What Is Fixed Asset Software?

Imagine updating multiple Microsoft Excel sheets to keep track of an asset’s location, history of repairs and maintenance, and its inevitable depreciation. While this may be manageable for small businesses, think of how taxing this process can become once your enterprise grows.

Microsoft Excel sheets used to be the go-to software solution to track assets and their value. Over time, this method has become obsolete with its manual inputs and limited user access.

How can you assess your business’ overall status if you are focused on the most minute yet ever-changing details? What you need is a precise asset management system to streamline and automate your workflow and increase your productivity.

Any business needs an asset inventory management system to evaluate its assets’ functionality and ensure that it still makes a profit despite depreciation.

With these systems in place, you can keep track of asset data essential for budgeting and decision-making.

Asset.Guru is the asset management solution that you need to track assets in real time. Let us help manage your assets while you focus on managing the rest of your business.

Our fixed asset software tracks the maintenance, repair, and overhaul (MRO) history of all your fixed assets. With such asset information at hand, you can make depreciation calculations of your physical assets, including computers, furniture, motor vehicles, and land.

Elements of Fixed Asset Software

Central Asset Register

A centralized asset register makes verifying lists easier by compiling a database of asset data in a single location. This tool helps avoid duplication or inconsistent data.

Compare this process with having multiple spreadsheets in different places. Without a central asset register, you could be left scrambling for the information you need.

Asset.Guru offers this exact service in maintaining accurate records of your business’ assets. Our services include MRO history tracking, which is essential to asset lifecycle management (ALM).

ALM is the process of improving the profit that assets generate throughout their lifecycle. The complete asset lifecycle involves a series of stages concerning asset management.

These stages include the asset’s procurement, usage, maintenance, and its inevitable renewal or disposal.

Asset Tracking

Fixed asset software, like Asset.Guru, provides essential asset-tracking services so you can monitor the status of your physical assets. With our services, you track your assets’ movements in real time, and you can rest assured that your asset register is up to date.

Fixed asset software eliminates the need for opening separate files to update your company’s assets. This software is all-encompassing, meaning you can easily update your system through mobile devices. With this technology, regular asset audits become easier.

Asset tracking is the process of following the activity and location of any company asset, whether physical or digital. This process usually involves tagging items with radio-frequency identification (RFID) tags, barcodes, or QR codes for easy scanning.

For example, take Asset.Guru’s barcoding system. Suppose you are conducting a routine physical audit of your IT assets. With barcodes in place, you can simply scan a physical asset to check its status and get the necessary updates from Asset.Guru.

Fixed Asset Accounting

As spreadsheets have become outdated, many accounting software solutions have emerged, such as NetSuite and SAP. These programs offer their services to help companies simplify their calculations of the necessary valuations throughout the asset lifecycle.

You can integrate your Asset.Guru account if you use any of those accounting services for enterprise resource planning (ERP) and managing inventory. And with our automated depreciation calculators, you can generate amortization reports easily.

If you use other accounting software, learn how to integrate them into your Asset.Guru account.

When forecasting asset value and making financial projections for your company, you need to evaluate all the financial information associated with the balance sheet’s fixed assets. You should also calculate your fixed assets’ depreciation rates.

Our software automates all the necessary accounting tasks to ensure accuracy during audits.

Types of Fixed Asset Tracking Software by Platform

On-Premise Fixed Asset Accounting Software

Smaller businesses may still rely on spreadsheets to track their physical assets. Still, Excel and similar platforms without asset management templates are not necessarily designed to carry out such tasks.

These outdated methods make asset accounting tedious and time-consuming for the entire team.

Spreadsheets may also get lost in piles of other documents and may be difficult to locate. These files also require manual data entry to maintain their accuracy.

Cloud-Based Fixed Asset Accounting Software

Cloud-based fixed asset software allows you to keep all the essential asset data in a central location. With Asset.Guru, you don’t need to browse your PC for the specific file you are looking for.

Additionally, fixed asset tracking software is automated. It utilizes an application programming interface (API), so you can track who makes changes to the data.

The cloud-based technologies of Asset.Guru involve remote computer processes that you can utilize through the internet.

Once you subscribe to Asset.Guru’s software as a service (SaaS), you can utilize cloud services to have powerful, centralized servers that maintain and backup your files. This method lifts the strain from your local hardware.

Mobile App

We at Asset.Guru further utilize cloud technology and offer our services as a mobile iOS app. The app allows you to update your asset data in real time quickly. You can also search for physical assets by barcode or photo to confirm whether they exist in your asset register.

While we do not have an Android app yet, Asset.Guru can support the Android browser without requiring any downloads or installations. Learn more about creating an asset using our mobile iOS app.

Asset.Guru also has the maintenance module add-on for you to easily track and schedule repairs and keep maintenance records while on the go.

