The best fixed asset management software should let users compute financial and tax depreciation, track the status and condition of fixed assets, and manage all fixed asset details. On top of that, software asset tracking is a required feature for businesses with information technology (IT) assets. With that in mind, here are our top picks for the best fixed asset management software for small businesses:
- QuickBooks Online: Best overall when integrated with AssetAccountant
- Xero: Best fixed asset manager in cloud-based accounting software
- QuickBooks Accountant Desktop: Best for bookkeepers with many clients
- Asset Panda: Best for tracking tangible assets using barcodes
- AssetExplorer: Best for IT asset tracking and software license management
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- Best Fixed Asset Accounting Software for Small Business Compared
- QuickBooks Online: Best Overall Fixed Asset Management Software When Integrated With AssetAccountant
- AssetAccountant
- Xero: Best Fixed Asset Management Software Within Cloud-based Accounting Platform
- QuickBooks Accountant Desktop: Best for Bookkeepers With Many Clients
- Asset Panda: Best for Tracking Tangible Assets Using Barcodes
- AssetExplorer: Best for IT Asset Tracking & Software License Management
- How We Evaluated the Best Fixed Asset Software for Small Businesses
- Frequently Asked Questions (FAQs)
- Bottom Line
Best Fixed Asset Accounting Software for Small Business Compared
| Pricing | Number of Assets Tracked | MACRS | Straight-line Method | Declining Balance Method | Units of Production | |
|---|---|---|---|---|---|---|
| Both for $38 to $275 monthly | Price varies per 100 assets | ✓ | ✓ | ✓ | ✓ |
| Visit QuickBooks Online | ||||||
 | $20 to $80 per month | Unlimited | ✕ | ✓ | ✓ | ✕ |
| Visit Xero | ||||||
| $799 or $1,299 a year | Unlimited | ✓ | ✓ | ✓ | ✕ |
| Visit QuickBooks Accountant Desktop | ||||||
 | Custom quote | Custom quote | ✕ | ✓ | ✕ | ✕ |
| Visit Asset Panda | ||||||
 | $955 to $11,995 yearly | 250 to 10,000 | ✕ | ✓ | ✓ | ✕ |
| Visit AssetExplorer | ||||||
| Tax Depreciation Reconciliation | Repairs & Maintenance Records | Fixed Asset Disposal | Lease Accounting | Accounting Software Integration | |
|---|---|---|---|---|---|
| ✓ | ✓ | ✓ | ✓ | ✓ |
| Visit QuickBooks Online | |||||
| ✓ | Via ledger account | ✓ | Manual entry | N/A |
| Visit Xero | |||||
| ✓ | Via ledger account | Manual entry | Manual entry | N/A |
| Visit QuickBooks Accountant Desktop | |||||
| ✕ | ✓ | ✓ | ✓ | ✕ |
| Visit Asset Panda | |||||
| ✕ | ✓ | ✓ | ✕ | ✕ |
| Visit AssetExplorer | |||||
QuickBooks Online: Best Overall Fixed Asset Management Software When Integrated With AssetAccountant
Pricing
We recommend subscribing to QuickBooks Online and adding the AssetAccountant integration through your QBO dashboard. You’ll need to pay for a separate subscription for each product.
QuickBooks Online offers four plans. In addition to the number of users, each plan varies in the features that are offered.
- Simple Start: $35 per month for one user
- Essentials: $65 per month for three users
- Plus: $99 per month for five users
- Advanced: $235 per month for 25 users
All plans of AssetAccountant are good for unlimited users:
- Free: $0 for up to 10 assets (doesn’t integrate with QuickBooks Online)
- Lite: $6 per month per 100 assets
- Basic: $12 per month per 100 assets
- Standard: $18 per month per 100 assets
- Standard + Leases: $45 per month per 100 assets
Annual pricing and volume discounts are available upon request. While we recommend integrating AssetAccountant with QuickBooks Online, it is also available as a standalone product. visit AssetAccountant to learn more.
Why We Like It
AssetAccountant with QuickBooks Online offers a complete solution for general accounting needs and fixed asset tracking, making it our overall best fixed asset management software. AssetAccountant fills the gap in QuickBooks Online’s lack of fixed asset management features and covers all the aspects of fixed asset accounting—from purchase and subsequent depreciation to maintenance and, ultimately, the fixed asset’s disposal.
Its lease accounting features help you track fixed assets under a finance lease, operating lease, or lease with repurchase agreements. AssetAccountant can also follow US GAAP or IFRS for fixed asset accounting, especially in unique issues like revaluations and impairments.
