SPS Aero is a leading aerospace engineering firm producing precision-machined fabrications and assemblies for civil and military aircraft and rotorcraft. The company operated several sites in the United Kingdom and needed to update its asset tracking and accounting solution to ensure compliance with GAAP while tracking its assets across the different sites.
Simple to use
The aircraft company’s existing fixed asset management software was not easy or intuitive to use and looked dated. One of the company’s primary goals was to find a replacement solution that was simple to use with an up to date interface to automate company processes. Rachel Boulton is a Management Accountant at SPS and describes it this way; “the modern, user-friendly feel of the system first drew our attention to FMIS”. FMIS Fixed Assets responsive interface means that software is suitable for any device screen size and works with any browser,
In addition to tracking fixed assets, SPS required the new software to manage their asset accounting. The ability to automate depreciation management was central to the requirements for a fixed asset management system. The fixed assets software is needed to generate regular reports for management as well as produce various accounting reports on a monthly basis. The out-of-the-box reporting suite delivered the necessary asset management information at the click of a button without the need for excel-based reports. FMIS Fixed Assets allowed the team to calculate depreciation much faster than the existing application and to automate the journals required for their ERP and accounting software.
Asset Lifecycle Management
SPS needed to track their assets from across the whole lifecycle from acquisitions to disposal. Tracking each asset involved the collection and monitoring of numerous asset data points over its lifetime to update the asset register. FMIS software provided the flexibility to hold the necessary data for each different type of asset from property to production inventory.
Security is another key requirement for the company’s asset tracking system and its customers in the aviation industry. The existing software was unable to meet the company password security requirements, but the FMIS system allows clients to set user password requirements in line with their own security policies. The ability to deploy the system locally on-premises provided an extra level of control for the client, although the software is also available as a cloud-based solution. FMIS software is ISO 27001 certified, so system security is reviewed and audited against the leading international information security standard.
“The potential FMIS holds for our business will bring us into a modern simpler way of managing our Fixed Assets, whilst still enabling us to keep compliant with our parent company’s policies. ”
SPS fabricates aircraft components at multiple sites in the UK and needs the ability to keep additional books for their depreciation reporting making FMIS the ideal fit. According to Rachel, “[FMIS] capabilities to hold multiple books on one system, to assist with GAAP compliance; and the options to include tracking across both our sites, really appealed to what we were looking for in a Fixed Asset system.”
The ability to track aircraft components and equipment more efficiently using barcoded tags was not initially part of the process for SPS, but the team quickly saw the potential benefits. FMIS allows a user to scan asset tags using the mobile app from any Android or iOS device with a built-in camera. Tracking items this way not only saves time but also greatly improves the accuracy of data. Updates such as changes of location, assignment or disposals can be made instantly.
Find out more
For more information about using FMIS Asset Tracking software for the aviation sector or to arrange a demo of the system, please get in touch. Request a demo or call us on +44 (0) 1227 773003.