Monday, September 19, 2011

Accounting Software Ensures Smooth Operation of Large-Scale Projects

Problem on accounting and budget processes hits Newcastle Knights’ Ausgrid Stadium.

According to a Newcastle local tabloid newspaper, the Newcastle Herald, Ausgrid Stadium, formally known as Newcastle International Sports Centre --- a multi-purpose sports stadium located in Newcastle, New South Wales, Australia and the home ground of the Newcastle Knights (National Rugby League) and the Newcastle United Jets (A-League) teams and owned by the New South Wales government and administered by the Hunter International Sports Centre Trust --- has been having significant problems during a scheme.

The said problems is said to relate primarily to a series of errors that has been made in the accounting and budget processes --- which is said to have been resolved with an engagement of a specialist technology, particularly a software for accounting.

The difficulties came to light after an audit was carried out on the venue's western grandstand redevelopment.

According to the audit report that the given that from March 2011 there were no finance personnel on staff, for this reason there is a reason for the heavy reliance on a third party for budget preparation and monitoring.

The way the projects’ financial chiefs allowed a budget deficit to run up was extremely critical.

Bosses overseeing large construction and redevelopment projects might now be wise to ensure they have access to accounting software so as not to encounter similar problems with the Ausgrid Stadium scheme.

Ausgrid Stadium is currently undergoing a dramatic facelift with the redevelopment of the Western Grandstand. This state of the art facility is due for completion prior to the start of the 2011 NRL Season and will provide Newcastle and the Hunter Valley with a sporting facility to rival any across the country. It has a current capacity stands at approximately 23,000, with a target of up to 35,000 when the ground is complete.

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