Location: Melbourne, Victoria
Previous Software: MRI Strata Master
Overview
SOCM, which manages over 5,000 lots across Victoria, faced inefficiencies in their existing software system. SOCM wanted to move to an agile and customer-centric platform, reviewing cloud-based solutions and identified Urbanise Strata to help streamline operations, improve compliance, reduce costs, and improve productivity.
Key Results
Reduced Financial Reporting Risk: Urbanise Strata's integration with Macquarie Bank automates manual updates and bank reconciliations, reducing reliance on individual members for daily tasks. This has the potential to save approximately 1.5 hours per day, depending on usage and operational capacity.
Workforce Optimisation: Automation enabled the SOCM team to streamline office operations, creating capacity to redeploy resources equivalent to 2 out of 4 FTEs towards higher-value, customer-focused activities. For example, tasks such as scheduling and sending aged debtor reports and income and expenditure reports to the Committee were automated.
Improved Compliance: The use of the "Register" system enhanced compliance by automatically creating and assigning tasks to the manager. Automation ensured timely follow-up on activities, such as Anchor Points recertification.
Faster Owners Corporation Certificate Generation: Automating Owners Corporation Certificate production reduced processing time from 40 minutes per certificate to just a few clicks, with the added benefit of electronic signing.
Improved Transparency and Reduced Call Times: An integrated document management system empowers owners with easy access to comprehensive financial information such as the Bank Balance and general Ledger, right down to the invoice level, and overall financial reporting against the Budget through simple, easy-to-understand charts.
How SOCM Boosted Efficiency & Reduced Costs with Urbanise Strata
Transition to Urbanise
A phased transition to the platform enabled early adopters to lead by example. By showcasing Urbanise's capabilities, user-friendly interface, automated processes, and robust reporting functions, demonstrations played a key role in securing team buy-in and accelerating the transition.
Automatic Bank Reconciliation
Previously, daily bank reconciliations were performed manually, consuming significant staff time and increasing the risk of errors. This process also posed a business continuity risk, as financial tasks were delayed when the responsible staff member was unavailable.
Urbanise Strata's integration with Macquarie Bank automated bank reconciliations via Secure File Transfer Protocol (SFTP) to process SWIFT MT940 messages. This automation eliminated manual intervention, reduced errors, and ensured consistent operations. The transition has the capacity to save approximately 1.5 hours daily, streamline the finance team’s workflows, and establish a more robust, error-resistant system.
Creating Process Efficiencies
The generation of Owners Corporation Certificates exemplified Urbanise's transformative impact. Previously, the manual process required creating separate Word documents and manually pulling financial data, which took approximately 40 minutes per certificate. This method risked errors and delays due to its reliance on outdated data.
With Urbanise, certificates are generated in minutes by pulling real-time data from an integrated database. This automation ensures accuracy, compliance, and significant time savings, allowing staff to focus on more strategic tasks.
Community Engagement
Beyond operational improvements, SOCM leveraged Urbanise's capabilities to enhance community engagement. For instance, a local event funded by a community grant was managed transparently using Urbanise's financial reporting tools. The platform's detailed reporting impressed local authorities, providing additional funding opportunities. This initiative underscored the platform's versatility, demonstrating its ability to support community development alongside property management.
Conclusion
The implementation of Urbanise at SOCM highlights the transformative impact of innovative software in strata management.
By automating key processes like bank reconciliations and certificate generation, SOCM reduced operational costs, improved compliance, and enhanced service delivery.
Urbanise optimised internal operations and strengthened community relationships through transparent financial management. SOCM's success illustrates the potential for other strata managers to unlock efficiency, accuracy, and cost savings by upgrading to Urbanise.
Discover the Urbanise Advantage
Don't let outdated systems hold your business back. Upgrade to Urbanise today and experience the benefits of streamlined processes, enhanced accuracy, and improved compliance.
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