Commercial property provider, Workspace Group PLC, manages almost 100 business centres in London including studios, serviced offices, workshops and light industrial spaces. As the organisation’s asset base increased, it put a strain on the traditional method of recording assets in a spreadsheet format. Tracking the changes to assets and calculating the associated costs soon became a time consuming task that needed to be streamlined, and in order to address these issues, Workspace Group deployed asset management software from Real Asset Management (RAM). The Asset4000 software now rationalises the management of a complex asset register which is currently valued at over £730 million, and data input time has been reduced by 50%, freeing up the resources of finance staff to focus on other value-add tasks.
Workspace Group’s current asset register consists of approximately 23,000, targeting entrepreneurs and small to medium-sized enterprises to help those organisations grow into more profitable businesses. Its portfolio consists of properties situated in London locations, allowing customers to mix within entrepreneurial communities alongside like-minded businesses. As companies grow they are suitably relocated by Workspace Group to a unit that caters to their individual requirements.
There used to be intense preparation work involved when rolling over to the next accounting period. However, with RAM’s solution this time-consuming process has been reduced by 50%, cutting the time taken in half.
As the company continued to expand, it realised that it needed to improve its internal auditing system and have the ability to closely monitor the variable depreciation of its ever-expanding asset register. Prior to having RAM’s Assset4000 software suite installed, Workspace Group used various spreadsheets that were very labour intensive. Sherowan Hussain, Management Accountant at Workspace Group, recalls, “There used to be intense preparation work involved when rolling over to the next accounting period. However, with RAM’s Asset4000 this time-consuming process has been reduced by 50%, cutting the time taken in half.