Business Issues -> Compliance
Released: 31st August 2012
Publisher: Real Asset Management
Habinteg Housing Association (Ulster) Ltd a leading social housing provider in Northern Ireland, has selected Asset4000 from Real Asset Management (RAM) to manage its asset base worth £159 million. The new contract is set to improve the efficiency and accuracy of Habinteg’s accounting and asset management; an improvement which will ensure the association’s ongoing compliance with the Statement of Recommended Practice (SORP).
Working closely with a number of organisations to provide specialised housing solutions, Habinteg has been at the forefront of social housing for the past 35 years. Helen Blease, Finance Manager at Habinteg comments, “We spent the past year developing a specialist spreadsheet solution to ensure we were SORP compliant by the April deadline. Soon after that however, we realised that despite the spreadsheet solution delivering the results we needed, it wasn’t a viable long term solution.”
Blease adds, “It became apparent that once we started increasing our property portfolio, we would struggle to maintain the level of detail needed for a SORP compliant asset register. We therefore looked to invest in a supplier who understood the changing landscape of component accounting and could offer us a solution that would continue to adhere to the rulings.”
Having undergone a thorough investigation of the market, Habinteg opted for Asset4000 from RAM. Blease explains, “We were impressed by RAM’s presence in the housing sector and its depth of knowledge of the industry. From the suppliers we contacted, RAM’s experience in the sector was evident from day one. Knowing that it had undergone this transition with other local housing associations and could apply what it had experienced to our situation made the decision a simple one.”
Under the new rulings, Habinteg’s asset register has increased in size dramatically. The Asset4000 system will enable Habinteg to easily categorise its assets and ensure its reports are compliant with the SORP standards. Having the capability to easily export and import journals between Asset4000 and its accounts system from Omniledger will enable Habinteg to streamline its accounting processes.
Commenting on the partnership between Habinteg and RAM, Blease concludes, “The technicians at RAM have been great in these early stages. They are keen to get the system up and running and we have dates in the diary to ensure we are ready to go live by August. RAM understands the scope of our business and takes an active interest to ensure the system that is implemented suits those needs perfectly.”
Published by: Electronicdawn Ltd.
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