Fixed Asset Software
The type of fixed-asset software that you use will depend on the size of your business and the value of the assets. The choices available are designing your own spreadsheet, using an off-the-shelf package or getting a bespoke package designed for you.
It is also possible to use barcode integration with a Microsoft Excel template.
Fixed Asset Software Accounting Packages
If you are already using a good accounting package, there may be an option to account for your fixed assets within it. One of the top-rated accounting packages is XERO, which has fixed assets built-in. It allows you to record and update the assets, manage depreciation and helps you to track them. This might be the cheapest option available for tracking lots of assets.
Fixed Asset Depreciation
There are a number of different depreciation methods that small businesses can use to reduce the value of their fixed assets.
The two most common methods are straight-line depreciation and reducing balance depreciation. Straight-line depreciation is the simplest method and involves equally spreading the depreciation cost over the asset’s useful life.
Reducing balance depreciation, on the other hand, involves calculating the depreciation cost based on a percentage of the asset’s remaining value. This method is more complex.
Whatever method a business chooses, it’s important to carefully consider all the factors involved in order to make the best decision for their individual needs.
Fixed Asset Depreciation Schedule
We have designed a simple fixed asset depreciation Excel template. It is free to download, with full easy-to-follow instructions. The template allows you to list all the fixed assets, with purchase date and amount. When you enter the years that you want to depreciate the asset for it will calculate the depreciation and value of the asset. These figures can then be used in your bookkeeping figures.
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Fixed Asset Software Packages
Fixed Asset Software starts from relatively straightforward asset registers that identify each unique asset and its last known location, through to complete barcode or RF tag tracking systems, complete with barcode label printers and handheld scanners in order to make auditing quick and easy.
The best-known brand of Fixed Asset Software is Wasp. Over the past few years, Wasp has built up a good reputation based on its ease of use, simplicity, and flexibility.
Its key benefits are its flexibility: a business can start with a basic Wasp system now and then expand the system as the business grows. Top-of-the-range Wasp asset systems include handheld scanners and barcode label printers and yet cost a fraction of the number of similar systems from other suppliers.
Fixed Asset Software Bespoke System
If you are a large company or do not have the knowledge to install and set up an off-the-shelf package, then there are companies who can design a bespoke system for you. This will cost a lot more money, but you will get a system designed for your requirements.
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