Spine Assets is a very simple, flexible and user-friendly Fixed Asset accounting solution for asset and depreciation accounting keeping in view the requirements of all type of businesses, Companies Act and Indian Income Tax Act.
Smart Assets is an enterprise Fixed Assets Tracking and Management software to track and manage the Fixed Assets Software. Smart Assets™ software has modules for tracking of the fixed assets and Depreciation of the Fixed Assets.
AssetExpert is a Fixed asset accounting software designed to Track & Manage Fixed Assets. It will help you in eliminate drudgery and cost of maintaining Fixed Assets. AssetExpert will help you in ensuring that all assets are properly insured, are under AMC.
FAMS is the leading brand for recording and managing assets and calculating depreciation for corporates. It offers unmatched speed and functionality, an easy-to-use interface, and a robust reporting system that turns data into actionable information.
Integrate Sage Fixed Assets Accounting Software with your back office solution, get implementation assistance, data and custom services. It help us forecast and plan for expected depreciation, making our budgets more accurate and our planning more strategic.
This Fixed Assets Software is a powerful depreciation system and a first choice for mid size companies for asset depreciation management. FADS, an intuitive Fixed Assets Depreciation software enables finance professional to accomplish tedious tasks of assets tracking and management in a fraction of time that might take weeks if done manually.
Virmati Software & Telecommunications Ltd.
Our Web based application takes care of all the Moveable and Non-Moveable Fixed Assets Purchased by the Organization or any corporate .It calculates Depreciation on all the fixed assets. Module pertains to Head Office but can be used at the Branch level also.
Mprofit is one of the best portfolio management and accounting management software for investors, traders, advisiors, corporates, family offices and CAs to manage your stocks, MFs & other assets.
Asset-Specialist is a fixed asset accounting software designed to Track, control and management of Fixed Assets. Gives a unified view and control of all your Assets, where they are, what their cost and present values.
FACT ERP.NG provides the tools to empower your business, from supply chain, procurement, manufacturing, Inventory Warehouse Management, Fixed Asset Management, to financials, business intelligence and reporting.
FAMS is the complete software that helps you maintain records of fixed assets. Complete details of each asset including cost, useful life, user, location, department, cost centre etc. can be maintained.
Track, manage and comply enterprise assets across group companies, or each company’s locations/units, sub locations, branches, or internal partitions with web based, mobile and cloud ready Tracet.
Asset Expert addresses all the problems of managing fixed assets, it covers all the aspects right from asset addition, management, tracking, categorization, physical verification, auditing, depreciation calculation, compliance management, AMC, asset retirement, asset disposal etc.
The Investment software from Softeasy is the small software used to track the investments diversified in various portfolios like Bank Deposits Saving Accounts, Fixed Deposits, Recurring Deposits.
Fixed assets are tangible/intangible non-current assets, procured for increasing overall productivity of an organization. Many organizations use Fixed Assets Register Software also known as Fixed Assets Management Software to manage their fixed assets. It is available as both: standardized and tailor-made and helps an organization in keeping complete track of their fixed assets’ in date, outward date (in case of assets sent for repairs), place, asset categorization, applicable depreciation as per the laws of the land, warranty period, repairs & maintenance schedule etc.
Accounting entries & posting as per the applicable accounting standards.
Automatic numbering based on group, date, etc. & preparation of labels, bar-codes and asset identification numbers.
Reduced manual interference smooths the overall process and reduces chances of errors.
Tracking the physical place of all movable and immovable assets by assigning GPS based chip recognition system & similar technologies, useful especially for organizations whose major block of assets consist of movable assets.
Classification of assets by - a. Category b. Location c. Ownership d. Depreciation Category (as per taxation laws) e. Custom (as per need)
Automatic alerts & notifications to the concerned department about repairs & maintenance schedules
Regular updates ensure compliance with latest amendments in the laws.
