FRS 102 – are you suffering from a Year-End hangover?

Jun 30 2016

 

Over recent times, housing associations have been tasked with adhering to accounting rules that are being enforced due to the introduction of FRS 102. The changes have led to organisations having to reconsider accounting processes for component assets and grants.

Now, following another year-end, it may be the case that there are still some organisations that struggled with closing their yearly accounts while adhering to all requirements outlined in FRS 102. If you want to ensure that future year-ends run smoothly, it might be time to think about implementing specialist software to assist with all aspects of component accounting!

Real Asset Management (RAM) currently supplies component accounting software to nearly 200 housing associations and is ensuring that its client-base heads into year-end with confidence and peace of mind for compliance with all of the latest housing SORP and FRS 102 requirements.

RAM’s system offers many benefits to assist with all component accounting needs, including:

Managed Data Conversion Services

RAM provides access to its expert consultancy team, with years of experience in delivering projects in the Housing Sector. The team are on-hand to discuss all requirements, how processes can be streamlined and to assist with the import, consolidation and reconciliation of mass amounts of data in order to ensure regulatory compliance.

Component Replacements

The system features a comprehensive component replacement utility. This allows users to run a single process that imports a replacement component while disposing of the original, now defunct, component asset. This utility allows users to complete what would normally be a time-consuming manual task with the click of a button.

In-depth report system

Integrated within the system is a range of detailed analysis reports. The reports are designed to provide organisations with all of the information that they require in order to reconcile month end and year-end figures. While offering a broad selection of in-built analysis reports, the system also offers users the opportunity to customise their own bespoke reports.

Amortisation/Depreciation Calculation

The depreciation components take and the amortisation of grant assets would normally have been calculated using spreadsheet formulas. This method can lead to inaccuracies of data and a lack of a clear audit trail. Having these calculations systemised and completed through an automated process will remove the fear of data inaccuracy and expedite the process.

Batch Events

In order to save time adding identical events to a number of different assets, the system features the ability to process events in batches. The ability to add an event to an unlimited number of assets not only saves time, it also ensures that the information entered within the event screen matches for all of the relevant components.

Technical Support

RAM’s technical support team are on-hand between 8am and 6pm to assist with any technical queries that users might have. When learning your way around a new system, it always helps to have somebody at the end of the phone that can guide you through processes and RAM’s team is fully equipped to deal with any questions users might have.

For more information about how a specialist solution can help you assist with FRS 102 requirements and your general component accounting needs, please email Real Asset Management at solution@realassetmgt.co.uk or call on +44 (0)1689 892 100.