Fixed assets like heavy machinery, HVAC systems, certain tools, and IT equipment are all essential for your daily operations.
But they’re also one of your biggest long-term investments.
If you aren’t tracking them properly, you could end up with unexpected downtime, costly repairs, and even miss out on tax depreciation savings.
Trying to manage all of this with spreadsheets or worse, pen and paper, just doesn’t cut it anymore.
That’s why now is the perfect time to switch to fixed asset tracking software.
Such tools help you track your fixed assets, monitor their performance, schedule maintenance, and manage their value:
All so you can focus on growing your business instead of dealing with breakdowns of your key equipment.
Let’s dive into seven great options you can consider.
In this article...
GoCodes
We are starting with our own asset tracking software, GoCodes.
This is an all-in-one asset tracking solution that offers cloud-based software, an app, and various ways to track your assets.
Whether you prefer QR codes, Bluetooth beacons, RFID/NFC tags, or GPS devices, GoCodes has got you covered.
With GoCodes, you create a centralized database of your fixed assets that you can update in real time.
You can then attach different documents to the asset entry, like specifications, warranty, user manual, maintenance manual, maintenance logs, and more.
Every time someone scans an asset tag, the database gets updated with new information on its location and status.
Moreover, with GoCodes, your staff can check assets in and out, so you know who is using them at all times.
On top of that, you can schedule or assign tasks to assets, ensuring that your critical equipment stays in good condition, and thereby preventing unexpected breakdowns.
Besides the QR-coded labels that you put on your assets, GoCodes also offers more advanced asset tracking options, such as Bluetooth beacons and GPS tracking devices.
Bluetooth beacons are small and affordable and use radio waves to communicate with Bluetooth-enabled devices like laptops or smartphones.
This way, you can track assets within a 300-foot range.
If an asset leaves this range, the GoCodes Guardian App sends you an alert.
That allows you to react immediately, increasing the chances of recovering the asset and preventing future theft attempts.
The same applies to GPS trackers and geofences you can set up around them.
When your fixed asset, like a very important vehicle or heavy machinery, is moved outside of the fence, you are immediately notified.
With all these ways to track your assets, GoCodes acquires valuable insights into fixed asset metrics.
Think usage time, maintenance hours, and downtime, which you can easily export through various reports.
Another useful feature for fixed asset tracking and management is GoCodes’ automatic depreciation calculations.
This is essential for proper financial reporting, as it helps you track how your fixed assets are losing value over time, and is one of the most important features that this kind of software should have.
You can see which deprecation calculations GoCodes offers below:
With all these features, you can easily track and manage your fixed assets, ensuring they remain in peak condition.
So, how much does all this cost?
We offer flexible pricing packages to suit your specific business needs, starting at $500 per year.
This makes GoCodes an excellent choice whether you’re a small business or a large enterprise.
If that sounds like what you’re looking for, give us a call or schedule a consultation today.
You can also try GoCodes free for 15 days!
AssetCloud by Wasp
AssetCloud by Wasp is another asset tracking tool that, like GoCodes, comes with the necessary software, asset tracking devices, and asset tags.
It’s a cloud-based solution for businesses that need to track everything from IT assets to equipment maintenance.
One of AssetCloud’s standout features is its RFID solution.
With AssetCloud Complete + RFID, you can set up bidirectional wireless communication between your devices and tagged items.
This makes tracking much easier, as RFID tags don’t need to be scanned directly to communicate their location.
If you’re curious about how it works, check out the video below that guides you through setting up Wasp’s RFID asset management system:
All in all, with AssetCloud, you can track assets by site, location, serial number, or user.
You’ll instantly know who has which asset, when it’s due back, and when you bought it.
Alerts notify you of overdue checkouts, expiring warranties, or upcoming maintenance, which helps you keep everything under control.
For maintenance tasks, AssetCloud allows you to assign them to individual assets, such as heavy machinery, fleet vehicles, or fire extinguishers.
You can even create work orders that include multiple tasks and assign them to multiple people.
Another key feature of this software is depreciation management.
AssetCloud offers five customizable methods of depreciation to ensure your accounting team can track asset value accurately.
We have to mention, though, that while it comes with 25 pre-built reports, some users have noted that creating custom reports can be difficult since AssetCloud uses third-party software, Stimulsoft, for reporting.
This steep learning curve may pose a challenge compared to GoCodes, which offers easier-to-use reporting tools.
The pricing of this solution depends on the plan you choose.
