L.J. Monks replaces spreadsheets with Assetware Express

Dec 2007: L.J. Monks, a family owned group of companies providing mechanical and electrical services to industry, has replaced its asset management spreadsheets with Assetware's newly launched asset accounting system Assetware Express (http://www.assetware-technology.com/assetware-express.htm). Express was chosen as a powerful yet very affordable entry level system, satisfying all L.J. Monks’ functional and audit requirements. It will be used for the control, management and reporting of the organisation's 200 plus assets across its four companies.

In common with many other smaller companies, L.J Monks had developed spreadsheets for management of its asset base - mainly vehicles and IT equipment. The spreadsheets had become complex, error prone and difficult to understand and amend. They could not produce a clear audit trail as required by the company's auditors nor could they deal with forward forecasting and budgeting, one of L.J Monks’ important requirements.

"We knew that we needed a specialist asset management system to give us more control and make it easier to track and report on our assets,' says L.J. Monks’ Finance Director David Drury. "But as a small company with an asset base of only a few hundred items, we really couldn't justify spending several thousand pounds on a system designed for a big organisation. When I heard about Assetware's new entry level system, and that we could use it for a 30 day free trial, I decided it had to be worth trying it out".

L. J. Monks' Group Accountant, Kathryn Leach, set up the database from scratch, then updated it with live data, reconciled the year end accounts with the company's financial system, and produced statutory reports. "Express is really easy to use, and does exactly what you expect and want it to do," says Kathryn.

Adds Drury, "After using Express for a 30 day free trial, the decision to buy was a no-brainer. We've set up the system to reflect our structure of four companies and several asset categories. We can now easily forward forecast month by month, and if we acquire or dispose of assets, the system just recalculates everything automatically. We get all the detailed reports we need and the system is really easy and intuitive to use."

"And given the pricing structure of Express' continues Drury, "it really doesn't make sense for any smaller company to carry on using spreadsheets for asset management. Express does everything you need at a cost that even the smallest company can afford."