Real Asset Management and PIMSS Data Systems have joined forces to deliver a SORP-compliant and component-level asset and maintenance management system. RAM and PIMSS hope that their partnership will bridge the different needs of finance departments and asset management teams when dealing with SORP compliance.
The deadline for SORP compliance is April 2012, by which time housing providers need to have access to detailed component accounting information. Although finance departments and asset management teams both need component-level information, they need it for different operational reasons and at different levels of detail. Finance departments need depreciating key component costs to generate charge transactions for the general ledger and statutory reporting, while asset management teams need property component detail to make decisions on investment priorities as well as to meet regulatory requirements.
New levels of detail
Karen Conneely, group commercial manager, Real Asset Management, said, “This is a timely collaboration. The need to provide SORP-compliant component accounting means that finance and housing departments will need to share property data to a level of detail that hasn’t previously been necessary. Bringing our systems together provides an immediate route to compliance.
“For example; sharing property asset data means that planned component replacement cycles will automatically trigger disposal and acquisition events in the asset accounting process. This reduces data entry and ensures accuracy and compatibility. In parallel, the ability to associate forecast costs for depreciation, replacement and maintenance and to analyse the results at component, asset or asset group levels improves budgetary control”
Martin McDonnell, managing director, PIMSS Data Systems, added, “Integrated systems are a real benefit to companies and this partnership provides a robust link between management and investment in property assets and component accounting.”