Asset Management Software for your business in the UK.

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Complete Fixed Asset Management. Automate your Fixed Asset Accounting, Asset Tracking and Equipment Maintenance for any sector. Learn more about FMIS Fixed Asset Management
Fixed Asset Management and Asset Tracking software for any industry. FMIS gives you the tools to track, manage and depreciate your fixed assets and equipment in one system. FMIS Fixed Assets saves you time and supports compliance with most major international reporting standards with efficient automation of depreciation calculations, asset tracking and fixed asset lifecycle management. Learn more about FMIS Fixed Asset Management

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Operations management software for complex operations: asset management, data management, sampling and compliance management. Learn more about AMCS Field Services
AMCS Field Services (formerly Utility Cloud) is designed to simplify and provide transparency into complex operations: indoors and outdoors, SCADA-heavy, sequential work-focused, highly regulated - you name it. Automate work, communications, reporting, and compliance. Build forms, track assets, and collect data once, at the source. Get setup fast, make on-the-fly changes, see high adoption rates and consistent usage. AMCS Field Services is completely configurable for the way you work. Learn more about AMCS Field Services

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
IoT and AI-driven enterprise platform for real-time facilities O&M. Optimising over 150 million sq. ft of space globally. Learn more about Facilio
Facilio’s Connected CMMS provides you real-time visibility into your assets to stay on top of your asset management. It integrates with your existing systems and apps for a unified operations and maintenance tech stack. Maintenance teams get their time back with automated work processes. Learn more about Facilio

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
MaintainX is the leading maintenance and work execution software, designed specifically for industrial and frontline teams. Learn more about MaintainX
MaintainX is the leading maintenance and work execution software, designed specifically for industrial and frontline teams. We help companies streamline maintenance operations, improve asset management, and empower workers—all while delivering insights that can improve the bottom line. We’re proud to serve some of the world’s largest brands, including Duracell, AB InBev, Univar, Cintas, McDonalds, Titan America, and many more. Learn more about MaintainX

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
SafetyCulture (iAuditor) is a mobile-first application that digitizes processes and streamlines your operations to get better everyday. Learn more about SafetyCulture
SafetyCulture is an app that frontline teams actually want to use. It’s a digital solution for tasks like conducting inspections and important checks, raising and resolving issues, managing and tracking physical assets, learning important skills and accessing procedures on the go. It also helps teams do more than just tick the boxes for governance, risk, and compliance – it can help set environment, health and safety standards, and raise the bar when it comes to operational excellence. Learn more about SafetyCulture

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
United Kingdom Local product
UK Hosted, global Computer-Aided Facility Management (CAFM) solution designed to deliver savings, quality data, and powerful reporting. Learn more about Ostara Systems
Whether you are looking for a streamlined workflow, asset management or just increased visibility and cost control, Ostara has the Asset Management solution for you. The product has been developed to be highly configurable and is aimed firmly at providing clients with the tools they need to control their buildings assets and compliance. The Ostara product is used globally, in more than 13 different countries, and more than 12 different languages. Learn more about Ostara Systems

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Fiix, by Rockwell Automation company, is the #1 asset management software to help you boost asset performance and hit uptime targets. Learn more about Fiix
Fiix, by Rockwell Automation company, is the easiest way to track, measure, and optimize asset performance. Fiix's cloud-based and AI-powered asset management software helps you organize assets and inventory, manage work, connect to business systems, and make data-driven decisions. Get a 360-degree view of work, parts, costs, schedules, and KPIs to hit your uptime targets. Our technician-focused desktop and mobile apps help you take care of assets from anywhere, even offline. Learn more about Fiix

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Specialist fixed asset management and tracking software to meet the audit and depreciation requirements of both the private and public sector. Learn more about Asset4000
MRI Software’s (formerly Real Asset Management) fixed asset management solution, MRI Asset4000 tracks and records all changes that occur during an asset's lifetime and is proven to simplify and accelerate month- and year-end procedures. From automated and accurate depreciation, to verified asset data and comprehensive reporting, MRI Asset4000 enables compliance with IFRS, SORP, UK GAAP and all SOX-type regulations whilst providing a comprehensive audit trail enabling organisations to meet and surpass audit regulations. Learn more about Asset4000