Aside from QuickBooks Online, AssetAccountant can integrate with Xero. So if you prefer Xero over QuickBooks Online, you can still access AssetAccountant’s outstanding features through integration.
| Accessibility | Cloud |
|---|---|
| MACRS Depreciation | ✓ |
| Depreciation Methods |
|
| Special Fixed Asset Accounting Features |
|
- Current QuickBooks Online users: If you already use QuickBooks Online, AssetAccountant is a perfect integration to fill the gap in QuickBooks Online’s fixed asset features.
- Small businesses, in general: AssetAccountant’s plans are affordable and scalable. Paid plans charge per 100 assets, making them suitable for SMBs with fewer than 100 assets to track.
- Financial and tax depreciation reporting: You can compute depreciation for financial and tax purposes within AssetAccountant—you can use the straight-line method for book depreciation while reporting MACRS for tax. AssetAccountant makes it easy for you to determine depreciation for different reporting purposes.
- Businesses with leased equipment: AssetAccountant helps you account for finance leases, operating leases, and leases with repurchase agreements. Besides that, you can account for lease terminations and refinancing.
- Depreciation accounting for tax and financial reporting: AssetAccountant lets you choose multiple depreciation methods, including MACRS, for tax purposes. When integrated with QuickBooks Online, AssetAccountant automates all fixed asset entries that are to be made within QuickBooks Online.
- Lease accounting: Lease accounting is a complex and specialized accounting concept. AssetAccountant makes it easy for users to determine right-of-use assets, lease liability, and lease opening balances. Users may also record multiple assets per lease.
- Impairment and revaluation accounting: You may record impairments and revaluation surplus of fixed assets in AssetAccountant. These features are helpful for businesses using both the cost and revaluation model of fixed asset accounting.
Xero: Best Fixed Asset Management Software Within Cloud-based Accounting Platform
Pricing
All plans come with unlimited users and a fixed asset manager.
- Early: $20 per month
- Growing: $47 per month
- Established: $80 per month
Why We Like It
Xero is a small business accounting software with a dedicated fixed asset manager. We picked it for users wanting a two-in-one solution for accounting and fixed asset management. Its fixed asset manager is decent and can help you track fixed asset purchases, depreciation, and disposal.
However, you should consider integration with AssetAccountant if you need advanced features like lease, impairment, and revaluation accounting. Another viable alternative would be Asset Panda, especially if you have assets in multiple locations. Its barcode scanning feature makes it easy for you to capture fixed assets on the floor.
| Accessibility | Cloud |
|---|---|
| MACRS Depreciation | ✕ |
| Depreciation Methods |
|
| Special Fixed Asset Accounting Features | If you integrate Xero with AssetAccountant, you can have the following features:
|
- Businesses not using MACRS: Xero doesn’t compute MACRS depreciation. It’s perfect for businesses using other depreciation methods for tax purposes, such as the straight-line method.
- Businesses without leased fixed assets: There’s no built-in feature to compute for leases within Xero unless your accountant can do the manual computations and input them via journal entry. Hence, Xero is best in situations when all assets are owned.
- Contractors: Aside from its fixed asset manager, Xero’s project accounting is commendable. Contractors can track project costs alongside fixed assets used for projects.
- Intuitive interface: Xero’s fixed asset manager’s interface is clean and easy to use. It shows all unregistered, registered, and disposed fixed assets on one screen.
- Basic depreciation reports: You can run reports to show depreciation values, disposal schedules, and overall gains and losses arising from disposals.
- Fixed asset register: You can check all fixed assets in the fixed assets register. This place records all fixed asset details, so you don’t need to go to the general ledger.
QuickBooks Accountant Desktop: Best for Bookkeepers With Many Clients
Pricing
QuickBooks Accountant Desktop comes in two membership levels:
- ProAdvisor Premier Software Bundle: $799 per year, per ProAdvisor
- ProAdvisor Enterprise Software Bundle: $1,299 per year, per ProAdvisor
Each includes the platform and a ProAdvisor membership.
Why We Like It
QuickBooks Accountant Desktop is a special product intended for bookkeepers and CPAs and is the only QuickBooks Desktop version with a fixed asset manager. It has features that let practitioners review and adjust clients’ books and fix client errors in bookkeeping. If you’re not a bookkeeper, we recommend Xero since it is also an accounting software but is not a product that caters solely to bookkeepers.
| Accessibility | Desktop |
|---|---|
| MACRS Depreciation | ✓ |
| Depreciation Methods |
|
| Special Fixed Asset Accounting Features | No built-in special fixed asset accounting features, but users can simply make journal entries to record special transactions. |
- Accounting and bookkeeping practitioners: Accounting firms or solo practitioners can keep track of fixed assets for all their clients for one price.
- Accountants with QuickBooks Desktop clients: QuickBooks Desktop Accountant can import client books from QuickBooks Desktop Pro or Premier. You can make adjustments to their books and then export the changes back to them.