With this add-on, you can assign jobs and tasks to your teammates and find out what everyone is currently working on through the information stored conveniently in the cloud system.

Benefits of Fixed Asset Management Software

From real estate to information technology, companies in any industry need an efficient asset management solution to keep track of their asset inventory.

Realtors need to assess their lands’ information. In contrast, IT companies may need to routinely check their devices’ maintenance status. These tasks can easily be automated and gathered in a single location.

With the cloud-computing services of fixed asset management software, decision-makers can boost their productivity through several concrete benefits.

Manage Your Assets

Fixed asset software is an automated asset manager. This solution gathers all your asset data in a centralized location. With all your data in a convenient location, you can forego additional work, such as manually checking and updating maintenance schedules.

With Asset.Guru’s computerized maintenance management system (CMMS), you can save time from searching several locations for the data you need. Fixed asset management software will store all your asset-related information in an accessible cloud service.

Warranty and Other Reminders

Since Asset.Guru gathers your asset’s warranty information, expiry date, and other details in a single location, you can avoid any oversight. Plus, you can maximize the profit that physical assets generate for your company.

With the reminder automation services of fixed asset software, there’s no need to make mental notes of your assets’ warranty status. Now the team can focus on more important matters.

Asset software also allows decision-makers to plan asset retirement. This process involves the permanent removal of assets from the company. You could sell the item to another company or dispose of it due to obsolescence. Either way, asset retirement is part of the asset lifecycle.

Divisions and Departments

Enterprise Edition is a premium Asset.Guru service that supports complex businesses through divisional reporting. This service allows you to grant access to more people for quicker processing.

Anyone can access asset information and edit it in real time whenever necessary. With asset management software, you can track changes from every user to avoid any inaccurate edit reports.

Maintenance

As a service that utilizes cloud programming, Asset.Guru comes with a convenient mobile add-on, so you can easily find which items require replacement or repair.

You can get these reminders as phone notifications and even have someone else check your asset’s status. The asset will also have its entire profile available to view, so you can rest assured that all the necessary information you need is ready.

Document and History

Asset.Guru’s fixed asset software can automatically match your assets with their respective invoices, certificates, and how-to guides. Keeping them in one convenient place further improves productivity and ensures assets are updated.

Assets will have a profile on your personalized system, so asset management is streamlined. This method simplifies asset monitoring to ensure that everything is in place.

Reporting and Audit Trails

With centralized asset information, auditing and reporting processes become easier. Asset.Guru, as fixed asset software, automatically creates an audit trail, so you don’t need to worry about losing data in piles of digital files.

Having asset information readily available supports compliance and saves your team from scrambling for the data you need when your company is facing an audit.

Depreciation and Finance

A company’s bookkeeping professionals and accountants can integrate Asset.Guru’s automated reporting and calculation services with other asset depreciation software, including QuickBooks Online, Xero, and NetSuite, to save on data entry time.

With automated processes, you have an unlimited number of depreciation treatments, fully customizable to match any industry’s needs.

Fixed asset software can adjust to your needs when assessing your assets’ value. You can choose to calculate with the straightforward straight-line depreciation method or calculate tax depreciation.

Automated processes make these calculations easier for accountants, especially when taxes can have separate rules to calculate taxable income after applying depreciation.

Check-In and Check-Out

You can assign assets to your staff to easily track assets and see who has used or is currently using certain tools and equipment to fulfill work orders. Checking in and out makes tracking asset location easier in terms of asset accountability and responsibility.

This is an important service, especially with movable assets. Fixed asset software allows you to keep track of where your assets are at all times and identify which teams are benefiting from the assets.

All asset data is in one place, so you can easily schedule the use of equipment to ensure that everyone has all the necessary tools they need to perform their tasks.

With many companies transitioning to a work-from-home setup due to stay-at-home orders, you will need a foolproof system to track equipment.

Fixed asset software helps employers track which assets employees have taken home. Through Asset.Guru, management and IT departments can easily monitor and get updates on who may need remote assistance for repairs or replacements.

Suppose an employee is having technical difficulties with their assigned computer. The company’s IT department can assist the person accordingly with our fixed asset software. Pertinent information, such as whether the employee’s device is a Mac or PC, can be accessed easily.

Now everyone can save time on investigating and get straight to troubleshooting.

Furthermore, the reminders feature of Asset.Guru can prompt management on who is due for a device replacement.

Fixed asset software can list how old a device is to determine whether it is still repairable. This process can help a company follow their capital expenditure plan despite pandemic-related work setup changes.

How to Use Fixed Asset Software

Although fixed asset software automates your company’s asset management processes, there are a few steps in setting up the entire asset management system to run smoothly. Before anything else, you will need to perform asset auditing to ensure that all your company’s assets are in their rightful place.

Asset auditing entails cross-checking your declared assets’ existence. You will conduct ocular inspections of all your assets to list them into the accounting software and input pertinent information.

