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Asset Lifecycle Management: Control assets over the entire course of ownership, from the initial acquisition to depreciation.Asset Accounting and Depreciation Management: Calculate costs for managing assets as they depreciate to stay within your operating budget.ROI Consideration: Evaluate the potential return on investment by considering time and resource savings.įixed Asset Management Software Key Features.Pricing Structure: Analyze the pricing model (subscription, per-user, etc.) and ensure it aligns with your budget.Mobile Accessibility: Confirm a mobile app is available for iOS and Android with built-in scanner capabilities for barcodes or RFID tags.Training and Support: Assess the availability and quality of customer support and training materials.User Interface: Opt for a platform with an intuitive and easy-to-navigate interface.Confirm that the platform supports audit processes. Asset Tracking and Auditing: Consider the software’s ability to track assets through RFID, GPS tracking, QR codes, or barcode scanning.Reporting and Analytics: Check for customizable reporting for depreciation, asset valuation and lifecycle, location tracking, usage and performance, and compliance and audits.Customizability: Evaluate if the software can be tailored to your specific business processes and reporting needs.Integration Capabilities: Ensure the software can integrate seamlessly with your existing ERP software or accounting software.Depreciation Calculation: Look for software that offers diverse and accurate depreciation methods.Regulatory Compliance: Identify the regulatory requirements relevant to your industry for asset management and reporting.Business Scale and Complexity: Consider the size of your business and the complexity of your asset management needs.Inventory of Assets: Understand the types and quantities of assets your company manages.Choosing the Best Fixed Asset Management Software 1 Assess Business Needs and Objectives View details of a single asset in GoCodes. Fortunately, fixed asset management software provides automation features for depreciating asset value, letting you identify optimal asset management strategies and act accordingly. However, businesses with a large volume of assets need a standalone solution to scale with growing production. The software can also automate inventory management workflows with the audit trails created in asset tracking, providing a clear record of where physical assets were at any time.įixed asset management can often be found as an application within a larger accounting software for straight-line depreciation calculations. Because of the complexity of the financial calculations, utilizing an automated software can save hours of time otherwise spent on traditional, manual fixed asset management practices.įixed asset management software streamlines financial asset accounting, preventive maintenance scheduling, and managing depreciation. Fixed asset management software helps you track purchase cost, valuation, depreciation and gain or loss on your assets.