Bishop Grosseteste University modernises processes through RAM’s asset management solution
Bishop Grosseteste University has chosen Real Asset Management (“RAM”) to help improve the way it manages its assets base as well as how it reports on its fixed assets for auditing purposes. RAM’s software will enable the University to record both capitalised and non-capitalised assets in one centralised system, improving efficiency and its capabilities for meeting financial reporting regulations.
Bishop Grosseteste University is based in Lincoln and has over 2,000 students studying at its campus. Prior to deciding to implement specialist fixed asset management software, the University relied on spreadsheets to manually document the value, location and status of its fixed assets.
Software company Symmetry, which currently provides the University with its accounting platform bluQube, recommended RAM’s solution. bluQube is helping the University to maintain better control of its accounts through an electronic finance system, removing the need for paper and enhancing user access to its database.
RAM has been working with Symmetry since early 2014 and the partnership allows for the seamless integration of bluQube with RAM’s asset accounting product. For the university, this means that RAM’s solution is able to receive asset acquisition data from bluQube and post month-end transactions back. This integrated approach of two specialist solutions provides a complete overview of the University’s finances, including the acquisition, disposal and depreciation of its assets.
The combination of bluQube and RAM’s asset accounting system gives organisations access to financial and asset information in real time, wherever and whenever they need it. It allows staff to make smart decisions on the move, freeing up valuable time and enabling them to concentrate more on their day jobs.
Chris Matthews, Finance Officer at Bishop Grosseteste University comments: “By using specialist software, we are able to not only accurately record and categorise all of our existing assets but can easily add any new purchases into the system. It also provides us with a single audit trail, something we were unable to achieve with our previous processes.
Matthews concludes, “The fact that RAM’s solution can easily integrate with other software we are using for our finances is an added bonus and means that we have all our data in one place. Furthermore, it gives us a better understanding of the position we are in now and any changes that need to be made in the future.”