Public sector year-end – are you ready for the auditors?

Feb 12 2015

As the 31st March approaches, public sector finance teams will be reviewing how they’ll close this year-end and what reports they need to produce. With just over a month to go, RAM is keen to reassure its public sector customers, and other organisations facing year-end, that it’s not too late to speak to us about preparing work for the annual auditor’s visit, and this advice goes for any public sector organisation that might be struggling with preparation.

Given the frequency with which we speak to our customers, we’ve created some Q&As for organisations to consider over the next few weeks:

Are you getting the most out of your system?

For those who have an existing capital accounting solution in place, it’s important to ensure you are using all of the functionality your system offers to make your life easier - including the automatic calculation of historic and current cost depreciation and exporting all reports into Excel in a clean useable format. If you’re in any doubt about the functionality within your existing solution, just ask.

Do you need additional training and support?

Any users finding they have more to do than they realised or who are not confident with how to best use their system do not need to waste valuable time working things out on their own. Contact your system provider for help. Our expert team at RAM is always on hand and can quickly give our customers the support they need to not only run the reports needed, but to give tips on how to maximise the investment in software.

How automated are your processes?

If you’re a public sector organisation using a spreadsheet for your assets or a system you’ve developed over the years yourself, you’ve probably not been able to improve your level of reporting and may only have basic functionality. It’s therefore worth looking at what others are doing in this area and what extra functionality they are using to make the year-end process more automated and efficient in both time and cost savings.

Limited time before this year-end?

It doesn’t need to be as difficult as you may expect. If you think you don’t have the time or budget to get a new system installed now, you could always get a project off the ground before the auditors arrive to be able to demonstrate that you have started to make improvements. By year-end 2016, the system will have been up and fully running for a significant amount of time.

Being able to account for assets, knowing what you have, where they are and also if they are being correctly maintained are common factors highlighted during the auditing process. Having a robust centralised system in place not only gives greater visibility throughout the entire asset base but provides an audit trail of everything that’s happened in an asset’s life and the current state of assets within the organisation. This is vital for audit purposes and for meeting accounting regulations such as IFRS and FRS 102.

If you would like speak to us about your existing system or know more information about RAM’s Capital Accounting software, please email solution@realassetmgt.co.uk or give one of our friendly team a call on +44 (0)1689 892 137.