After being named in the Times100 fastest growing privately owned company list in 2013, Fork Rent began taking steps to ensure that its growth didn’t slow down. It was agreed that a fixed asset management system that could help manage assets was required and RAM’s Fixed Asset Management solution was found to be the answer. We spoke with Interim Finance Director, Nick Pulford about how RAM is helping him to manage Fork Rent’s extensive asset base.
At Fork Rent the cost of all of our equipment is in excess of £100million, therefore it is imperative that we are able to keep control and monitor our plant, by knowing the current and future values by asset, class and type.
We needed a method of logging fixed assets, their value and tracking their locations and also a method of forecasting depreciation to see what this meant for our business. The reporting element of this was vital so we could be sure we were compliant with the latest reporting standards, which is something that RAM’s solution really helped us to address.
RAM’s software automates full and accurate financial information concerning current net book values and replacement costs and provides us with forecasted P&L statements at both summary and asset detail level. This process will be time saving, meaning sales decisions can be optimised to minimise asset ownership costs and contribute greatly to our profitability.
Our previous fixed asset management product simply wasn’t robust enough for our needs. RAM’s systems are much more suited to the growth and on-going evolution of our business. They provide us with a comprehensive fixed asset register and effective asset management that includes forecasting and reporting for various financial standards.
We are able to forward-calculate asset depreciation which is particularly important with the switch to IFRS and the associated obligation to consider the impact of depreciation policies. The solution enables us to achieve accurate asset accounting in an efficient and cost effective manner. This gives us more capacity within the business to concentrate on growth and deliver a top quality service to our customers.