Harmony Homes has selected Real Asset Management to deliver an automated component accounting solution to replace its manual, spreadsheet-based process. The new Asset4000 system is expected to help the housing provider monitor its assets more efficiently, deliver considerable time savings, and meet the latest SORP and IFRS requirements for component accounting.
Michael McDowell from Harmony Homes said, “Before choosing RAM, our processes were extremely outdated and not as controlled as we would have liked. We knew that we needed something that could not only accommodate the large volumes of data we had from our separate components, but also provide us with an environment in which to house the data.
“We chose RAM’s Asset4000 following a recommendation from Trinity Housing. The system will also help us to adhere to a variety of guidelines, including the reporting requirements for IFRS and SORP.”
The new software will also help Harmony Homes to accurately record and calculate asset depreciation as well as better manage the disposal of assets, saving the housing provider time and money by eradicating its previous manual processes.
McDowell said, “It will be hugely refreshing that we will be able to project and plan our component replacements over a longer period of time. For example, by using RAM’s software, we will be able to know how many kitchens across our portfolio of properties will need replacing in the next five years.”