North Wales-based local authority, Wrexham County Borough Council, is using capital accounting software from MRI Software (MRI), to manage and track its 3,500+ assets worth more than £1 billion. The solution provides the Council with the detailed functionality required for IFRS compliance, as well as creating a robust audit trail and increasing back-office efficiencies.
With a cash limited budget of £250 million and approximately 6,000 employees, the Council provides Wrexham and its surrounding areas with advice and services on such things as housing, social care and education, and serves a population of approximately 135,000 people.
Key drivers for selecting MRI’s capital accounting software included having access to reliable and intelligently designed functionality as well as a journal output for financial ledger entries. Karl Griffiths, Finance Business Partner at Wrexham County Borough Council comments, “Prior to purchasing the MRI software we used spreadsheets to manage our capital assets which were time-consuming and prone to error. It was proving to be a lengthy process using complex formulae which made it very difficult to maintain and ensure consistency for audits.”
The Council uses MRI’s centralised asset register to record detailed information on such assets as its land and buildings, infrastructure, vehicles and equipment. It provides the means of storing and managing all of its fixed asset data, controlling each asset at component level and providing highly accurate and reliable depreciation calculations. Of particular benefit to Wrexham County Borough Council is the functionality to record and report on in-financial year movement regarding assets such as revaluations, impairments, additions and disposals. The MRI system generates the management information and relevant journal entries to reflect these activities in an easy and timely manner.
MRI’s capital accounting software has provided the Council with solid efficiencies throughout its closedown and audit period. Griffiths explained, “Thanks to the levels of automation provided by MRI’s system, the auditing process is much more straightforward now, as checks take less time and our auditors have the assurance that the system can be relied upon for maintaining accurate records.
“I couldn’t imagine trying to complete our financial year-end without the MRI system. From the flexibility and speed of reporting to the accurate financial calculations, we have achieved invaluable time and resource efficiencies.”
Griffiths concluded, “We selected the system from MRI due to its excellent reputation amongst existing users in local authorities across the UK and we have not been disappointed. We have a secure and robust system which is specifically tailored to meet the Council’s needs, as well as access to an excellent technical support team who are always helpful, professional and courteous.”