The Hendre Group has selected Real Asset Management to deliver a component accounting solution to cover the group’s fixed assets and ensure compliance with key accounting standards.
The new system will replace its manual, spreadsheet-based processes which had become inefficient in supporting its large volume of data, while key reports had become too cumbersome to create. Following the requirement to componentise assets under SORP regulations, Hendre has seen its register increase to more than 60,000 assets over the past three years.
Gareth Yeoman-Evans, head of finance, Hendre Group, said, “We had previously been using two separate spreadsheets to manage the group’s large number of depreciating assets but these had become far too complex and time consuming. It had reached the point where we needed to implement a specialist component accounting solution to streamline our period-end process and increase departmental efficiency and productivity.”
Commenting on the group’s transition to FRS 102, Yeoman-Evans said, “It’s a perfect opportunity to step back, review our asset base and sort out the necessary systems and procedures so that we can accurately and efficiently complete a ‘comparative’ year. Having to run two parallel sets of accounts will be so much easier with the new system.”