Africa-based Lafarge Cement has deployed Asset4000 from Real Asset Management (RAM) to notably improve the efficiency of asset accounting whilst complying with International Accounting Standards. The implementation of the software has saved Lafarge Cement considerable time previously spent on inputting data into lengthy spreadsheets and has eliminated the risk of human error associated with spreadsheet accounting.
Lafarge Cement operates a 2.4 million ton per annum cement clinker facility at Lichtenburg which is one of the largest and most technically advanced cement works in the country. In 2006, the company demonstrated its confidence in the country's economy by announcing a R1.2 billion project to increase its cement capacity by one million tons per year. The project was the largest investment the South African cement industry had seen for over two decades.
Mwai Kadangwe, Assistant Accountant at Lafarge Cement comments, "Before installing Asset4000, we were reliant upon spreadsheet accounting which was not only time consuming but also problematic when it came to calculating depreciation, managing transfers and catering for such requirements as re-lifing and revaluing assets. The new software enables us to easily comply with the frequent changes in International Accounting Standards and provides the ability to streamline our daily accounting processes."
Kadangwe goes on to explain how Asset4000 has benefited those who use it at Lafarge Cement, "The software has drastically reduced the amount of time we spend creating and updating spreadsheets. It was able to easily integrate with our existing ledger system, Sage Line 500, which was very important to us when deciding on which asset management system to use. We can now easily accommodate any changes in accounting principles, providing well defined industry standard reports."
Asset4000, part of RAM's Series4000 offering, is designed to assist with legislative compliance including IFRS, US GAAP, SOX and audit best practice for organisations. Features include the calculation of depreciation, the maintenance of audit trail records, as well as standard interfaces to ERP systems.
Karen Conneely, Group Commercial Manager at Real Asset Management remarks on its growing customer base in Africa, "As a market that subscribes to the compliance of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) as legislative requirements, there is an ongoing need for up to date and compliant specialist asset management software from a credible supplier, which RAM is ideally positioned to provide. As a result, Asset4000 is now the system of choice amongst a large number of local and multi-national organisations across Africa.
Commenting on the ongoing relationship with RAM, Kadangwe concludes, "Over the years the service we have received from RAM has been second to none. Consultants are always on hand when we are upgrading and they are available to answer queries on a day-to-day basis. Our relationship with RAM is excellent and this ensures that we are able to stay at the forefront of technological innovation in asset accounting, whilst remaining compliant with the latest industry standards."