- Providing on-site assistance: You can still access your QuickBooks Desktop Accountant tools within the QuickBooks Desktop of your client, which will help you provide on-site assistance to clients when needed.
- Toggle between industry editions: Since QuickBooks Desktop Premier comes with multiple industry-specific editions, your QuickBooks Desktop Accountant can switch between editions to accommodate different kinds of clients. Currently, there are five editions, namely nonprofits, manufacturers and distributors, professional service firms, contractors, and retailers.
- Accountant tools: Whenever there are discrepancies or errors in the client’s books, QuickBooks Desktop Accountant has tools that’ll recommend correcting entries for errors. It can also batch-enter transactions to make things quicker on your end.
- Accountant’s copy: QuickBooks ProAdvisors should receive a copy of the client’s data. Only the ProAdvisor can edit this copy to prevent unnecessary changes in the master data.
Asset Panda: Best for Tracking Tangible Assets Using Barcodes
Pricing
Asset Panda is custom-priced depending on the needs of the users. The quoted price will include the following:
- IT and general asset management module
- Unlimited users
- 24/7 support via email
- Customizable fields and workflows
- Cloud-based access
- Mobile app access for iOS and Android
- Single sign-on (SSO) and authentication
Why We Like It
Asset Panda is a good pick for businesses needing to track both tangible and intangible assets. Whether it’s software, furniture, laptops, or office refrigerators, it is a one-stop solution for tracking fixed assets. Its barcode scanning feature lets you create unique barcodes for each fixed asset. You can print and paste the barcode on the body of the fixed asset and use it as a label.
The only downside is that Asset Panda doesn’t integrate with accounting software, meaning you’ll need to make journal entries to record depreciation and disposals. If you don’t want to create fixed asset journal entries in your accounting platform, we recommend AssetAccountant because it integrates with QuickBooks Online and Xero.
| Accessibility | Cloud |
|---|---|
| MACRS Depreciation | ✕ |
| Depreciation Methods | Straight-line method only |
| Special Fixed Asset Accounting Features |
|
- Barcoding assets: Barcodes help you verify the existence and ownership of assets. Seeing barcode stickers is also proof that you have encoded the asset’s information in Asset Panda.
- Tracking tangible and intangible assets: Asset Panda lets you track tangible assets like computer hardware and intangible assets like software licenses. If your business has a mix of these two assets, we recommend Asset Panda.
- Mobile app accessibility in fixed asset tracking: The app is available on iOS and Android, plus full integration with the web app. Through the app, you can scan asset barcodes, pin GPS locations of specific assets, and add new assets.
- Providing IT assistance to remote employees: The built-in ticketing system helps you assist employees with troubleshooting and repairs. Employees can submit tickets using the web-based app or mobile app.
- Full lifecycle history: Each asset in Asset Panda will have a complete lifecycle history from its purchase to eventual disposal. You’ll also see repairs and maintenance activities performed during the life of the asset.
- Asset accountability: You can assign assets to employees within Asset Panda, including pertinent information about the asset, such as serial number, asset ID, and warranty information.
- Audit reports: Asset Panda generates an asset audit report that shows all asset items in the system and their status. You can use this list to scan assets that have not yet been scanned but have already been recorded in the system. These reports can help you spot missing assets that have been previously recorded but are nowhere to be found.
AssetExplorer: Best for IT Asset Tracking & Software License Management
Pricing
AssetExplorer’s plans are license-based and include free annual maintenance service. You can use each license until the limit. You can try AssetExplorer for 30 days to track 250 IT assets. Otherwise, you can proceed to the Free plan that lets you track 25 IT assets.
Here are its paid tiers:
- 250 IT assets: $955 per year
- 500 IT assets: $1,795 per year
- 1,000 IT assets: $2,995 per year
- 1,500 IT assets: $4,195 per year
- 2,000 IT assets: $4,795 per year
- 3,000 IT assets: $7,195 per year
- 5,000 IT assets: $9,595 per year
- 10,000 IT assets: $11,995 per year
- Additional 1,000 IT assets for 10,000 IT assets pack: $1,195 per year
Why We Like It
We picked AssetExplorer for small businesses that mainly use IT assets or businesses with sophisticated IT infrastructure. Because the platform specializes in IT asset tracking, it is the best tool for managing everything IT. You can track computers, laptops, routers, internet and intranet connections, and databases.
However, businesses with simple IT assets may find AssetExplorer too complex for their needs. We recommend Asset Panda, as it can also track IT assets and offers a more user-friendly interface for small businesses. It’s easier to use than Asset Explorer, especially if your business has simple fixed asset management needs.
| Accessibility | Cloud |
|---|---|
| MACRS Depreciation | ✕ |
| Depreciation Methods |
|
| Special Fixed Asset Accounting Features |
|
- Businesses with IT departments: Your IT department can use AssetExplorer as the primary tool for tracking, maintaining, and troubleshooting IT assets. It can serve as central software for all IT-related processes and information.