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
United Kingdom Local product
The all-in-one asset management app for SMEs. Automate your tasks and swiftly digitalise any assets workflows, on a budget. Learn more about Bulbthings
Bulbthings digitalises tasks and activities for any physical asset you rely on for your operations. The mobile app’s QR code scanner makes inventory and quick actions on your assets ridiculously easy. From small items in bulk to shared equipment or full vehicles fleet management, automate your workflows at competitive prices and setup times. Go mobile, get more collaborative and explore dynamic analytics to optimise your assets usage and costs. Learn more about Bulbthings

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
⚙️ Infraspeak provides unmatched control, compliance and productivity to FM and maintenance teams. Slash admin work, MTTR and costs. Learn more about Infraspeak
⚙ ️Infraspeak is an Intelligent Maintenance Management Platform that provides unmatched control, compliance and productivity to facility management and maintenance teams. ⚙ ️ Leverage AI to automate tasks and get intelligent insights across all areas of your operation, including assets, work orders, PPM, compliance, suppliers, inventory, analytics, and more! ⚙️ Built for mobile use, intuitive, and integrates with your whole tech stack, seamlessly. ⚙️ Automate up to 60% of admin work, reduce MTTR by up to 83%, and cut unexpected costs by 3.2x. ⚙️ Infraspeak is trusted by industry leaders such as Siemens, Veolia, Sandvik, Mitsubishi Electrical, Engie and Primark, to manage over 1 million assets daily. Learn more about Infraspeak

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Straightforward fixed asset, maintenance & work order management software. Great software doesn't take hours of training & set-up. Learn more about Maintainly
Straightforward maintenance management software for fixed assets, with features such as asset tracking, inventory, reporting and beautiful, industry-leading native mobile apps. The leading disruptor in the maintenance management software industry, Maintainly is the software to turn to when old, legacy software just can't go with you into the future. Maintainly offers a free version as well as plans that let users pay only for the modules that they will actually use. Learn more about Maintainly

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Improve employee and multi-tenant parking experiences, reduce admin time, increase occupancy and generate revenue. Learn more about Parkable
The smartest way to manage employee and tenant parking. Parkable improves parking experiences, reduces time spent on admin, increases car park occupancy, promotes a fairer work culture and generates extra revenue. Trusted by leading global companies including Meta, Siemens, KPMG, Dentsu Aegis, JLL and LaSalle. Parkers use the app to share, reserve and pay for parking. Administrators use the web panel to easily manage parking and EV chargers across multiple locations. Learn more about Parkable

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Asset Manager is a web-based fixed assets register for tracking your company's assets. Check in/out, manage service, and more. Learn more about Kaizen Asset Manager Web Edition
Asset Manager Web Edition is a web-based Asset Management Software for tracking your company's Fixed Assets. Access it from your computer or tablet wherever you are - in the office, shop, warehouse, or on-the-go. Check in or out assets from or to your team; manage service schedules and completed service, track purchases, asset history, and more. Learn more about Kaizen Asset Manager Web Edition

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
A customizable and full featured asset tracking platform. Easy to setup and use. Cloud based and mobile. World-class support. Learn more about Reftab
Specialized for IT departments, Reftab was voted by Forbes as the best customizable asset management platform in 2023. Our system allows you to build custom categories to track the specific fixed assets within your organization. With powerful reporting, maintenance alerting and unlimited users, your entire team can utilize Reftab to track anything. With a focus on simplicity and automation, anyone, no matter their requirements or technical ability can utilize Reftab to track fixed assets. Learn more about Reftab

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
UpKeep is rated the #1 mobile-first Fixed Asset Management Software to streamline work orders, facility, and asset management. Learn more about UpKeep
UpKeep's Fixed Asset Management Software is a modern maintenance and asset management solution for your team. From your desktop to your phone and even your tablet, UpKeep is easily accessible from anywhere at any time. Create work orders on-the-go, get notifications when tasks are updated, and receive alerts straight from your app when assets go down making your business run more efficiently than ever before. 100% Free Download and Signup. Learn more about UpKeep