Easy to use: Fixed asset software has built-in audit trail capabilities, facilitates quick recording of asset movement and usually integrates directly with other accounting systems.
Saves Time in Preparing Reports: Easily access asset records, or information you need with user-friendly reports. This provides solutions which allow you to create customized reports and save even more time and makes managing your data even easier.
Automate Depreciation Calculations: Manually created excel workbooks are highly error prone and stagnant. The best fixed asset software solutions will update automatically as and when laws amend; they reduce human data entry and they are proven to provide exact calculations.
Tax compliance: Compliance with tax laws is one of the main features of fixed asset register software, which not only ensures timely compliance with all regulations but also facilitates taking full advantage of all potential tax holidays & breaks.
Loss of data: Although many software automatically backs up the database regularly, but is still prone to data loss, leakage & misuse.
Lack of customization features: Although many organizations are using such software, but no industry is satisfied with the customization options that are currently available.
For simplification, let us take an example. Apple is the only company that manufactures devices solely based on iOS (the OS for iPhones, iPads, iPods, etc.) however, companies which manufacture devices which function on Google’s Android OS such as Samsung, Sony, HTC, etc. use the open source Android platform licensed by Google but with minor tweaks of their own. Android by Google is an open source OS.
Similarly, open source fixed asset register software provides tailor-made solutions as per the needs of the particular organization. Say, if I own a trucking company than most of my fixed assets shall be trucks and lorries which are continually moving. Nowadays many software facilitates the feature of tracking their movable assets, but what if I want a separate identification number for each of my truck. In such a case I would prefer a system that provides me feature of continuous updates about the place and condition of my every single truck or lorry.
Important factors which play an important role in selection of the right Fixed Assets Accounting software are:
Size of the organization: Size of an organization is one of the most important factors in deciding the most suitable system for your company. Say needs of a multinational corporation will be very different & diverse as compared to the needs of a small-scale industry. And so a single software isn’t going to serve the purpose of all the organization sizes.
Integration with ERP systems: Integration of fixed asset accounting software with that of existing company’s ERP or standardized accounting software is a must as many calculations such as depreciation, gain or loss on account of disposal/exchange of assets, installment amounts of assets procured on hire purchase, etc. are to be recorded & posted appropriately in the books of accounts. These calculations require a high level of accuracy and direct integration is a must, as to avoid any mistakes caused due to manual interference in the process.
Collaboration and interaction between departments: Many organizations have multiple operations and have divisions in different countries. Such organizations sometimes temporarily transfer assets from one department to another and hence features such as Collaboration and interaction between departments is a must.
Repairs & Maintenance Scheduling: Many top management personnel have complained that they are unaware of the physical condition of their assets and many a times they lapse their repairs schedule, hence leading to unnecessary capital expenditure on their major repairs or replacement. Also, sometimes assets whose useful life is not much, but still considerable amount is spent on their repairs. An ideal system will automatically send an alert about repairs & maintenance of assets on or before the due date, hence enabling them to take suitable action.
Tracking of assets: Tracking of assets lets you know in which part of the factory your asset is located and its physical condition. This feature is very useful and a decision driving factor for organizations whose major chunk of assets are usually moving such as transport companies, shipping companies, etc.
24x7 assistance & live support: 24x7 assistance, live support & updates are pivotal since continuous amendments in the laws about accounting require continual compliance. Obviously, no one wants a software that doesn’t alert you about any non-compliance in your system.
Easy Report Generation: Every enterprise nowadays track the progress of their organization on a periodical basis. In such a scenario system, this software helps you generate reports about the purchase, sale, due date of installments, fair valuation of assets, repair, maintenance schedules & costs, depreciation, useful life, production capacity, etc., as and when you require.
Such fixed assets accounting software have proven to be useful to the organizations in managing their assets in a more systematic and simplified way however, one should always be wary while completely depending on such systems. Trained accountancy staff, periodical backups & prompt customer service are the key to successful implementation of this software.