Fixed asset management software is vital to many businesses. By taking inventory of your assets and how they are either appreciating or depreciating, you can begin to learn the true value of your assets. Asset value is key when it comes to securing loans, growing or selling your business.

It's best to familiarize yourself with a few different fixed asset management software programs so that you can determine which product is right for your business and how it will be implemented. It may take a little more time up front, but it'll be well worth it once the software is helping you grow your business. Think of this tutorial as fixed asset management software for beginners.

1. Locate software and learn about various features that fixed asset management software offers so that you can see how they might be integrated into your business.

2. Download trial software and take tutorials of fixed asset management software.

3. Receive training on fixed asset management software so that your business can benefit from the software.

Action Steps
The best contacts and resources to help you get it done

Find fixed asset management software from reputable companies

Each software program covering fixed asset management is going to be slightly different in the applications that it provides. Read up on the features of a few programs so that you can learn what to expect from a software program of this nature and how it might incorporate into your business so that you can cut costs and drive profits higher.

I recommend: Visit the website for Bassets. They offer a fixed asset software program that can be integrated into a myriad of business. Take the time to read up on the features of their software. MoneySoft also produces a program called Fixed Asset Pro. They offer screen shots on their website that will help familiarize you with the applications of the software.

Explore fixed asset management software by downloading free trials

Because of the competitive market places in the fixed asset management software market, many companies allow you to download their software for a free trial. This allows you to become familiar with how to operate the software and determine whether you think it will be a fit for your business. The free trial period usually lasts about 30 days.

I recommend: Check out the website for One Squared. They offer a virtual tour of their product as well as a free download so that you can interface with some of the applications. IM Solutions also offers a free 30-day trial of their software. You merely need to input some basic information and you'll be able to download the program.

Locate companies or associations that offer training in fixed asset management software

Many companies or associations offer training of their fixed asset management software as a courtesy to the client. This is because they want the use of their software to be a pleasurable experience for you and your business. It is a win-win situation as it allows you to incorporate the software into your operation as quickly and smoothly as possible and it allows them to gain a happy customer who will recommend them to others so that they can grow their customer base.

I recommend: Check out the website for Intellitrack. They offer training services for you and your employees to get the ball rolling with their software. Also the American Management Association offers training courses on how fixed asset management software can be incorporated into your business.

Fixed asset management software information can be very useful to your business. It can help you find the weak spots and discover your strongest areas, leading you to make improvements where necessary. A fixed asset management software list can save you time and valuable resources spent accumulating the data provided by your most current software. A fixed asset management software provider can help you to remain competitive in a rapidly changing marketplace.

Find fixed asset management software that can analyze the collected data in ways that allow you to make formal presentations and to develop ongoing programs. Keep your fixed asset management software updated to remain in touch with emerging markets and changing economies. You can utilize a fixed asset management software provider to customize programs that are easy to use and pass on through your organization. There are a number of ways that you can integrate fixed asset management software programs into your operations.

1. Try various fixed asset management software programs

2. Hire a fixed asset management software information specialist

3. Bring in a fixed asset management software provider to train your staff

Action Steps
The best contacts and resources to help you get it done

Investigate fixed asset management software information

There are so many companies offering support software that it can be difficult to work through all the options. Take time to check with your peers for referrals and investigate a number of different possibilities. Many companies will provide a free trial period. At the very least request a minimal trial time before you sign any long-term agreements to make sure the software is the right program for your needs.

I recommend: Peachtree provides a variety of software applications geared toward small businesses, including fixed asset management software and they offer free trials of all their programs. Request a free demo of the software available at Real Asset Management.

Find fixed asset management software specialists

So that you can spend your time running your business and doing what you do best, invest in an outside consultant to review your company and make recommendations for the best fixed asset management software for your company's needs. Consultants have had experience with the various vendors and often know which ones are the best performing.

I recommend: Hardcat specializes in fixed asset management software and consulting services. AMR is a fixed asset management-consulting firm that can come in and evaluate your company needs and provide the software and other programs you need to develop your systems.

Train your staff to use fixed asset management software

It won't do you any good to spend time and resources on updated fixed asset management software if your employees won't use it or don't know how. Bring in experts to train your staff as well as be there for them when they have questions. Make sure the trainers understand your corporate culture and how to relate to your team so they will get excited about using the new technology.

I recommend: Fixed Asset Software can provide the right kind of training that your staff needs to best utilize the fixed management software solutions that they provide. Bettisworth and Associates offers a complete line of training programs for your staff to be able to maximize your most recent fixed asset management programs.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Save on consulting services by purchasing your fixed asset management software from the firm that provides the training and consulting.