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Enterprise lease management and accounting software: IFRS 16/ASC 842 compliance, multiple ERP integrations, 1000+ contract portfolios. Learn more about Nakisa Lease Administration
Nakisa Lease Administration (NLA) is a cloud-native solution that assists global enterprises in streamlining lease accounting and lease management. Built for 1000+ contract portfolios, NLA offers end-to-end lease lifecycle management for equipment, land, fleet, and real estate assets. With built-in compliance capabilities for ASC 842, IFRS 16, and local GAAP, our comprehensive software is a solution of choice for Fortune 1000 companies that need bidirectional ERP integration (SAP and Oracle). Learn more about Nakisa Lease Administration

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Scheduled maintenance, asset management, breakdown and repair jobs, compliance checklists, and a powerful mobile app for iOS/Android. Learn more about Fieldmagic
Fieldmagic is the leading fixed asset management software that has features on inventory tracking, audit trail and asset lifecycle managements that combines site-based asset management, scheduled maintenance, breakdown and repair jobs, reporting and compliance checklists with powerful apps for iOS and Android to provide a complete solution for your business. Learn more about Fieldmagic

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
United Kingdom Local product
Checkit harmonizes strategy, sensors, and software, enabling frontline teams to drive bottom-line benefits for operational leaders. Learn more about Checkit Operations Management
Checkit is a global provider of purpose-built intelligent sensor and data collection technology that enables industry leaders across healthcare, food, retail, and other emerging markets to create, connect, and scale operational ecosystems. By simplifying strategy, harmonizing process, and empowering teams to be more efficient, operational leaders can now turn outdated systems into smart solutions designed to be empowering for the frontline but beneficial to the bottom-line. Forward-thinking leaders such as BP, Google, Sodexo, the Ritz Carlton, and hundreds more use Checkit to ensure compliance, safety, and quality, and align these programs to sustainability and ESG initiatives in clear and tangible way. Visit www.checkit.net to learn more, and follow us on YouTube, X, Facebook, and LinkedIn to stay informed. Learn more about Checkit Operations Management

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Canfigure is a modular asset management solution that offers ITIL Service Desk, CMDB, Change Management and more. SaaS or on-premise. Learn more about Canfigure
Canfigure is your ultimate solution for IT Asset Management Software, revolutionizing the way organizations monitor, analyze, and optimize their digital assets. In an increasingly technology-dependent world, Canfigure offers a robust and intuitive platform that simplifies the management of IT assets. With Canfigure, you gain full control over your IT inventory, enhancing efficiency, security, and cost-effectiveness. Any business workflow can be supported using Canfigure's powerful admin tools. Learn more about Canfigure

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
A digital toolkit for the configuration and management of any asset-centric inspection use case. Learn more about Inspectivity
Manage asset inspections digitally with Inspectivity, a no-code cloud-based platform and mobile app that adapts to the way you work to connect your teams and supercharge your inspection outcomes. With its combination of field management and no-code workflow automation features, Inspectivity is the perfect solution for optimising efficiency and promoting a standardised inspection culture across your organisation. Learn more about Inspectivity

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
An integrated platform that helps real estate and facility managers to increase operating efficiency through process automation. Learn more about Planon
Planon Universe for Corporate Real Estate and Facility Managers is an innovative Integrated Workplace Management solution that creates greater efficiency and quality in processes, measurably reduces corresponding costs and successfully contributes to the organization¿s performance. This software includes solutions for property management, space and workplace, asset and maintenance, soft services and sustainability. Learn more about Planon

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Wrike is fixed asset management software trusted by busy teams to manage equipment, vehicles, and computers with ease.
Wrike's fixed asset management software is used by more than 20,000 companies across 140 countries. Monitor the condition of company equipment, vehicles, and computers with ease thanks to Wrike's robust fixed asset management solution. Keep track of fixed assets' status across departments and time zones, and always have a handle on inventory at hand. Improve operational efficiency and keep equipment in top condition with updates your whole team can access in real-time. Learn more about Wrike

