Jensen Precast Cuts Month-end Close Activities by 20 Hours with Fixed Asset Accounting Software

SOLON, Ohio, Sept. 24, 2020 /PRNewswire/ -- Jensen Precast, a precast concrete manufacturing company, is using specialist fixed asset accounting software from Real Asset Management (RAM), an MRI Software Company, to improve the efficiency of asset accounting and tracking for its $46 million worth of assets. Jensen Precast invested in the new software to remove the potential for human error, along with eliminating the time-consuming processes of depreciation calculations and detailed asset reporting.

Founded in 1968, Jensen Precast is one of the largest independently owned precast concrete companies in the United States. It designs and manufactures standard and custom precast concrete products to meet large-scale infrastructure demands for highway construction, retaining walls, electric and gas utility, telecommunications, water, on-site wastewater, and sewage applications.

Prior to the purchase of the software, Jensen Precast was dependent on a mix of spreadsheets and an outdated fixed asset program to manage its 3,000+ assets consisting of machinery, forklifts, vehicles, boom trucks, trailers, IT equipment, office furniture, and leasehold improvements. Michelle Amos, Staff Accountant at Precast Jensen recalls, "We had reached a stage where we needed a more functionally rich system with the ability to add additional details about each asset. The RAM solution stood out as the most user-friendly, ticking all our boxes and then some."

A key benefit for Jensen Precast is the system's ability to enable high levels of coding and analysis flexibility. Its capability to retrieve individual asset records with a tailored view for specific preferences (e.g. by vehicle identification number, type, make, location etc..) provides the high level of detail required. Amos comments, "Having all the data in one centralized system allows us to click on an asset and access all the relevant information whenever we need it. This also applies to managers across multiple departments which has vastly improved transparency and visibility across the organization."

Jensen Precast also benefits from using the attachment function to store documents, purchase orders and hyperlinks against each asset. Amos mentions, "Being able to access backup information including invoices for each asset saves numerous hours of pulling repetitive files, whilst eliminating excessive use of paper."

RAM's fixed asset accounting system has greatly enhanced time saving efficiencies at Jensen Precast, allowing the finance team to quickly and easily produce the relevant financial reports required at month-end. Amos comments, "By not having to calculate depreciation through spreadsheets for multiple assets and being able to quickly locate asset and disposal information, the company is saving at least 20 hours per month."

Amos concludes, "This is a software company that is well versed in what it does.  If we ever have a query, all questions are welcomed and answered immediately. All members of the RAM team are very receptive and knowledgeable and a real pleasure to deal with, and I look forward to a continued strong working relationship in future years."

For further details please contact:

Karen Waite, Marketing Manager
Real Asset Management, An MRI Software Company
Email: kwaite@realassetmgt.com

About Real Asset Management

Real Asset Management (RAM), an MRI Software Company, is a leading provider of fixed asset management and logistics software & services. Over the last 30 years, its products have been implemented at thousands of customer sites worldwide.

RAM maintains a global presence with offices located around the world. The product range includes modules for fixed asset accounting, lease accounting, asset tracking, maintenance management, and facilities management, making it a powerful and flexible solution to meet all requirements and financial regulations. 

The company has developed a powerful range of software modules around a central data repository that enables organizations of any size to manage every aspect of the asset lifecycle.

Logo: https://mma.prnewswire.com/media/615025/RAM_Logo.jpg