TyneMet to manage £25 million assets with software from RAM

Tyne Metropolitan College announces new Asset4000 and Track4000 software from RAM to manage fixed assets worth £25 million

Tyne Metropolitan College is to install Asset4000 and Track4000 modules from Real Asset Management’s (RAM) Series4000 product suite. This £11,000 order is the first stage in the implementation of a brand new fixed asset management system, which once completed, will be used to manage assets across all departments. This comprehensive system will improve productivity and ensure permanent fixed asset financial reconciliation.

Tyne Metropolitan College (TyneMet) was formed from two smaller colleges, North Tyneside and Tynemouth, in March 2005. It is spread over two campuses and offers a range of academic and vocational further education courses. It manages over £25 million worth of assets including land, college buildings, IT and other equipment; The latter of which is often moved around the campus and between sites, requiring a centralised system as a means of checking the location and value of equipment at any time.

Peter Wilson, Financial Accountant at TyneMet, comments, “On recommendation from our auditors, we’re replacing separate spreadsheets for one integrated, centralised system which will save time monitoring, tracking and valuing all assets and dramatically improve our productivity.”

The financial calculation capabilities of RAM’s software together with the reporting features are particularly useful to Wilson. He explains, “We need to control, monitor and track all fixed assets and tie them into capital grants. At the moment, we’ve got one spreadsheet for fixed assets and another for the deferred capital grants and one of the problems we face is reconciling the two. If you only reconcile at year-end, it can be a huge task to make any corrections the following year. With Asset4000 and Track4000 we’re looking forward to having everything permanently reconciled. I will get the answer at the press of a button without the need to disappear into my office for a few days with an armful of spreadsheets to get the information I need!”

Asset4000 caters for all asset types and can be tailored to suit a multitude of business needs. It calculates depreciation, consolidated multiple registers and can concurrently maintain discrete financial information. Track4000 is an asset tracking software solution. Assets are bar-coded and the details loaded onto a hand-held pocket PC. This data can then be used to update the relevant registers.

Wilson is also looking forward to the simplicity of a centralised means of recording, tracking and valuing IT equipment which is often moved around between locations. He concludes, “The IT department has their own tracking system which will now integrate with Asset4000 and Track4000. This means I’ll have access to all fixed asset information instantly regardless of its location. If new equipment comes in and moves around we will see that immediately too.”

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