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
NetSuite, the world’s #1 cloud ERP, provides the visibility and control needed to make smart decisions, fast, and grow with confidence.
NetSuite is an all-in-one cloud business management software that helps more than 37,000 organisations run their business more effectively. NetSuite automates core processes and provides real-time visibility into operational and financial performance. With a single, integrated suite of applications for managing accounting, order processing, inventory management, production, supply chain, and more, NetSuite gives companies clear visibility of their data and complete control of their business. Learn more about NetSuite

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Asset lifecycle management software built around your asset tracking needs. Depreciation, barcoding and more. Try It For Free!
Our leading asset lifecycle management software enables you to create POs, schedule services and manage vendors effortlessly. Easy depreciation management and custom reports help you make well-informed business decisions. Use our all-new mobile app for RFID, Barcode and QR Code scans; gain compliance with regulatory bodies. Location and maintenance histories make this a must for fixed asset management. We are also integrated with Zendesk and Jira. Try Us Out For Free! Learn more about EZOfficeInventory

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  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management
Learn why Forbes rated Asset Panda the #1 Asset Tracking Software of 2022. Try Asset Panda with a free 14-day trial (no card required)!
Asset Panda's fixed asset management software helps you track the lifecycle of your assets. Our cloud-based asset management system is user-friendly, customizable, and supports many integrations—the software pairs with mobile iOS & Android apps with free barcode scanning. On top of asset tracking/management, we help with fixed asset audits, maintenance tracking, depreciation, asset reservations, & much more. Get your free 14-day trial today (no card required)! Learn more about Asset Panda

Features

  • Barcoding/RFID
  • Status Tracking
  • Disposal Management
  • Contract/License Management
  • Depreciation Management
  • Compliance Management
  • Asset Tracking
  • Work Order Management
  • Audit Management
  • Maintenance Scheduling
  • Inventory Management

Fixed Asset Management Software Buyers Guide

Fixed asset management software is primarily designed to help businesses and other commercially minded organisations track their maintenance, repair, and operations (MRO) lifecycle. It also assists with the maintenance of depreciation values on a range of fixed assets such as company cars, office equipment, and computers.

Other fixed assets that asset tracking tools can assess include land, buildings, furniture, plant, machinery, tools, and any other items that cannot easily be sold for their cash value. In other words, fixed assets are fixed while liquid assets, such as securities and saleable stock, have greater liquidity, meaning they can be turned into cash more easily. Consequently, the value to a business of its fixed assets is often hard to determine and not something that can always be accounted for by simply calculating the sum of its potential sales value. Various factors need to be taken into consideration which is why asset monitoring solutions tend to be used.

Both large corporations and smaller enterprises can make use of a software-based asset management system. A key feature is asset lifecycle management. This helps businesses get the best out of their fixed assets from the procurement stage right through to minimising their disposal costs when they are no longer needed. Other features that are common in asset tracking software today include inventory management modules and maintenance management systems. The former helps to keep track of the levels of fixed assets, usually with some sort of barcode system for greater automation, while the latter specialises in planning routine and preventative maintenance schedules for equipment.

Overall, the main benefits of fixed asset management and tracking systems include maximising the potential of all fixed assets a business possesses. Unless they know what they have and the state these assets are in, it is hard to exploit them to their maximum potential. Software systems tend to eliminate human error while speeding up fixed asset management work. In turn, it helps finance directors and other decision-makers to make better-informed strategic decisions about company expenditure on fixed assets. Crucially, this is the case with respect to both new acquisitions and maintaining current assets.

Today a software-based fixed asset tracking system could be connected to accounting software, especially when assets are constantly being depreciated in value. Other related software systems include IT asset management programs, inventory control software, and inventory management software, to name but three. Overall, the best fixed asset tracking software will offer numerous features and integrations with other software classes. Key things to look out for include:

  • A fixed asset lifecycle management module that helps to establish the total cost of ownership of an asset and to assist with strategic planning and decision making on expenditure
  • A fixed asset check-in and check-out feature creates a log whenever a particular asset is available for use and who, or which department, is currently using it
  • A computer maintenance management system (CMMS), something that nearly all businesses need these days since the use of computer equipment is now so widespread in almost all industrial sectors
  • A maintenance scheduling system that allows senior managers to plan the maintenance schedules of fixed assets, such as plant machinery, company vehicles, or even buildings

What is Fixed Asset Management Software?

