6th May 2014
15th April 2014: Harmony Homes has selected Real Asset Management (RAM) to deliver a reliable, controlled and automated component accounting solution that will replace its outdated, manual, spreadsheet-based process. The new system will help Harmony Homes to monitor and track its assets in a more efficient and controlled way, resulting in considerable time savings. The component accounting solution will also help Harmony Homes to keep in line with the latest SORP and FRS 102 requirements.
Harmony Homes is a housing association based in Belfast that provides for, upgrades and maintains general family housing needs, sheltered accommodation for the elderly and disabled and special needs accommodation. The organisation has 450 properties which under SORP regulations are required to be split into separate components on the asset register. This aspect of component accounting is a specialist area for RAM.
Michael McDowell, on behalf of Harmony Homes, comments, “Prior to choosing RAM, the processes in place were extremely outdated and not as controlled as we would have liked.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 a controlled environment in which to house the data. It was this that led us to choosing RAM, following a recommendation from Trinity Housing. The system will also help us to adhere to a variety of guidelines, including the demanding requirements of IFRS which is one of the reasons we were particularly interested in the RAM solution.”
RAM’s Asset4000 solution will also help Harmony Homes to accurately record and calculate asset depreciation as well as help with managing the disposal of assets. This aspect of the product is something that will save Harmony Homes time and money through eradicating the manual processes currently in place.
“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, through the use of RAM’s solution we will be able to know how many kitchens across the portfolio of properties need replacing in the next five years,” Michael McDowell commented.
Another key driver for Harmony Homes was the increased efficiency that the RAM solution provides by running effectively alongside its own housing system, SDM. The solution will report and collate information in a format that can be easily input into the SDM system, providing the team with more visibility and control.
Michael McDowell comments, “I am really looking forward to getting RAM’s Asset4000 fully implemented over the coming weeks and reaching a level where component accounting is fully organised and running efficiently.”