Rural Housing Association (RHA) has implemented Real Asset Management’s (RAM) proven component accounting solution to improve fixed asset management processes at the association. It has moved from the spreadsheet based system it had in place and will benefit from the software’s in-built suite of reports, bespoke report creation capabilities, refined depreciation calculation functionality and the automated posting of journal entries into RHA’s finance system.
RHA was established in 1992 with the objective of providing affordable accommodation for people in rural areas, aiming to help maintain and regenerate those neighbourhoods. The association works closely with its local communities to assess needs and deliver appropriate housing solutions.
We are looking forward to saving a lot of time, particularly when preparing monthly management accounts. Being able to immediately run in-depth depreciation reports is going to prove immensely beneficial.
Before selecting RAM’s software, the association was maintaining its asset base manually using Microsoft Excel™. Elaine McGonigle, Finance Manager at Rural Housing Association comments, “Previously, all components were recorded and depreciated using spreadsheets. As we continued to grow, it became increasingly difficult to maintain the amount of detail that we needed. Producing reports on the properties was also a challenging task and moving to a specialist system will make this easier.”
The association will also benefit from RAM’s extensive experience within the housing sector, especially when it comes to fully complying with financial regulations. McGonigle states, “When we were investigating the options, RAM’s offering came highly recommended. Its software encompasses all component accounting rules, including FRS 102 and SORP 2014. The integration with our financial system is also a huge benefit and being able to automatically post journal entries to our accounts software will save us a significant amount of time.
“When it came to calculating depreciation using spreadsheets, it was a very manual process that was subject to human error,” McGonigle continues. “RAM’s software will eradicate the risk of such issues whilst also providing us with a userfriendly reporting mechanism. This is something that the previous system lacked. We are looking forward to saving a lot of time, particularly when preparing monthly management accounts. Being able to immediately run in-depth depreciation reports is going to prove immensely beneficial. It will ensure that the finance team no longer has to compile the required information manually and can focus on other crucial tasks.
“RAM has been incredibly supportive at every step of the implementation process,” McGonigle concludes. “Our account manager was helpful throughout and the initial webinar was a great way of having the product demonstrated to us. Speaking with other associations that had used the software and achieved great results gave us confidence that moving forward with RAM was the right decision.”