Fixed asset management software can best be defined as a computer program—or suite—that is designed to help businesses track, monitor, maintain, and dispose of their fixed assets in numerous classes. This type of software is designed to help a company move away from spreadsheet-based records of its fixed assets and take a more streamlined approach to reporting them, including location, maintenance regime, and depreciation level. As well as helping to track the MRO lifecycle of fixed assets, this sort of software will help to maintain the correct values of assets, meaning that such packages are a good fit for firms that need their fixed assets to be properly valued for tax or acquisition purposes.

Although some asset monitoring solutions are highly specialised, for example dealing only with information technology (IT) assets, others can be utilised for almost all types of fixed assets, from company vehicles to buildings and land in the ownership of a single organisation. Furthermore, some fixed asset software programs might focus on particular tasks, such as providing a real-time asset tracking system, whereas other perform a wider range of functions and would be, therefore, better referred to as asset monitoring solutions. In some cases, asset management programs integrate with accounting software for small businesses, which tends to help when dealing with asset valuation issues for the purposes of annual tax declarations.

Consequently, many people who use an asset management system as a part of their daily work would understand a fixed asset management and tracking system to mean different things in different contexts. After all, different businesses have different classes of fixed assets. Commercial landlords, for instance, tend to have fixed assets tied up in land and buildings, whereas SMEs might have fixed assets that only includes a couple of company-owned vans, some tooling, and a small network of computers. Nevertheless, all businesses and commercial organisations can benefit from the range of asset management tools available today in software systems. Indeed, with cloud asset tracking and other mobile solutions, it is even easier for businesses to operate in agile, decentralised ways without losing control of their fixed assets while they are in the field.

Please note that fixed asset management is important for any organisation that wants to keep tabs on the whereabouts of its assets. Equally, however, businesses often need to manage their assets for reasons of regulatory compliance, depending on their sector. Not knowing exactly where a physical asset is in use at any particular moment could cause problems in some industries. Equally, where fixed assets are depreciated—or lowered in saleable value—over their lifecycle, a proper management system needs to be in place, or tax rules on how much value can be depreciated might not be properly adhered to. In other words, fixed asset management systems help with a range of compliance issues and are not simply there to help organisations control the use and availability of certain assets.

What are the benefits of fixed asset management software?

The benefits of fixed asset management software are myriad. Between 2016 and 2020, the size of the fixed asset management market more than doubled, according to some industry estimations. It is easy to see why when the number of benefits that software-based asset monitoring solutions now offer. The current generation of asset management tools is often feature-rich, designed for every business size, from start-ups to multinational corporations and for every industrial sector, from major landowners to operators in heavy industry. Read on to discover more about the kind of benefits businesses can expect from fixed asset management software today:

  • Centralised fixed asset information: centralise information on fixed assets so that all of the relevant departments and individuals who use them can gain instant access to records. This could range from a fleet manager, for example, knowing the whereabouts and condition of company vehicles to the accounts department having information on the value of certain fixed assets they intend to depreciate in the forthcoming financial period.

  • Simplify asset allocation processes: make asset allocation processes simpler such that it becomes much more straightforward to manage fixed assets on a day-to-day basis. IT professionals, for instance, will know when they can take a particular computer offline to conduct upgrades and maintenance to it. Computerising how fixed assets are allocated to certain tasks or projects makes it easier to charge clients for their usage, perhaps at a daily rate or one that considers the wear and tear caused to the asset itself.

  • Ensure fixed assets remain in use through maintenance cycles: keep a firm level of control on the maintenance regimes of fixed assets. This will help to make sure they are always available for use. There are two ways that an asset management system will typically do this. The first is to provide information about the state and location of an asset when it needs an urgent repair carried out to it. This helps those responsible to undertake a swifter job than would otherwise be the case. Secondly, preventative maintenance regimes can be built around certain fixed assets so that the likelihood of breakdowns occurring in the first place is minimised, thereby avoiding unnecessary interruptions to service or normal business operations.

