Team Select Home Care Meets Audit Reporting Requirements With Fixed Asset Software From MRI
Team Select Home Care (TSHC) has implemented specialist fixed asset accounting software from MRI Software (MRI) in a drive to improve visibility and tighten control over its fixed asset expenditure. The new system replaces its legacy software solution which was proving inadequate in delivering the level of financial reporting and depreciation forecasting required.
Established in 2008, TSHC provides in-home health care, long term private duty nursing, mobile outpatient therapy, and hospice respite across 7 states. With more than 2,500 employees and offices in Arizona, Colorado, Missouri, Texas and California, its focus is on exceptional patient care, continuous employee development, and active community involvement.
Keen to get in place a more functionally rich solution to interface with its Sage Intacct finance solution and to manage its asset base worth $3.2 million, TSHC evaluated a couple of other software systems and quickly decided that MRI’s ticked all boxes. Nicholas Reid, Senior Accountant at Team Select Home Care explains, “Not only did the price point of the MRI solution offer good value for money but crucially it provided the flexibility and customized option with configurable fields and tailored reporting that we required.”
Reid continues, “We were not disappointed. MRI provided us with a fully working, and customized turnkey product after consulting with us quickly and extensively to understand our needs.”
The company now manages its 350+ assets which include office furniture, leasehold improvements, lab systems, and IT equipment on MRI’s centralized asset register. The system has proved its worth in managing routine tasks such as calculating and forecasting the depreciation on all assets, but one of the key benefits gained so far has been the improved transparency of its financial data. Having an accurate and clear understanding of its fixed asset expenditures across the organization is already influencing its future financial decisions.
In addition, the software’s sophisticated and detailed reporting capabilities and facility to create custom reports has really shone bright. Reid comments, “We have significantly reduced our time spent reconciling our sub-ledger to general ledger as well as producing the necessary reports required for both internal and external audit purposes which have been well received. Having the facility to drill down and being able to provide our auditors with accurate financial data has been instrumental in getting a successful result.”
TSHC required a system which could support the bulk upload of new assets with the capacity to record such detail as location, description, serial number, cost and date. The asset import function within MRI’s solution enables new assets to be loaded in en-mass and allows for the quick and easy update of batch changes to be made to asset records.
The most impressive benefit, however, is the time saving efficiencies realized across the team. Reid explains, “Taking into account all of the time spent previously on reconciliations, internal and external audits, and business personal property tax reporting, we have easily cut the time managing our fixed assets by 40 – 50%.”
Reid concludes, “The level of service received from MRI throughout our implementation and beyond has been excellent and I look forward to a continued strong working relationship going forward. I wouldn’t hesitate to recommend MRI’s software to other organizations.”
