Sheffield Hallam University ensures FRS102 compliance
Leading University selects FMIS Fixed Assets to ensure compliance with FRS102 standard on a tight schedule.
Client: Sheffield Hallam University
Sectors: University, Tertiary Education
Solutions: FMIS Fixed Assets
Challenge: Ensure FRS102 compliance before year-end
Sheffield Hallam University is one of the UK’s leading universities. With over 30,000 students it is also one of the largest. The University needed a specialist Fixed Assets solution to replace their current asset register. Compliance with the FRS102 standard was essential and the system would need to be implemented in time for the University’s year-end.
The University selected FMIS Fixed Assets following a comparison of different systems available. The Assistant Financial Accountant (AFA) responsible for implementing the new system explained that the main priority was to ensure compliance with FRS102 and provide better fixed assets reporting. The new system also needed to be flexible, intuitive and easy to use.
The primary driver for the project was to ensure compliance with FRS102 and accommodate component accounting as a result of a recent asset revaluation exercise.
Prior to using FMIS, the university was limited in what information could be stored against an asset. FMIS Fixed Assets allows a complete picture for every asset including information such as serial numbers or the make and model of equipment. Each asset record also allows unlimited attachments such as warranty documents or images and provides a full asset history covering all asset events from acquisition to disposal.
The AFA prepares the monthly, year-end reconciliations and other ad-hoc fixed assets reports for the University so reporting is a key requirement of her role. The standard reporting suites from FMIS meet most of these reporting requirements. Bespoke reports can be created by the user from the current range of reports available, as the reports can be exported and tailored as required.
Another key benefit for the AFA has been the intuitive interfaces within FMIS Fixed Assets. She finds that it has a logical flow and navigation around the system is quite straightforward with minimal training. However, guidance is still available for specific and more complex or unusual asset queries.
FMIS phone and email based support helped to ensure that the introduction and implementation of the system could be achieved to tight deadlines in order to be ready before year-end. It is essential that it can work alongside the existing finance systems and it is important that support is available post-implementation to iron out any issues.
When asked what they would do differently if they had the chance, the AFA’s response was to have more time for product testing and training.
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