Alpha has implemented dedicated fixed-asset accounting software from Real Asset Management to manage its property portfolio, replacing its previous spreadsheet-based and time-consuming processes.
Gemma Livesey-Scicluna, assistant management accountant, Alpha, said, “Before buying RAM’s software, our assets were maintained in our housing management system with an import created annually which involved approximately four weeks’ work between ourselves and the software provider to get the data in and verified. To make matters worse, we were then managing our non-property assets separately via spreadsheets.
“It was essential to select a system which would support the monthly calculation of depreciation and one which could produce the required journals for our Exchequer finance system.”
RAM’s software will centrally track and control Alpha’s housing assets such as bathrooms, kitchens, boilers and electrics as well as its non-property assets such as computers, mobiles, tables and chairs.
Livesey-Scicluna said, “We are definitely expecting some quick wins from RAM’s fixed-asset software. Having the capability to schedule monthly depreciation calculations will not only enable huge time-saving efficiencies and simplify our year-end procedures, but also give us more control over our month-end accounts, ensuring timely and accurate reporting for FRS 102.”