Amber Taverns meets audit requirements with specialist fixed asset accounting software

Amber Taverns, a long-standing client of MRI Software (MRI), is using its fixed asset accounting software to efficiently control and manage its asset base worth in excess of £100 million. The system was implemented initially to replace its manual spreadsheet-based process which had become unviable due to the organisation’s rapid growth rate and the increased number of assets to be updated each period end.

With an ever-increasing turnover, Amber Taverns is a multi-site pub operating company with 154 public houses across the North West, North East, Midlands, Scotland and Wales. The company is unique in that it offers an operator agreement to its licensees whereby they are incentivised to develop the business.

Interfaced with Amber Tavern’s finance system, Sage 200, the fixed asset accounting software manages its 20,000+ assets across multiple sites, a number which grows month on month. Such assets include computer equipment at the head office and fridges, cellar coolers and bar equipment at each location. Glyn Lawson, Financial Accountant at Amber Taverns comments, “We have been able to achieve accurate, detailed and automated financial control and reporting since choosing MRI’s fixed asset solution, leading to an increase in overall efficiencies and time savings.”

The system has not only proved useful in calculating depreciation on a period-by-period basis but also in forecasting the depreciation charge for the next 12 months and beyond, which has aided the budgeting process and improved financial planning. However, the standout feature for Amber Taverns has been the use of MRI’s Toolkit for Excel™ which enables the quick and easy import and export of information relating to new and existing assets. Lawson states, “Being able to download data and perform en mass modifications to asset analysis codes, descriptions, notes and date fields and then upload again in a matter of seconds has transformed our month end processes. In particular, uploading transactions such as revaluations, additions and disposals in bulk has resulted in significant time savings.”

Having the confidence that its asset register is accurate and up to date is a major benefit to Amber Taverns, specifically in terms of IFRS compliance. The system allows for exceptional detailed analysis and having the facility to drill down and provide its auditors with accurate financial data has been pivotal in meeting audit requirements. Lawson explains, “The system’s reporting capabilities are second to none and enable us to produce any type of report required quickly and easily, be it a standard or customised version.”

Lawson continues, “Through the use of MRI’s fixed asset solution, a good day’s worth of work is saved per period, freeing up the team to focus on key financial decision making and other business critical tasks.”

Commenting on the long-standing relationship with MRI, Lawson concludes, “We have worked alongside MRI for the past eight years and during this period we have enjoyed a high level of service. We have had very few problems with the software but on the rare occasions that we have run into difficulties, the helpdesk has provided an immediate response to our queries.”