When purchasing programs to aid you in asset management, consider fixed asset management software pricing and costs to determine which programs best suit your individualized business needs. Consider which features your programs need and discern whether or not they are worthy of investment.

Depending on the amount of time that you plan to use your asset management software and depending on the tasks you require it to run, you might want to consider programs which range in price from free trials to an investment of over $1,000 dollars. To analyze fixed asset management software pricing and costs, you might want to do the following things:

1. Study product reviews to see which offers the best programming for a reasonable price.

2. Consider cutting fixed asset management software pricing and costs by using trial versions.

3. Cut shipping costs by using a downloadable version of asset management software.

Action Steps
The best contacts and resources to help you get it done

Study reviews to determine the best pricing and cost of fixed asset management software

Many sites review products and comment not only on performance, but also on pricing. These sites educate consumers on which products offer the best value for their market price.

I recommend: Cygnus Business Media offers detailed reviews of fixed asset management programs available. It links to each products in its review and offers price specifications for each individual product ranging from a $200 dollars to over $1,000. AllBusiness.com offers a detailed look at what you should look for in software reviews for fixed assets. It then reviews different software programs and comments on price ranges from low to moderate.

Use trail versions of fixed asset management software to save unnecessary costs

When you download and experiment with trial versions of a program, it helps save on the cost of purchasing a program that doesn't suit your specific needs. Most trial versions are free, but some cost a small fee, usually under $10.

I recommend: Downloadsoftware4free.com offers fixed asset management software programs availbe on a freeware or shareware basis. FileGuru.Com lists a variety of asset management programs and offers free download for trial versions of the programs. Some of the programs are complete freeware, and other programs offer limited use of the program or limited days of usage.

Download a full-featured fixed asset management software

If you prefer to purchase your program and begin using it immediately, you may want to find ways to save costs on shipping. One way to do this is to consider purchasing a downloadable program.

I recommend: RocketDownload.com offers full-featured fixed asset management computer programs in a downloadable format. Its Window-based programs run around $300 to $500. IntelliTrack provides software customers a download according to their business requirements. You have the option of downloading the entire software package or providing information on your unique criteria and then downloading applicable program software. Prices fluctuate according to your chosen program.

Managing your fixed assets requires a lot of knowledge as well as automated systems to help keep track of it all for you. You'll want a software system that can handle all of the long-term tangible property you use in your business, not only inventory but also office equipment and other property. Learning some of the key terms involved in fixed asset management can help you choose the best software system for you as well as better utilize the system you have in place.

Action Steps
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Radio Frequency Identification

Radio Frequency Identification, or RFID, is a fixed asset/inventory tracking system and data collection system that uses radio chip technology. Low power radio waves input and output data. Unlike a barcode system, the RFID does not require line of sight.

I recommend: Barcoding offers more information about RFID, how it is used and its advantages.

Sarbanes-Oxley Act of 2002

Sarbanes-Oxley is the legislation passed to protect investors from fraudulent accounting by corporations. Now, each company must comply with those regulations set forth by the law, including the accounting of fixed assets.

I recommend: FixedAssetSoftware.com gives an overview of the Sarbanes-Oxley Act of 2002 and how it applies to fixed asset management.

Cost segregation

Cost segregation refers to the process of determining property costs to calculate depreciation values for tax purposes. Cost segregation is used as a tax deferral tool by allowing an acceleration of the annual depreciation rate.

I recommend: Corporate Tax Management supplies additional information about cost segregation and a fixed asset review for that purpose.

Fixed asset turnover rate

Fixed asset turnover rate is calculated by net sales divided by total assets. This number indicates if assets are working well in the production of revenue for the company.

I recommend: Dr. T 's Accounting Problems and Examples shows how to calculate fixed asset turnover rate.

Ghost assets

The term ghost assets refers to those assets that are reported as valid when in fact they are no longer in use. A breakdown in fixed asset management can cause ghost assets.

I recommend: Review this Commercial Property Tax Management example of how ghost assets can cause issues in retail outlet accounting.

Depreciation schedule

An accounting schedule set to show when certain fixed assets depreciate is known as a depreciation schedule. Depreciation is the reduction in value of an asset due to age and general wear and tear on the item. In accounting, depreciation is treated as a non-cash expense.

I recommend: See this example of a depreciation schedule by Dartmouth's Procurement & Auxiliary Services.