ORPINGTON, England, March 23, 2016 /PRNewswire/ --
Quick Reach, an innovative powered access company, has selected Real Asset Management's (http://www.realassetmgt.co.uk) capital and lease accounting software to manage the depreciation and payment schedules for its asset base worth £5.5 million. The new software will replace its current multiple spreadsheet based process which had become not only onerous to maintain, but lacked the financial reporting capability required and ran the risk of file corruption.
Established in April 2014, Quick Reach is one of the fastest growing powered access companies in the UK with 300 assets in its fleet and a growth target of 150% over the next year. As a company that is looking to expand through organic growth as well as acquisition, it wanted to be sure it was using the best possible management tools available.
Keen to set in place a more structured approach to managing its assets and to benefit from improved time and cost efficiencies, Quick Reach went in search of a best of breed solution and quickly realised that RAM's integrated capital and lease accounting software ticked all boxes. Jo Anderson, Finance Manager at Quick Reach comments, "RAM's system was the only one to provide both asset and lease depreciation functionality as well as integration capabilities with our Sage 50 finance solution. Its past client record and expertise within the equipment hire industry as well as its continual commitment to product research and development was also a key factor in our decision to purchase."
The new software will provide a centralised asset register on which the company's 300+ pieces of powered access equipment, ranging from scissor lifts and booms to JCB's, will be recorded and managed. This will replace the 5 disparate spreadsheets currently used which typically take up to several hours a week and at least half a day at month end in maintenance and analysis, something which Quick Reach expects to cut significantly with the use of the new software.
Anderson continues, "It will be good to have a more stable environment in place to hold such important data and in particular, having the ability to undertake more sophisticated and detailed reporting will be invaluable. As a relatively new business, our first audit is not due until July 2016 but having the facility to drill down and being able to provide our auditors with accurate financial data will be crucial for a successful result."
Quick Reach was impressed by the number of configurable fields available within the system and the option of validated pick lists for ease of data input and accuracy. Being able to record detail such as chassis, serial and fleet numbers and interrogate that data as required will provide a far greater level of flexibility than present. Quick Reach will also be using RAM's document management module to manage and attach such information as purchase orders, warranties and legal papers to individual assets and leases, providing a transparent document trail.
As a business which incorporates a leasing policy for its asset purchases, the use of RAM's integrated lease accounting solution will be particularly useful to Quick Reach. Having the capability to automatically produce year-end reports, breaking down the outstanding obligations analysis by payments due next year, years 2-5 and years 5+ will be instrumental in improving visibility and control. Anderson comments, "Being able to manage the payment schedules associated with all leases and splitting out both the interest and capital elements of the repayment, both historical and future will be so beneficial and make life so much easier when conducting analysis at month end."
Anderson concludes, "We are excited to get ahead of the game in ensuring we have the best system in place at such a pivotal growth point in our business. The contact we have had so far with RAM has been timely, efficient and very professional and we look forward to working with our new supplier further over the coming months."
Real Asset Management (RAM) is a leading provider of fixed asset management and logistics software & services. Over the last 30 years, its products have been implemented by more than 3,000 organisations in over 70 countries.
RAM, the leading supplier to the UK public sector, has successfully implemented software across 1000 Commercial companies, 180 Housing Associations, 100 Local Authorities, 150 Central Government sites, 200 NHS Trusts, 90 Educational Establishments and over 250 MoD sites worldwide.
The company has developed a powerful range of software modules around a central data repository that enables organisations of any size to manage every aspect of the asset lifecycle. Its Series4000 solution offers fixed asset accounting, capital project control, lease accounting, asset budgeting, asset tracking (utilising barcodes/RFID) and computerised maintenance management.
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Real Asset Management
SOURCE Real Asset Management