Aneurin Bevan, an NHS Health Board, has selected Asset4000 from Real Asset Management (RAM) to deliver a comprehensive, centralised and robust asset register for its £500 million-strong asset base. The latest move is set to streamline the Board’s day to day running along with eliminating the extensive accounting process that is currently associated with annual reporting.
Aneurin Bevan NHS Health Board, headed up in Pontypool, provides complete NHS care to those residing in the county of Gwent and neighbouring communities. The Board was formed in 2009 following the merger of various Local Health Boards and Trusts and since then has cared for over 710,000 patients.
Rosie Cavill, Capital Accountant at the Board, comments “We required a system that could streamline our accounting processes. Our old system became rather outdated, proving problematic when regulations changed. Therefore, during the tender process it was vital that we found a solution that was compatible with the accounting procedures and almost ran itself.”
A key benefit provided by Asset4000 is its ability to interface with the Trust’s finance system, Oracle Financials, providing a seamless solution and removing the need to re-key information, thus ensuring accuracy and saving both time and money.
With such a significant and valuable asset base, it is vital for the finance team at Aneurin Bevan to track and verify each individual asset regularly. As Cavill comments, “Given the extensive area we cover, we inevitably hold a large number of assets on our register ranging from land and buildings right through to acute medical equipment. A register of this size requires a large staff base to monitor and update it regularly. The key benefit of the RAM solution is its ability to control different access levels. We hope to eventually roll the system out across our various divisions and being able to monitor individual permission levels will certainly aid security.”
Asset4000, part of RAM’s Series4000 offering, is designed to assist with legislative compliance including IFRS, PAS 55, and audit best practice for organisations across the public sector. Features include the generation of revaluation reserve entries, calculation of depreciation, maintenance of audit trail records on historic impairment and component valuations and accounting.
Cavill concludes, “We expect the time savings with Asset4000 to shorten the entire accounting process. This will certainly free up staff hours, allowing our team to concentrate on what we pride ourselves most on which is delivering the best possible service to those considered most pivotal to our practice – our patients.”
