Museum of London shows it's not stuck in the past when it comes to managing its £80 million + asset register
- Museum of London moves from spreadsheet model to a specialist asset management solution from Real Asset Management -
26th October 2012: The Museum of London, which tells the story of the capital from 47,000 B.C to the present day, has signed a contract with Real Asset Management to implement its Asset4000 fixed asset management software. RAM’s Asset4000 solution will enable the Museum of London to efficiently and accurately track all of its assets, which are valued in excess of £80million and are spread across three iconic London locations.
The Museum of London cares for more than two million objects in its collections and attracts over 400,000 visitors per year. The Museum of London Docklands opened in 2003 and tells the story of London’s connections across the globe exploring the history of London’s river, port and people.
The Museum’s finance department previously recorded its assets using a spreadsheet-based model; however this system did not allow for easy access to each asset’s history and could therefore lead to inaccuracies when calculating the value of the asset register, which consists of approximately 4000 assets. By implementing Asset4000, the Museum will now be able to track each asset much more easily, whilst depreciation values can be calculated quickly and accurately. The Asset4000 solution also has the ability to integrate with the Museum’s accounting software, IRIS Exchequer, eliminating the need to re-key data between asset management and accounting systems, which reduces the volume of manual administration in the finance department.
Paul Saville, Head of Finance, at the Museum of London, comments, “The implementation of RAM’s Asset4000 system provides us with a much more sophisticated, user-friendly and functionally rich asset management platform. Our previous spreadsheet-based system required a lot of manual data entry which raised an audit concern as there was always a danger that we were reviewing inaccurate information. Now we are using Asset4000 we have highly detailed asset information available at our fingertips.
Paul Saville continues, “Another benefit of RAM’s Asset4000 system is that we can accurately keep track of our asset values across each department. We can now contact individual departments and employees to enquire about the asset, confirming that it is still in good order, it’s still in use and hasn’t been disposed of – which makes everyone in the organisation more accountable. We have really benefitted from having this greater level of accountability and an auditable trail, which we didn’t previously have using the spreadsheet system.”
Asset4000, part of RAM's Series4000 offering, is designed to assist with legislative compliance including IFRS, SORP, and audit best practice for organisations across the public and private sectors, with features including the calculation of multi-book depreciation, revaluation adjustments at component level, automatic generation of monthly transaction journals, and the comprehensive maintenance of audit trail records.
For more information on Real Asset Management's (RAM) capital accounting software, please click here.