The Hendre Group, a housing association which provides a range of housing, care and support services to more than 20,000 people across South Wales, has selected MRI Software’s proven component accounting solution to manage its 60,000 asset base and ensure compliance with SORP and FRS 102.
Gareth Yeoman-Evans, Head of Finance at Hendre Ltd told us how the new system will replace its manual spreadsheet based process which had become inefficient in supporting its large volume of data. “We had previously been using two separate spreadsheets to manage the Group’s large number of depreciating assets which had become far too complex and time consuming. It had reached the point where we needed to implement a specialist component accounting solution to enable us to streamline our period end process and increase departmental efficiency and productivity.
Gareth had attended one of MRI’s seminars last year at which he spoke with a number of MRI’s existing clients and it became quickly apparent that its track record as a specialist in the area of component accounting is second to none. This, coupled with the simplicity and intuitive nature of the software reinforced his decision to purchase.
The timing of this implementation could not be better as The Hendre Group prepares for the transition to FRS 102. Gareth comments, “It’s a perfect opportunity to step back and fully review our asset base and get the necessary systems and procedures in place to be able to accurately and efficiently complete a ‘comparative’ year. Having to run two parallel sets of accounts will be so much easier with the new system.”
MRI’s solution will provide the Group with the agility to treat the accrual of grants differently under FRS 102, enabling them to be released over longer periods of time. Longer term, there are plans to extend the asset register to include such information as title deeds, valuations and other key property data.
“I am excited to get MRI’s solution fully implemented over the coming weeks and feel confident that we will realise the benefits quickly.
If you would like to find out more about how MRI’s component accounting software can benefit your housing association, then please visit our solutions page.