  • Prolong the lifecycle of fixed assets for greater return on investment: take action to prolong the lifecycle of any fixed asset. Doing so makes it possible to obtain a greater level of return on investment (ROI). It should be noted that prolonging the lifecycle of an asset is not entirely about providing it with a lifetime of preventative maintenance, as mentioned previously. Instead, asset management tools will also provide the necessary system to plan for the acquisition of an asset as well as its operation and maintenance. Furthermore, cost analysis of the asset's disposal, whether it is sold or recycled, will be a key part of helping to understand the ROI of any given asset over its full lifecycle. This helps to improve the acquisition and maintenance of future assets.

  • Improve productivity and strategic decision-making: enhance productivity and decision-making through better-informed asset management. This occurs in two main ways. Firstly, using asset tracking software in real-time helps organisations to make better decisions about asset deployment. Cloud asset tracking systems can permit users of assets—such as company delivery drivers, for example—to update the system remotely, making for better minute-by-minute decisions, which should lead to upturns in productivity. When it comes to more strategic decision-making, an asset management system will be invaluable in providing data and analytics over which classes of assets have been most beneficial to the company concerned and which have generated greater business risk. Furthermore, identifying so-called ghost assets will help overcome the issue of keeping assets on a company's accounts that no longer offer any commercial value.

What are the features of fixed asset management software?

The features of fixed asset management software can be highly specialised. Some deal only with one or two fixed asset classes, such as IT or telecommunications equipment, while others will help organisations manage all fixed assets within a single software package. Overall, the various asset monitoring solutions available today will offer many of the same asset management tools within their array of features. Here are some of the most common features of fixed asset management software:

  • Fixed asset check-in and check-out: improve operational productivity when fixed assets are shared among employees, teams, and even projects with an asset check-in and check-out feature. Today's generation of fixed asset software programs often allows businesses to track the use of assets in the field. Where high-value items are allocated to certain teams or jobs—such as construction equipment—the time they have been in the field can be monitored. This allows for better billing, either internally within a large corporate structure or to the client directly for the use of such equipment. This feature also helps to keep tabs on company assets that are in the field to ensure that they're not being used for purposes other than those they're designed for. A good check-in and check-out feature is ideal for companies with high-value assets, but it also suits smaller ones that hire out or lend equipment to their clients.
  • Inventory management: keep track of fixed and other types of asset with an improved inventory management system. For example, by computerising warehouse operations and stock control, the length of time it takes to find an asset and pick it from storage can be faster. This fact alone can help to shorten lead times and, therefore, improve customer satisfaction ratings. In many cases, asset management solutions provide a dashboard for users to monitor all of their inventory and stock control processes. This feature is common in the best fixed asset tracking software because it means firms are able to view their stock levels of assets at a glance and gain almost instant notifications when certain parts or assemblies are running low. In turn, this can help buyers to order in advance before stock becomes too depleted, allowing manufacturing businesses, in particular, to run with fewer breaks in operation due to low stock levels.
  • Asset tracking systems: understand where assets are and what use they are being put if any. These days, asset tracking is a very important feature of many asset management systems. By deploying scanning technology that picks up on encoded information on the side of assets, it is possible to businesses to track assets as they move around. Barcoding technology, for example, means that managers can obtain real-time information about all of their assets in a warehouse, on a factory floor, or even when they are in transit between sites. Knowing where things are is clearly beneficial, but this is not the only advantage of these sorts of asset management tools. With asset tracking systems as a part of the fixed asset management software, it is possible to calculate the costs associated with moving assets. How many times does asset A move back and forth needlessly? Is there a case for the company to purchase a second or third asset to augment the current number? Monitoring the time it takes to move assets around and identifying potential issues associated with such movements helps businesses make better plans for both their immediate and long-term needs.
  • Computer maintenance management system (CMMS): gain an advantage in understanding computer assets with a dedicated CMMS feature. After all, one of the major fixed assets that nearly all businesses have these days is computer equipment. It is not just desktops and laptops, either but tablets, networking devices, smartphones, and video conferencing equipment that comes under this asset class. With much of this equipment deployed in the field or in the homes of employees nowadays, so it can become increasingly costly for firms to keep track of it all. A CMMS feature allows IT professionals to see, at a glance, who is responsible for what equipment and where it should be. Equally, it will help them track which software is installed where, which can help greatly when new packages or updates need to be rolled out. Equally, a CMMS module will mean that preventative maintenance work through routine inspections becomes easier to manage. In the end, proper maintenance of IT equipment is not just about maintaining the hardware itself but ensuring it is secure and that data held on it cannot fall into the wrong hands even if it were to be lost. For some companies these days, CMMS is considered to be a business-critical feature for this very reason.
  • Work order management features: obtain better results from field workers with a work order management feature. In many cases, asset monitoring solutions are designed for manufacturing and industrial business, but they can also be of great use in the service sector. For instance, if the asset that makes a business run effectively is an engineer and their equipment in the field, then deploying them more efficiently will lead to greater productivity. Some asset management software provides a work order management functionality that can help to make better use of people in the field who are providing services. Some function on a geographical basis and can even assign new jobs to the nearest available service provider or engineer automatically. Others allow senior managers to assess the productivity of individuals, for example, by producing metrics on their response times and the number of other assets, such as spare parts and consumables, they use up in the process of carrying out fixes.
  • Predictive maintenance functions: gain foresight into when fixed assets need to be maintained. In some cases, fixed asset software programs provide information on when the last time an asset was inspected or used or underwent a repair. Although this can help establish the asset's expected lifecycle, it does not always predict when a maintenance inspection will be of most benefit. In the majority of cases, this would be just before it suffers a failure or requires a new component. What a predictive maintenance feature offers is the chance to take a more proactive approach with asset maintenance. Such features use various metrics, such as when the last time a similar asset failed, to establish when would be the most opportune moment to take an asset offline and carry out preventative maintenance. Like plenty of finance software on the market these days, artificial intelligence (AI) is used to help make such predictions. AI does the big number crunching to keep assets working and for businesses to continue to derive economic benefits from them for longer.