- Managing software licenses: AssetExplorer takes control over all software products implemented within the business. It doesn’t only track them, it also monitors unauthorized use of software in the organization. It also doesn’t limit what kind of license to track, whether these are original equipment manufacturer (OEM), concurrent, enterprise, free, named user, node-locked, trial, volume, or individual licenses.
- Tracking asset lifecycle and information: You can see all details about the assets, from their purchase to disposal. Repairs and maintenance performed will also be present in the asset’s records.
- Configuration management database (CMBD): The CMDB serves as a repository of all IT assets within the business. It detects relationships between IT assets, which could help IT support in finding the root causes of problems and bottlenecks.
- Multiplatform asset tracking: Whether you’re using Linux, Windows, Mac, or AIX machines, you can still use Asset Explorer.
How We Evaluated the Best Fixed Asset Software for Small Businesses
We considered all fixed asset management features that will help small businesses effectively manage fixed assets with ease. Hence, the best fixed asset management software should possess the majority, if not all, of the following features:
- Multiple depreciation methods: The tool should provide users with a variety of options to depreciate their assets. Most importantly, it must also compute tax depreciation methods, like the MACRS, aside from common depreciation methods.
- Tangible and intangible fixed asset tracking: Ideally, the platform should accommodate all kinds of assets, whether tangible or intangible. For small businesses with software licenses, copyrights, or patents, you should consider a solution that can track intangibles.
- Financial and tax depreciation reconciliation: Reconciling financial and tax depreciation is important to report the correct amount of taxable income. In other words, you don’t need to adjust financial income to taxable income manually.
- Repairs and maintenance management: The software must account for repairs and maintenance activities and costs incurred so that you’ll know how many resources were used for a particular asset.
- Fixed asset disposal: The tool should simplify the fixed asset disposal process by automatically computing partial year depreciation and any resulting gain or loss from the sale.
- Fixed asset condition monitoring: The software records should have a way of tracking the fixed asset’s physical condition. Assignment of asset tags or barcodes can help with this feature.
- Lease accounting: Some small businesses may find leasing a cheaper option than buying a brand-new fixed asset. Hence, the fixed asset software should enable users to track lease payments, lease liabilities, and other lease items.
- Accounting software integration: A seamless integration with accounting tools makes it easy for your accountant to account for depreciation, repairs and maintenance, and disposal. It will be a big plus if your platform of choice is already an accounting platform.
How to Choose a Fixed Asset Management Software
There are different factors to consider when choosing a solution for fixed asset management. In most cases, you need to consider the following:
- Number of fixed assets in the business: If there are a lot of fixed assets used per count, a fixed asset software can be a tool that’ll help you record and monitor these assets. You can also control who can access or use fixed assets, especially if it’s difficult to track each manually.
- Value of fixed assets: Some fixed assets are expensive or critical to business operations. Tracking them through a specialized platform is one way of ensuring that they’re accounted for properly and that you’re enjoying tax savings from depreciation.
- Affordability: Some fixed asset management software is affordable, while others are expensive. You should take a closer look at your business to determine what kind of tool you can afford. Moreover, would you need a sophisticated asset tracker? Alternatively, would a simpler and more affordable option suffice?
- Location of users: In case you have a scattered workforce, a fixed asset management tracker is a big help in ensuring that all company-issued assets are assigned to employees for accountability. It’s harder to track fixed assets that are not physically present on the business premises. Hence, the use of fixed asset management software is useful for remote workers.
- Number of users: You also need to consider how many users have company-issued assets. If there are only a few, like fewer than 20, it would be more efficient to track them manually using a spreadsheet. But if tracking by spreadsheet takes time, considering a fixed asset management software may help you recover lost time.
Frequently Asked Questions (FAQs)
Can QuickBooks Online track fixed assets?
No, it can’t track fixed assets and record depreciation. We recommend integrating it with fixed asset management software like AssetAccountant to fill in this missing feature.
What is the main benefit of tracking fixed assets?
Tax savings on depreciation are the main reason why most businesses would track fixed assets. Depreciation expense reduces taxable income and income tax. If you account for all fixed assets, you can minimize tax payments effectively.
What is a fixed asset?
Fixed assets are long-term assets that a business owns or leases. These assets can be movable, such as vehicles, laptops, and furniture, or immovable, such as land, buildings, and office space.
Bottom Line
The best fixed asset accounting software should help your business track all fixed assets, record depreciation for tax and financial purposes, and aid in the disposal. Our best pick is AssetAccountant added as an integration to QuickBooks Online because it provides comprehensive depreciation accounting features that enable users to track both financial and tax depreciation. It can also be used for US GAAP and IFRS accounting.
