WorthIT Fixed Assets Review
WorthIT Fixed Assets is a game changer for any business looking to move away from manual spreadsheets for tracking assets, calculating depreciation, and generating financial reports. This software includes multiple depreciation methods which can be used in any configuration for a custom approach.
We do not recommend WorthIT Fixed Assets for companies looking to track assets with RFID or barcodes as this software does not have that capability.
- Wide range of reports available
- Flexible depreciation options
- Task-based user access control
- No RFID tracking or barcode scanning
- Requires some accounting expertise
- Desktop interface is a little dated
- Developer M.R.S. Company Ltd.
- Client OS Windows
- Deployment Cloud or On-Premises
What is WorthIT Fixed Assets?
WorthIT Fixed Assets is a comprehensive Business Reporting Solution that strikes the best balance between software features in key areas of Fixed Assets management, reporting compliance with internal and IFRS standards, ease of use, and cost of ownership and maintenance.
- Compatible with Windows 10
- Accurate depreciation and financial reporting
- Extensive database structure to capture data across a broad spectrum of fixed assets management disciplines
- Advanced capabilities to plan, budget and forecast asset acquisitions and depreciation costs
Our Ratings
| Usability - 8.7 | Desktop version has a responsive yet outdated interface. |
| Support - 8.9 | Includes email and toll-free phone support; calls are charged $145 per hour unless a package is purchased in advance; user guide offers additional technical assistance and support. |
| Features - 9.2 | Main features cover different types of depreciation and financial reporting; built-in components include asset tracking and repair history; add-on modules increase functionality at an extra cost. |
| Security - 10 | Offers history tracking when adding or changing asset details; admin control can assign users access based on function/task permission. |
| Value - 9.5 | Pricing starts at $1,075 per year for the primary user; it is $210 per additional user; training costs extra, as does phone support. |
| Performance - 10 | Functionality was fast and responsive; no slowness or performance issues. |
| Scalability - 9.7 | Asset management is straightforward but may require some training; new users can be added for $210 per year; the desktop version is limited to 15 total users. |
Flexible Depreciation and Financial Reporting
WorthIt software is built around streamlining depreciation and financial accounting processes. It includes the following depreciation methods:
- Straight line
- Declining balance
- Category depreciation
Users can also design custom methods of depreciation to fit their business needs.
Reporting on these financials is a simple click of a selection box. Integration with ERP systems means users can import and export financial data to other applications, like Sage.
Lease and Loan Manager
One add-on module WorthIT offers is the lease and loan manager. Intended for going beyond amortization schedules, this feature makes it possible to track lease transactions history like payments and adjustments.
Image Gallery
WorthIT can capture, store, and catalog digital images and documents like purchase orders, invoices, insurance policies and before/after asset pictures. These images are kept in a searchable gallery so they can be easily accessible for retrieval.
What Features Are Missing?
While using WorthIT, a few additional features would have made a better experience:
- RFID and barcode tracking: The software focuses more on the accounting side of asset management/ The ability to have some RFID or barcode technology would make managing assets by location easier.
Pricing Plans
| Plan | Pricing | Features |
| Version 11 | $1,075 per year for primary user and $210 per additional user | The current desktop version of WorthIt includes:
|
The desktop version has a 15-user limit.
Support is available for $145 per hour, though there is a prepaid package which includes 5 calls for $475. Training is $640 for a half-day session and the full day is $1,250.
FAQ
Here are the answers to some frequently asked questions about WorthIT Fixed Assets software:
Who uses WorthIT Fixed Assets?
WorthIt Fixed Assets can be used by companies in any industry and of any size. This solution is popular for businesses which are still relying on Excel spreadsheets for keeping track of assets and want to streamline operations.
How much does WorthIT Fixed Assets cost?
WorthIt Fixed Assets software currently charges per user and per year. The first user, called the primary user, is $1,075 per year. All additional users are $210 per year. There is a limit of 15 users on the desktop version, so the total cost will not exceed $4,015 unless customers opt for additional support and training.
Alternatives
Summary
Based on our experience, we recommend WorthIT Fixed Assets for companies currently relying on Excel spreadsheets for managing and tracking assets. This solution is also ideal for businesses that need to focus on the accounting side of assets, such as depreciation and reporting, rather than physical location tracking.
We do not recommend WorthIT Fixed Assets for businesses looking for RFID-style asset tracking solutions. And the desktop version is not suitable for businesses with more than 15 users, as that is the current limit.
User Reviews of WorthIT Fixed Assets
Write a Review
- Hotels, Restaurants & Leisure
- 11-50 employees
- Annual revenue $1M-$10M
Able to manage 28 day cycles
It works good for what we need it for. I think we have a unique situation where we have a 28 day cycle. Other programs couldn’t really do that. It’s a little clunky but I think the price is right. I think support has been a one-man show but it’s been good.
Pros
Able to manage 28 day cycles
Cons
A little clunky
