The West Suffolk Hospital NHS Trust has announced the purchase of fixed asset management software from Real Asset Management (RAM) to improve its management of over £87m worth of assets. This £20,000 order includes installation, configuration, training and data conversion. The software will assist the Trust extensively with compliance to the International Financial Reporting Standards (IFRS), which comes into effect for public sector organisations as of financial year 09/10, by providing a centralised asset register which can ensure the detailed level of component accounting required, streamlining business processes and enabling significant time and cost savings. As a fully integrated and automated asset register, it ensures better management of information by delivering comprehensive audit trails and eliminating the need for multiple data input.
The West Suffolk Hospital NHS Trust serves a population of 275,000 over an area of 600 square miles in the UK’s south east. The Trust’s asset base is worth over £87m including land, buildings, medical equipment, furniture and IT equipment, all of which will be recorded at component level in order to maximise the amount and value of information on each asset, in line with IFRS requirements. David Swales, financial service and governance manager at The West Suffolk Hospital NHS Trust, comments, “Ensuring IFRS compliance across such a broad fixed asset inventory as that of West Suffolk Hospital Trust involves complex reporting processes which require a robust centralised and fully automated asset management system.