Commonwealth Credit Union Chooses Integrated Asset Management and Tracking Solution
Commonwealth Credit Union, which opened in 1951, is Kentucky's second largest credit union. It has members from over 250 agencies in Kentucky, including the boards of education, health department, city and county government and numerous state government agencies. There are 5 branches and 10 service centers.
Last year, Commonwealth Credit Union decided it needed a better way to manage its fixed assets. "We wanted to upgrade our reporting efficiencies and achieve a better flow of information between department managers", said accounting manager Kathy Keith. "We put together a committee of 12 people from different departments and levels of management to evaluate what our options and requirements were."
After an extensive search and evaluation process, the credit union decided on Real Asset Management (RAM) and purchased the complete Series4000 suite of products. Keith said, "We chose RAM because we liked that the software was user friendly, offered lots of options to define assets and with it we will have the ability to attach documents to each individual asset."
While the system is primarily used by accounting, management has also been trained and given access to the system so they are always able to view information and produce reports. One of the main things management plans to use Series4000 for is to approve the transfer of assets. Commonwealth Credit Union has approximately 10,000 assets spread across its locations. With these often being moved between sites, Series4000 will allow the credit union to manage transfers with more accuracy than was previously possible. "This was one of the things we were looking to improve with asset management software," said Keith, "and now we'll be able to alert managers of items being transferred and receive feedback and approval in an easy, traceable process."
As part of the Series4000 product suite, Commonwealth Credit Union has implemented the Track4000 module to assist with physical audits. New barcode labels will be added to all assets and the work will be conducted in half the time than it is now.
In addition to faster physical audits, the team is also looking forward to the system's extensive reporting capabilities. "We're really excited to be able to run reports for tax purposes and more clearly define where items fall for property taxes," said Keith, "The reporting efficiencies we will have with Series4000 was one of the factors that made us choose RAM."