Certain features, like RFID tracking, are available only in higher-tier packages, as you can see in the comparison between pricing plans below.
If you’re interested in trying it out, there’s a 15-day free trial available.
Overall, it’s a comprehensive software with many great features for fixed asset tracking.
But if you want more advanced ways to track assets than barcodes and RFID tags, other software on this list might be a better choice.
RedBeam
RedBeam is a web-based asset tracking solution hosted on Google Cloud.
It caters to various industries, including education, government, and manufacturing, and allows you to track assets across multiple locations.
Like GoCodes, RedBeam lets you use a CSV file to add or update asset data, making the onboarding process easy.
RedBeam integrates with mobile devices and scanners, as well as lets you print asset tags directly from their app.
Once your assets are tagged with barcodes, QR codes, or RFID tags, you can scan them into the system and manage all your data in one place.
Similar to AssetCloud by Wasp, one of RedBeam’s strong points is RFID-enabled tracking.
With RFID tags, you can track assets from a distance without needing a direct line of sight, which is especially useful when managing assets across large areas.
This means you can track asset conditions and monitor movements across different warehouses, locations, and buildings.
The system alerts you when assets need replacement, ensuring you stay on top of maintenance needs.
However, RedBeam does not allow you to assign maintenance tasks to assets, which is something GoCodes and AssetCloud by Wasp can do.
Additionally, users have reported that the software lacks the ability to upload purchases, service records, or images for each item.
Some also mentioned that the inventory report includes inactive items, which can lead to the sharing of inaccurate data.
On the plus side, RedBeam offers flexible pricing where you only pay for the number of users you need annually, and you can easily add or remove users as needed.
There’s also a 30-day free trial if you want to test it out first.
FMIS
FMIS is a robust, cloud-based asset management suite that covers asset tracking, maintenance management, and asset accounting.
It’s mobile-friendly, allowing you to track and manage assets from anywhere.
The platform includes features like:
- lease accounting,
- inventory management,
- fixed asset depreciation,
- depreciation forecasting, and
- document management.
For example, FMIS’s asset accounting module handles depreciation from acquisition to disposal and ensures compliance with accounting standards like IFRS and GAAP.
The asset tracking module, on the other hand, allows you to track the location, status, and history of assets.
It’s very customizable, as you can define your own fields for the asset information you want to track.
For the sole purpose of asset tracking, FMIS provides customized barcode labels and RFID tags tailored to different asset types and environments that you choose to attach them to.
The software also works with any compatible barcode scanner, including USB and mobile devices.
This makes field maintenance and tracking straightforward, as most other software on our list.
Where FMIS really shines is maintenance management.
It not only allows for maintenance scheduling but also offers preventive maintenance features, giving it an edge over some other tools we mention here.
Moreover, you can check individual assets in and out to specific users, projects, or departments, similar to GoCodes.
FMIS also has robust reporting capabilities, with detailed financial and compliance reports.
Some users find general reports a bit information-heavy, but they also note that it is easy enough to create your own customizable reports, which is a plus.
Another small con for some of their clients is the inability to see asset attachments from the main screen.
FMIS is typically used by medium to large enterprises due to its comprehensive features, and its pricing reflects that, with quotes available on request.
Asset Panda
Asset Panda is a flexible asset management platform that handles tracking, maintenance, and reporting all in one place.
Like GoCodes, it offers cloud-based software with an in-app scanner and supports asset tags such as barcodes, QR codes, and RFID options.
However, unlike GoCodes, Asset Panda does not provide GPS trackers or Bluetooth beacons, which limits its real-time location-tracking features.
With Asset Panda, you can track asset status, repair history, warranty details, and current depreciated value.
The system syncs in real-time, allowing you to manage assets from any web browser or mobile app.
It also features built-in barcode generation, so you can print labels and scan them on your mobile device to instantly update records.
One key strength of Asset Panda is its high level of customization.
You can configure the dashboard, reports, and notifications to fit your exact needs and organize data by location, category, or other criteria.
You can also view an asset’s exact GPS location (based on check-ins), its check-in/check-out status, the user holding it, complete maintenance history, insurance information, lease details, and more.
Additionally, Asset Panda lets you create and assign work orders to technicians, ensuring that maintenance tasks on your fixed assets are well-managed.
Reporting is another strong feature, with options to generate reports on asset utilization, maintenance, repairs, and depreciation.
You can also customize reports and set automated reporting schedules.