What should be considered when purchasing fixed asset management software?

When purchasing fixed asset management software, there are a number of considerations to be aware of. The global market in asset management software is driven by numerous factors, including technical innovations, an increased focus on driving down energy consumption derived from assets, and demand for fixed assets across numerous industry verticals.

  • What functionality does the fixed asset management software offer? The level of functionality that a software-based asset management system provides is likely to differ from developer to developer. Some are very feature-rich and will provide just about every type of function that could be wished for. Obviously, these tend to come with a higher attendant cost and will often be suited to very large organisations which have many assets to manage. Smaller businesses and those with fewer bases of operation may not need this level of sophistication, and consequently, a simpler fixed asset management package may be a better option. Some SMEs will find that a basic asset tracking system is all they need to manage their equipment, while others will need to budget for some of the best fixed asset tracking software available. It is important to identify the key business needs before purchasing any fixed asset software programs so that the functionality offered in the application will truly meet all of the firm's commercial requirements.
  • Are tailored asset monitoring solutions preferable to off-the-peg software? Both bespoke asset monitoring solutions and standardised software systems are available for fixed asset management purposes, and both have their pros and cons. Standard systems tend to be simpler to operate, easier to get up and run with and have fewer installation issues. They will also often integrate with other software systems that a company might already be using, such as their accounts package. On the other hand, a bespoke solution means being able to perform asset management activities in highly specialised industries that may have uncommon asset classes to take care of. Although a tailored approach is likely to be more expensive than a standard one, the cost reductions involved can mean that this is a more productive way forward, depending on the nature of the company concerned.
  • Would cloud-based asset management tools be useful? Using cloud-based asset management tools is very useful in certain circumstances. As opposed to on-premise software, a cloud-based approach means that employees will be able to update the system from any location. This is likely to appeal to firms with assets in the field, such as those which send repair engineers to customers' sites or deploy heavy plant machinery on building sites. That said, cloud-based asset management software is also useful in organisations that have shifted over to hybrid forms of working and no longer require employees to always come into the office, a working practice that an on-premise solution could potentially hamper. In some cases, a cloud-based fixed asset management system will mean that lower maintenance and upgrade costs are associated with the software since the developer rolls out to all of its clients in one fell swoop rather than on a case-by-case basis. Nevertheless, some firms still prefer on-premise solutions, so a cloud-based alternative is not always the right way to proceed in all cases.
  • Is it possible to schedule a demonstration of the asset management system It should be possible to trial a fixed asset management software package or, at least, to see a demonstration of it in action before buying it. Some software developers will allow potential new clients to try out the full version of their software for a limited period of time before giving them the option to pay for it. Others will offer one or two licenses freely, but more will need to be paid for, or they won't be renewed. Many organisations will trial at least two or three different software systems to work out which is the best fit for their current needs. However, it is important to also have at least some understanding of the other asset management tools on offer. After all, commercial priorities can change, and firms that have tied themselves into a software system that cannot be upgraded with further modules or features may end up regretting their decision.

