International food manufacturing company uses Real Asset Management’s system to maintain efficient control of its asset base
AB World Foods is part of Associated British Foods (ABF), a diversified food, ingredients and retail group with sales of £10.2 billion and 97,000 employees in 44 countries. AB World Foods describes itself as ‘expert in world flavours’, working with brands such as Patak’s, Blue Dragon and Levi Roots to create and deliver branded flavours to consumers across the globe. After an overhaul of its asset base, AB World Foods realised that in order to optimise its asset replacement policy, it needed to invest in a robust asset management system, selecting Real Asset Management’s (RAM) Asset4000 in July 2012.
Adam Musson, Assistant Management Accountant, at AB World Foods, comments, “We were previously using an Excel spreadsheet to manage our asset register and it just wasn’t practical. Spreadsheets are open to human error and we wanted something more flexible and efficient to help us effectively manage our asset management needs. As we have grown, so has our asset base and our previous spreadsheet system could no longer keep up.”
By implementing Asset4000, AB World Foods can now steadily monitor its 3,000 assets. Asset4000 allows the finance team to calculate the depreciation of its assets with ease and provides detailed, monthly reports which help auditors perform validation checks at period end.
After a successful year-end with Asset4000, AB World Foods implemented RAM’s Toolkit for Excel in August 2013 and has since seen further efficiencies. Musson continues, “Since we started using Asset4000, my job has been a whole lot easier! I now do not have to maintain formulae for depreciation or repeatedly check that all asset values have been included in the calculations.
“Combined with Toolkit for Excel, we can now effectively see the impact of depreciation in real time which gives us an improved insight into our replacement options. With our register including machinery, IT and office equipment, it is important for us to have detailed knowledge of net book values to help with decisions so that the business is run as efficiently as possible. RAM’s solution is allowing us to do just that.”
Musson concludes, “RAM’s service and support has been faultless. I tend to use the system most during period-end which can be a very busy time for all. Whenever I need assistance or advice, I know that RAM is always there to provide it. I am looking forward to a long and enjoyable working relationship with RAM and many more successful period and year ends.”