However, one reported drawback is the inability to export raw asset data directly.
You can only generate and email reports in PDF or CSV formats, with no download option available within the software.
This could be a limitation if you need quick access to data for integration with other tools or for external analysis.
Despite this, Asset Panda is widely praised for its ease of use and flexibility.
The pricing is available upon request, but they offer a two-week free trial and a 1:1 demo with a product expert to help you explore the platform.
itemit
itemit is an easy-to-use asset tracking and management solution that lets you create a fixed asset register in just three steps:
- Log your assets.
- Tag them with a barcode, QR code, or RFID.
- Monitor and manage your assets.
In addition to barcodes and QR codes, itemit also provides GPS tracking, giving you real-time location insights.
As a mobile app with a web portal, itemit allows you to track your assets on the go—no need to be tied to a desk.
This flexibility makes it easier to manage assets in the field, whether you’re tracking equipment, tools, or vehicles.
You can attach important documents like user manuals, certificates, and photos to each asset, similar to the functionality offered by GoCodes.
These attachments make it easy to centralize critical asset information in one place.
Additionally, itemit allows you to assign assets to staff members and monitor their condition and status.
itemit also includes features for adding maintenance reminders, inspections, and PAT test alerts.
The check-in/check-out feature is particularly useful for keeping track of which assets are with whom, and it is also a shared feature with almost all other software on our list.
Check out how this feature works in itemit in the video below:
When it comes to the financial management of fixed assets, itemit supports asset depreciation tracking and offers customizable reports on asset utilization, depreciation, maintenance, and repairs.
This is comparable to other software like AssetCloud and GoCodes, which also provide multiple methods of tracking depreciation.
As far as pricing goes, it is tiered based on the number of assets tracked, making it flexible for businesses of different sizes.
They offer starter plans for up to 1,000 assets and advanced plans for larger enterprises, with features like API access and RFID integration available in higher tiers.
Foundation Software
The last on our list is the Foundation Software.
This is essentially construction accounting software, but it comes with a Fixed Asset Tracking module.
It’s predominantly used by trade contractors with 10 to 1,500 employees and annual revenues between $1 million and $250 million.
With Foundation Software, you can track various asset values, such as purchase, salvage, market, and insurance values.
The platform helps you maintain details like manufacturer information, distributor contacts, and asset conditions.
Additionally, it calculates personal property tax valuations for equipment and machinery, which is vital for accurate tax reporting.
Foundation Software offers exceptional flexibility in depreciation management.
You can set up unlimited depreciation methods, whether you prefer fixed amounts, formulas, or percentages.
Depreciation calculations can be based on asset value, useful life, or annual percentages.
While other software we mentioned today also offer depreciation tracking, Foundation Software goes a step further by allowing more granular control over your methods.
Another standout feature is the DataGenie™ Construction Report Designer, which allows you to create and customize detailed reports and financial statements.
You can, for example, summarize costs, values, and depreciation histories in just a few clicks.
While other fixed asset tracking tools on this list offer features like barcodes, QR codes, and RFID tags for physical asset tracking, Foundation Software doesn’t.
However, it does integrate with barcoding software for additional tracking capabilities.
Additionally, with its Construction Equipment Management and Tracking Module, you can manage construction equipment from both project and accounting perspectives.
You can track trucks, service fleet vehicles, fuel, insurance, maintenance, idle time, and downtime, as well as generate work orders and schedule routine maintenance.
Although all these capabilities are definitely very useful for fixed asset tracking, Foundation Software also has some drawbacks.
Users report a steep learning curve, stating that the software requires more training upfront before implementation.
Additionally, it can feel cumbersome due to its many layers, and some users have experienced operational glitches and outdated data entry methods.
Pricing starts at $400 per month, according to Software Connect, but the software’s website doesn’t disclose pricing information.
So, it’s best to contact them directly for an exact quote.
You can also schedule a live demo to explore which modules and features will suit your fixed asset tracking needs.
Conclusion
When it comes to tracking your fixed assets, the right software can make all the difference.
Each solution we discussed today offers important features to help you track, maintain, and manage your assets effectively.
The next key step is to decide what you want from your fixed asset tracking software.
Then, dive deeper into these seven solutions, compare their capabilities once again, and determine which one aligns best with your business needs.
Take the time to explore their features, see how they can fit into your operations, and don’t hesitate to start a free trial.
But rest assured, the right fixed asset tracking software is here among these seven options!
