How Strata Management and Body Corporate Companies Leverage Dynamic Connect for Efficient Cost and Time Tracking and Reporting

Strata companies juggle numerous responsibilities, from managing property maintenance to handling financial matters for multiple owners. Efficient cost and time tracking and reporting are crucial for maintaining transparency, ensuring work is compensated accurately and resources are allocated effectively. Dynamic Connect, a solution by Dynamic Software Solutions, is emerging as a valuable tool for strata companies to streamline processes and measure & manage work completed.

Understanding the Challenges of Cost and Time Tracking in Strata Management

Strata managers often face challenges in accurately tracking costs and time spent on various tasks related to different strata plans. One Strata Manager commented that he deals with around 100 emails each day. That’s one hundred tasks that all need to be allocated to strata plans in a single day by one person for accurate cost and time tracking. With the current manual solutions available this is not viable and hence fixed fees are allocated to plans with no hope of ever understanding which individual plans are profitable and which ones need to be revisited.

Dynamic Connect Activity-Based Billing

Dynamic Connect offers a comprehensive suite of tools that can simplify cost and time tracking for strata companies. Here’s how it works:

  • Automated Activity Prompts – Dynamic Connect integrates with various office systems, such as MS Teams calls, phone calls, sending emails, printing, copying, and scanning. It automatically prompts during each activity and intelligently pre-fills billing information where possible. The manager can then post or tweak quickly and simply.
  • Activity-Based Tracking – The solution allows users to assign activities to specific strata plans or properties. This enables strata managers to track costs and time spent on each plan accurately.
  • Real-Time Reporting – Dynamic Connect provides real-time reporting on cost and time usage. Strata managers can access detailed reports on cost and time allocation across different plans, tasks, and employees.
  • Integration with Billing Systems – The solution can integrate with existing billing systems, enabling strata companies to generate invoices based on the actual cost and time spent on each plan.

Benefits of Using Dynamic Connect for Strata Companies:

  • Improved Accuracy – Activity-based cost and time capture reduces errors and ensures accurate tracking.
  • Enhanced Efficiency – Streamlined cost and time tracking with intelligent reporting.
  • Increased Transparency – Summary dashboards with detailed cost and time reports provide transparency to owners and stakeholders.
  • Optimised Resource Allocation – Insights into cost and time usage enable strata managers to allocate resources more effectively.
  • Improved Billing Accuracy – Integration with billing systems ensures accurate invoicing based on actual costs and time spent.

Conclusion

Dynamic Connect offers a powerful solution for strata companies to overcome the challenges of understanding the profitability of plans and the performance of staff. By automating cost and time capture through activity-based prompts, and offering real-time reporting, Dynamic Connect empowers strata managers to drive revenue, improve efficiency, transparency and resource allocation. As a result, strata companies can enhance their overall profitability, productivity, and provide better service to their clients.