Are you someone who works for a council and is responsible for infrastructure asset management processes and procedures? If so, you know how important it is to make sure that everything runs smoothly when it comes to the end of the financial year. You understand that this is a critical time, and it's important to make sure you have everything in order so that you can close out the year properly and set yourself up for success in the next financial year.
Welcome to the Iamdata Solutions Asset Management Newsletter - 1 May 2023
During the Financial Year End procedures and processes at the council, each department and division are expected to provide information on the condition of their respective assets, any works completed or planned during the financial year, and any associated costs.
This information would then be used to compile the council's financial statements and to plan for the coming financial year. This is a big job and requires a lot of data gathering. Consider the various departments within the council and how many different asset classes each department is responsible for, for example:
Transportation and Traffic Management
Road Maintenance
Bridge Maintenance
Stormwater Management
Water and Wastewater Management
Parks and Recreational Facilities Maintenance
Buildings and Structures Maintenance
Fleet Management
The various departments responsible for these assets will need to provide information on the condition of the assets, any maintenance or replacement works completed during the financial year, and any planned works for the coming year. They would also need to provide information on any associated costs.
And let's not forget that this is a very busy and stressful time for the Finance department. The Finance department is responsible for managing the council's financial affairs, including budgeting, accounting, and financial reporting. During the Financial Year End, the Finance department is responsible for preparing the council's financial statements, which includes information on the council's assets that they receive from the various departments responsible for the assets, as well as liabilities, income, and expenses. They have to do all this while ensuring that the financial statements comply with relevant accounting standards and regulatory requirements.
As I have said before - it's a huge job! So, how can councils ensure that end of year processes run smoothly in regards to infrastructure asset management processes and procedures? Here are a few tips that may help:
Start Early
One of the biggest mistakes is waiting until the last minute to start working on end of year processes. The earlier you start, the more time you'll have to get everything in order and address any issues that come up along the way. Ideally, you should start thinking about end of year processes several months in advance, and begin putting plans in place as soon as possible.
Use Technology
In today's digital age, there are plenty of tools and technologies available that can help you manage infrastructure asset management processes and procedures more efficiently. From asset management software to automated reporting tools, there are plenty of ways to streamline your processes and reduce the risk of errors or oversights. Make sure that you are taking advantage of these tools to help you manage end of year processes more effectively.
One of my favourites is Power BI. Power BI can help you report on your Infrastructure Assets directly from the data source.
Communicate Clearly
Clear communication is key when it comes to managing end of year processes. Make sure that all stakeholders are aware of the timelines, expectations, and requirements for the end of year processes, and that everyone understands their role in the process. This can help reduce confusion and ensure that everything is done correctly and on time.
Power BI is also an excellent tool to communicate valuable information to key stakeholders across your organisation.
Here are some examples of how Power BI can help in this area:
1. Power BI allows you to create interactive dashboards that can help users easily explore the financial data of the council. These dashboards can be customised to display the most relevant financial metrics and KPIs for different stakeholders.
2. Power BI provides a variety of visualisations that can help make the council's financial data more engaging and easier to understand.
3. Power BI allows users to collaborate on and share their reports and dashboards with other stakeholders. This can help ensure that everyone is on the same page when it comes to understanding the council's financial performance.
4. Power BI enables users to create compelling data stories that can help explain the council's financial data in a narrative format. This can be particularly useful for engaging with stakeholders and the broader community who may not have a financial background.
Keep Good Records
Good record-keeping is essential when it comes to infrastructure asset management processes and procedures. Make sure that you're keeping accurate, up-to-date records throughout the year, and that you have a system in place for organising and storing these records. This will make it much easier to compile the information you need for end of year processes, and will help you avoid any last-minute scrambling to find missing data.
Power BI is also great at identifying where there may be gaps or errors in your data, as well as being a great tool to help you build a picture of what is actually happening with your assets.
Power BI allows us to connect to and integrate data from various sources. Quite often the data we need is being managed and maintained in more than one system. By bringing the data together directly from the source of truth and integrating the data in Power BI, we can ensure all records are up-to-date and accurate. Viewing all the data from Power BI makes it much easier to identify errors or gaps in the data and we can ensure we fix them at the source.
Plan For The Future
Finally, it's important to think about the future as you're working on end of year processes. Use this time to review your processes and procedures and identify areas for improvement. Consider what you can do differently in the next financial year to make your asset management processes more efficient, effective, and streamlined.
Hopefully, these tips prove helpful in ensuring your end of year processes run smoothly. With the right planning, communication, and tools in place, you can close out the year successfully and set yourself up for success in the year ahead. Good luck!
I have worked on many different projects with my Local Government clients, from designing and developing Power BI Reports, to building SQL Server databases for spatial data, to managing and maintaining the GIS and the Asset Management systems. If you'd like to discuss how we might work together, then please email me at ➡️ jill.singleton@iamdata.solutions
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