Scottish housing association enlists RAM's component accounting software to manage and improve its asset accounting
Easthall Park, a not for profit Social Landlord, has announced an agreement with Real Asset Management to use its component accounting solution to overhaul the management of its £52 million asset base. The new contract is set to improve the efficiency and accuracy of Easthall Park's asset tracking and forecasting; an improvement which will ensure the organisation's ongoing compliance with SORP 2010.
With a reputation for delivering a wide range of local housing and community related services, Easthall Park is run entirely by its tenants and operates in the Easthall and Kildermorie area of Easterhouse, Glasgow. The acquisition of the software from RAM will provide Easthall Park with a SORP-compliant asset register to manage its 8,376 components distributed across approximately 700 properties.
Audrey Roy, Finance Manager at Easthall Park comments, "Our previous fixed asset management system sufficed in delivering the SORP compliant reports we needed. However, it soon became very clear that we needed a specialist system that didn't require constant updates and one that could provide a clear and concise overview of our asset register."
Following a consultation with RAM and discussions with other Housing Associations who had previous experience of the software, Easthall Park has now started the implementation process. With component accounting now statutory across the housing sector , the forecasting of assets has never been more crucial. Audrey comments, "The software has the combined ability to forecast and use information from the asset register to create 'what if' scenarios using the forecasting module. With a constantly expanding asset register, this information should enable us to accurately conduct capital expenditure and asset disposals in the future."