You can simplify this process with barcoding services, such as ours at Asset.Guru. You can even attach customized tags to confirm asset presence quicker and more efficiently.

How to Use Cloud-Based Fixed Asset Software

With cloud-computing software, your fixed asset inventory exists in the cloud, with all your asset information in a centralized location. You can easily access your asset data from the internet through fixed asset software solutions, like our Asset.Guru services.

Asset.Guru can integrate NetSuite and SAP services, which are also cloud-computing services that manage dynamic asset information and calculate asset lifecycle valuations. Assets’ types and status are dynamic information that asset software can streamline for easier management.

To use an asset management system, you only need to make an initial investment of digitizing your asset data. Asset.Guru will then automatically update you on the status of your assets.

The automated and usually complete solutions of cloud-based fixed asset management software replace traditional spreadsheets, which are not necessarily designed to keep track of ever-changing asset information.

Asset data’s availability in a cloud service allows multiple users to make necessary updates to financial and asset information. No need to open separate spreadsheets!

Cloud-based fixed asset software, like Asset.Guru, may also come with mobile add-ons for efficient asset management at any time. Since asset data exists in the cloud, mobile applications can access the same information in a centralized location. This convenience allows you to make quick decisions when faced with audits.

Things to Consider When Buying Fixed Asset Software

Selecting fixed asset software to purchase for your asset tracking needs will require a few considerations to ensure that you accurately follow the asset lifecycle stages.

Besides the software’s pricing options, you must also consider the different features and benefits that a unique software platform provides its customers. Asset management software solutions ideally have the following key features:

  1. Inventory cataloging features: Fixed asset software needs a specific type of inventory cataloging system to help companies carry out standard inventory and auditing tasks. For example, Asset.Guru offers barcodes for easier scanning of physical assets. RFID tags are another type of cataloging system.

  2. Depreciation calculators: Fixed asset software must contain different depreciation calculation methods in its system to meet the state and federal regulations. Our customizable depreciation calculators at Asset.Guru are in complete compliance with tax regulations. We can also ensure that your company will meet the requirements that states demand from businesses.

  3. Sales trackers: Fixed asset software that provides adequate information about your company’s profits and losses from its assets can simplify your accounting system and processes. Asset.Guru can help you make informed decisions on money-making assets by gathering all your asset information in one place.

  4. Integration capabilities: Several cloud-based software already offer accounting services to companies and small businesses. Consider that good fixed asset software can integrate its services with existing software to simplify the accounting and asset management processes. We at Asset.Guru understand that our users also utilize the services of other cloud providers, which is why we extend our integration services to Xero, QBO, and NetSuite users.

  5. Customization options: Whether you run a real estate firm, an IT company, or a healthcare institution with less than 500 beds, the fixed asset software you decide to purchase must be flexible enough to create custom reports and work within your company’s goals. Asset.Guru is an example of a cloud-based asset management software solution for smaller businesses with customizable features to match the industry it serves.

Who Is Asset.Guru Built for?

Whether you’re an asset management amateur or an ace, our services are ideal for smaller and growing businesses in any of the following fields:

  • Facilities and Operations: You can use Asset.Guru to track which employees are currently using the equipment or devices of your company. Asset.Guru stores your asset data in a single location, so you can easily locate the items and assess whether they need to be replaced.

  • IT: Asset.Guru allows you to drive better cost allocation for better decision-making in terms of purchases and budgeting. With our maintenance module add-on, you can avoid juggling budgets and spendings as we help identify your most valuable assets.

  • HR: With easy access to asset data and the users who have handled any asset, Asset.Guru simplifies the onboarding and offboarding process when you need to make reports.

  • Finance: Asset management is important for predicting and forecasting the depreciation rates of your assets. Having such information at hand will help you make smarter financial decisions for your business.

  • Sales and Marketing: Aside from enjoying the convenience of cloud computing, you can determine which assets are currently profitable and which are ready to rent, loan, lease, or sell. All this information is available in real time, so you can make quick decisions whenever necessary.

Asset.Guru: Your Fixed Asset Tracking Solution

With Asset.Guru’s powerful cloud-based platform, growing businesses can utilize automation for asset management, boost productivity, and cut downtime by saving time spent on looking for data in different locations.

As an asset management platform, Asset.Guru helps you easily track which items, on-premise or otherwise, are currently in use, under maintenance, or about to expire. You can forego opening dedicated spreadsheets for specific assets since all asset data is stored in the cloud.

We offer a scalable and secure tracking solution for growing businesses to manage their physical assets. Asset.Guru has a general ledger programs integration system for the convenience of users of other cloud-based accounting software.

You can take our word for it, or you can experience our services firsthand! New users are invited to book a demo with us to learn more about Asset.Guru and why our fixed asset software is just what your business needs.

Sign up for a free Asset.Guru account and discover how our asset tracking services can help your company!

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