Tougher than ever EOFY Audits

As Government News reported early this year, the Victorian Auditor-General found many council asset systems are currently inaccurate or incomplete. While the report states “most councils demonstrated strong financial performance and a sustainable financial position” the progress towards better asset management practice “has been relatively slow, and weakness persists.”

Latest news out of New South Wales Audit Office also suggests that data integrity and probity around fair value inputs are to be scrutinised more than ever in this year’s EOFY audit. 

“Helping municipal governments and infrastructure agencies across the world solve this very problem is the heart and soul of Assetic,” says Assetic co-founder Ashay Prabhu. “Yes, there is still a way to go, but the improvements we see every day bring great hope for the future of our fraternity.”

“The fuel that drives our business – from expert consulting to software development – is understanding our clients’ challenges and working collaboratively with them to build products and solutions to overcome those challenges. It’s as integral to us today as it was 12 years ago,” Ashay concluded.

Further, Assetic clients are seeing genuine return on investment from implementation of the latest cloud technology in their compliance and reporting processes. Ben Clark, Asset Administrator and City of Tea Tree Gully in South Australia is one of those clients.

“Using Assetic we were able to undertake our Capitalisation of ~$15M down to about six days wo-to-go. This was an improvement from about 14 days in Assetic myData and probably three weeks prior to Assetic,” Ben said.

Another site already enjoying savings as a result of this technology is Glen Eira City Council (GECC) in Melbourne. 

“Our 2018/19 the capital budgeting and capital planning process only took two days as opposed to the historical three to six weeks,” Simon Smith, Co-ordinator of Asset Management and Capital at GECC said. “In a resource poor, funding contained environment this enables people and productivity to be channelled to where our community most needs them.”
“With optimisation now a proven science and data available at rapid pace, there has never been a better era for practitioners to cut millions off the future spend simply by spending available budgets differently,” Ashay continued. “I can’t express strongly enough the real passion I have for this, it is truly an inspiring time for our industry.”

If you’d like to learn more about the savings and efficiencies you can unlock with the Assetic cloud platform, check out this short video or fill in the form below to schedule a demo.