Midland Heart has been working with Keystone Asset Management over the last 18 months to implement an end to end asset management and component accounting solution.
The housing provider’s project with Keystone began in September 2012, with the component accounting module going live in February 2014 and the planned maintenance and asset management modules going live the following month. Midland Heart reported that the total project costs to date were around £180,000.
Sarah Gillard, project manager, Midland Heart, said, “When we set out to buy a component accounting solution, we had high expectations for both ourselves and our potential IT partner, but there was no readily-available solution that met all of our business requirements.
“However, our work with Keystone has enabled us to achieve our vision of a fully integrated end-to-end asset management and component accounting solution that suits our needs.”
Midland Heart is now using Keystone in all component accounting business processes, from the survey of assets which identifies component replacements through to the contract management of their replacements, and then the resultant depreciation accounting.
Paul Todman, senior financial accountant, Midland Heart, said, “The data flow within the Keystone solution is streamlined and seamless; in terms of resource savings, for the finance management accounts team alone, we have saved 10 working days per month to balance and produce the end-of-period reporting requirements.”
Rob Hewes, client relationship director, Keystone Asset Management, said, “The project with Midland Heart has really demonstrated the power of true partnership working. Through the combined efforts of the technical and financial experts within our respective teams, we have produced something that is unique, to the clear business benefit of both Midland Heart and Keystone.”