Asset Journey provides what you need to meet the requirements of the New South Wales Retirement Villages Act. Asset Journey came about from a collaboration between an operator of several villages in Australia and a US-based software company. Together, they created an Asset Management Plan program that makes it easy for Retirement Village operators to be compliant with the legislative mandates.
A couple of years ago, Aidan O’Flaherty, CFO of Tulich Communities, realized the Tulich group of retirement villages would need to get an Asset Management Plan in place in order to comply with the NSW Retirement Villages Act. The deadline to have a plan in place, 1 July 2022, was still two years out, but Aidan knew he had to get moving.
After testing various solutions such as spreadsheets and general asset management databases, Aidan came across Crow Canyon Software. He found that this US-based software company had an asset management program that could easily be adapted to meet the legislative requirements. The Tulich and Crow Canyon teams worked closely to make sure the asset management software would meet all the legislative mandates as well as provide a robust asset register and maintenance task solution. Thus Asset Journey was born!
Asset Management Made Easy
From its humble beginnings, Asset Journey has grown in usage throughout New South Wales. Many villages have come onboard. Operators found that they can be compliant with the Villages Act and pass audits — and avoid fines.
At the same time, village managers saw that they could manage their sites better by knowing what assets were out there, what repairs or replacement were needed, what recurring tasks were required, and who would do them at what cost. They could easily assign tasks to their internal maintenance staff or to outside contractors. The cost and time of each PM or RM task is recorded and directly linked to assets, thus providing accurate and up-to-date reports, as required by the legislation.
With Asset Journey, it is easy to produce the required reports and make them available to residents for review. Resident feedback is recorded along with the operator’s response to that feedback (another requirement of the legislation). These reports include:
- Asset Register
- Maintenance Schedule (actual)
- Maintenance Schedule (estimated)
- Three-year Report for capital maintenance & expenditures
While these are the required reports per the legislation, Asset Journey can produce many other reports on assets and maintenance as needed by the village staff.
Import Assets With Templates
Implementation of Asset Journey is easy. The software is installed in either the operator’s Microsoft Office 365 environment or a hosted platform, as per the operator’s preference. A template is provided as a guide to creating the list of assets. This template is imported into Asset Journey, and from that point, the reports are ready to go. New assets can be added and existing ones modified easily in Asset Journey. Maintenance tasks are generated, assigned, and tracked to completion. Operators gain a full 360 degree view of the assets, which helps greatly in managing costs and reducing waste.
With NSW Fair Trading starting to conduct audits and issuing fines, Asset Journey is the asset management software you need to be compliant and avoid fines – while improving efficiency and reducing costs at your village!