Merriam-Webster’s dictionary defines a Fixed Asset as a “tangible object of a permanent or long-term nature. Businesses of all sizes purchase and maintain equipment, computers, machinery, furniture, tools and other items to assist in running their enterprise. Tracking the cost, current value and the depreciation expense of these items is a vital exercise of the accounting department of a business. The accurate accounting of assets is important for annual overall profitability of the business and for accurate income tax calculation. Large organizations, as well as some smaller ones, will use some sort of fixed asset tracking software. Asset tracking software allows companies to track what assets they own, where they are located, how much they cost, the monthly or annual depreciation expense and their current value.