Camphill Village Trust is using Real Asset Management’s fixed asset software to improve the financial reporting for its 300 properties and implement component accounting under SORP guidelines.
In future, the charity’s asset register will increase from 300 to almost 2,500 records under component accounting for which depreciation calculations and detailed reporting will be needed.
Balbinder Lally, central financial controller, Camphill Village Trust, said, “Even managing our small number of property assets on a spreadsheet had become time consuming and its limitations for analysis and reporting were apparent. Although as a charity we are not yet forced to comply with SORP requirements, we were keen to follow best practice and to get our accounts, processes and procedures up to date in preparation for meeting any future regulations.
“The new system will let us adopt component accounting with the peace of mind that all data is recorded in a central location and, most importantly, that the depreciation on each component is being calculated correctly and that all financial reporting is accurate.”
Used alongside its exising finance system, Sage 50, RAM’s software will give CVT the facility to create user-defined fields for comprehensive searching and analysis as well as the ability to produce instant analysis reports in accordance with SORP for past, present and future periods.