News May 21, 2019

Metaldyne monitors depreciation with MRI’s software

Metaldyne, a world leading supplier of parts for industrial and marine applications, has been using MRI Software’s (MRI) best of breed fixed asset accounting solution for over 18 years. The software helps towards compliance with financial regulations, whilst enabling the organisation to monitor the effects of depreciation charges and allowing it to maintain a completely up to date record of each company-owned item.

The company was founded in 1997 with its headquarters located in West Yorkshire. Since Metaldyne’s creation, it has continued to grow and is now a leading designer, manufacturer and supplier of metal components to engine markets. The UK branch of the organisation specialises in supplying low volume requirements, offering repair and servicing to its worldwide customer base.

The flexibility of the software ensures that our records are entirely accurate and that costs are always calculated correctly

In its formative years, Metaldyne realised the importance of keeping an up to date and accurate record of all of its belongings. With the company acquiring equipment and expanding its operations rapidly, it decided to implement comprehensive fixed asset register software. It selected MRI’s solution and has been using it extensively since.

John Frankland, Management Accountant at Metaldyne comments, “MRI’s system is incredibly useful. We have benefited particularly from the ability to add revaluation accounting events to the company’s assets, meaning that values are always correct and reserve balances are managed effectively. Another feature we have found helpful is the ability to amend the structure of our depreciation years when it has been required following operational changes, the flexibility of the software ensures that our records are entirely accurate and that costs are always calculated correctly.

“The software is extremely simple to use.” John continues, “It has its benefits at both divisional and multinational levels. As we have a presence in America, its ability to calculate depreciation in accordance with US GAAP regulations has proven to be very handy and has saved us a lot of time that would have been spent working out values using manual formulas.”

When asked about what time and cost savings implementing MRI’s solution has delivered, John states, “We estimate that having the system in place has saved us roughly £3,000 per annum and would definitely recommend the software to any organisation that is looking to tighten its grip on equipment information and related values. Calculating depreciation is very fast and can be processed more than once, which isn’t possible with some integrated fixed asset modules.

“Our working relationship with MRI is excellent.” John declares, “Its employees have always been extremely friendly and professional. If we have ever had any queries with the software, the dedicated support team has always been able to provide a resolution with easy to follow instructions.”

Metaldyne was acquired recently by American Axle & Manufacturing (AAM), the third takeover of the company. Depreciation and revaluation processes have adapted with each change of ownership to comply with the practices of the parent organisation. John concludes, “MRI’s flexible software has made each transition very easy and its ability to account for procedures that are occasionally adjusted has proven to be invaluable.”

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