Wealden District Council has selected Real Asset Management (RAM) to help maintain detailed asset records and ensure that it meets audit and IFRS regulations. We spoke with Gillian Taberner, Wealden District Council’s finance manager, about how RAM’s software will assist the Council in working towards faster financial closedown, which it needs to do by 2017/2018 when new audit regulations come into force.
“Prior to working with RAM, we held fixed asset data in a spreadsheet system. Over time, however, we found that whilst updating data on separate spreadsheets was fine for audit purposes, we needed to find a system that would not only be audit and fully IFRS compliant, but one that would provide easy transaction reconciliation, transparency of the asset base and automatically produce the local government year end note to the accounts.???
“As a partner of RAM, Advanced Business Solutions (ABS) recommended Asset4000 to us as it fully integrates with its general ledger solution - eFinancials. We also researched other asset management solutions ourselves and found that feedback on many of them was weak in certain areas. When we saw the demonstration of RAM’s software, it just seemed to do everything that we needed it to do.???
“RAM’s solution has supported us in making the transition from manually maintained spreadsheet records to a fully automated fixed asset management system and will assist with managing all component accounting requirements.???
“By having all our asset data on one system, we will gain greater visibility across our entire asset base. In addition, being able to automatically record and calculate depreciation, as well as manage the disposal or replacement of any assets or components, will help achieve significant time and cost savings.???
If you would like to talk to us about being audit and IFRS compliant and how capital accounting software can benefit for your organisation, then please visit our solutions page, email firstname.lastname@example.org or give one of our friendly team a call on +44 (0)1689 892 137.