Fixed asset management software trends have an ongoing impact on the evolution of this software. It is not just asset managers and IT professionals who are calling for more functionality with their asset monitoring solutions today. These days, a project manager is just as likely to use asset management software even if it is only a part of their job to track and monitor company assets. This means that software developers have sometimes pushed their asset management products in certain directions, often to fulfil particular market niches. That said, some discernible trends in asset management system development are identifiable. Here are some of the latest advancements:

  • Greater use of the internet of things (IoT) in CMMS: Firstly, the IoT extends the capabilities of many types of software, including asset management solutions. However, it is especially effective in CMMS where it is now being used beyond the usual assets of company-owned computers and mobile devices. These days, asset management systems focussing on CMMS will also be able to offer management of when and how apps are accessed. Smart fridges and TVs, for example, are as likely to be audited with an advanced CMSS system as a laptop. Furthermore, with the latest sensing devices and appropriate software layers, IoT allows such systems to track hardware as it moves around a facility or even outside, thanks to global positioning system (GPS) technology. This means asset tracking software can work virtually anywhere. Indeed, some CMMS can now communicate with equipment and record relevant data about its performance remotely, thereby assisting with end of life and maintenance schedules.
  • More focus on software integration and configuration possibilities: Asset management software developers can call on some advanced protocols in the form of application programming interfaces (APIs) to improve software integration and increase the number of configuration possibilities. This is something that more and more developers are taking seriously since—if their platform can integrate with others—it is more likely to be purchased alongside a legacy system. So long as users can configure their asset management system themselves or have the developer do it for them, it could make for a much more impressive option without the need for a fully bespoke solution. In short, by making it possible for different programs to work with one another, greater functionality can be achieved in asset management. Moreover, a well-designed API will often add another level of security. This is an important consideration when importing data from one system to another, whether it is to streamline supply orders, update inventory control databases, or help decide on appropriate ongoing maintenance operations.
  • Mobile-friendly design for handheld asset scanning: In common with many business-use software systems nowadays, fixed asset management systems are becoming more mobile-friendly—a trend that looks set to remain. The ability to view and input data from a mobile device is particularly noteworthy with asset tracking software. This is because fixed asset software programs that track assets usually do so by scanning them. A handheld barcode scanner would traditionally be used, then have its data uploaded to the software system via a computer terminal. However, mobile devices can scan assets just as easily nowadays and—even better for many fast-moving firms—they can upload their data to a centralised asset management system without any unnecessary delay. Furthermore, other technologies used by mobile devices can also be used to scan information on close-by assets, such as Bluetooth or radio frequency identification (RFID). This means that securely encrypted asset management data becomes available to all as assets move, are used up or replenished, making for a much more streamlined operation thanks to devices that are now commonplace in the workplace.

Sources

The features highlighted were identified based on their relevance and the percentage of products in Capterra's directory that offer them. The following sources were used for this document:

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  6. Capterra - What does it mean to be a project manager? (Date accessed: Friday 3, September, 2021)