Blog January 27, 2020

Why you should be using File Smart with Strata Master

By MRI

Managing body corporates require excellent organization and time management skills. Not only do you need to coordinate the affairs necessary for the administration of the strata scheme, you need to do it whilst keeping detailed financial records and complying with strict legislation. And when you’re managing multiple strata schemes, that can add up.

Electronic document management systems, like File Smart, can help you efficiently manage your documents and files, saving you the time and costs that come with manually storing them. But it doesn’t stop there. As financials are an important part of strata management, File Smart also works to automate the invoicing process. Best of all, it is made to sync seamlessly with Strata Master so all information and documents are within easy reach.

Benefits of using File Smart

  1. Save up on storage space and costs

File storage is a common concern for any strata management agency. Not only is it necessary for conducting the day to day functions of the business, but some state laws also explicitly require agencies to store owners corporation documents for a period of time. For instance, in NSW all strata plan records must be stored for 7 years minimum. That’s 7 years’ worth of accounting and financial records, committee meeting notices, motions passed, etc.

With File Smart, you can save on storage space by saving all documents electronically. By storing all your documents in one central, easy to access location, you’ll no longer need onsite storage facilities or external document storage solutions – saving even more on storage costs.

  1. Eliminate printing and filing costs

Going paperless is the new norm in today’s digital age, and one of the reasons why so many businesses do it is the savings on printing and filing costs. A study by Infotrends reveals that for every $1.00 spent on printing documents, another $3.00 is spent on the process and related services – like document prepping and proofing, storage and warehousing and employee time.

File Smart is made to help you eliminate paper and all the expenses that comes with it. By managing documents electronically and digitizing file exchanges, File Smart reduces costs across ink, paper, folders and help you save on staff time who otherwise have to print, file, collate and send documents manually.

 

True-cost-of-printingSource: “True cost of printing”, mimeo.com

  1. Increase transparency with clients

Some committees are very particular about seeing various documents relating to the management of the strata scheme. File Smart makes this easier for you by allowing you to sync documents directly from File Smart to Strata Master’s Owner and Committee portal. The portal is online for easy access, meaning documents can be viewed or downloaded by your customers at anytime, wherever they are.

  1. Boost productivity

Efficient file management also contributes greatly to your team’s overall productivity. Think about it, how much time do you spend in a day dealing with emails and phone calls from committee members who request for copies of contracts, by-laws, invoices or work orders? Or locating files you need to complete a certain task? If you think it’s longer than necessary then perhaps it’s time to streamline your processes.

File Smart makes document search easy by organising with tags and file types. It also has workflows that allow you to electronically assign documents to team members and track them so it doesn’t get lost or duplicated. Documents stored in File Smart can also be easily synced to the Owner and Committee portal, eliminating the unnecessary tasks of fielding file requests, locating those files, then sending them to your customers.

  1. Process invoices the easy way

Invoices are just one of the type of documents that can be managed in File Smart. But more than simply scanning and electronically saving them, File Smart is also designed to help you process hundreds of invoices much easily by:

  1. Automatically populating important fields for bar coded invoices – saving time and avoiding manual data entry errors.
  2. Electronically assigning invoices to staff for approval and track history
  3. Approving and archiving multiple invoices in one click
  4. Automatically sending invoices for processing to Strata Master

Once in Strata Master, your invoices can now be validated and processed with just a click of a button. It’s that easy.

  1. Automate your invoice approvals

Getting an invoice approved can be a time-consuming task at the best of times. You’re chasing multiple committee members, notifying them, getting their signature, and then of course you need to pay the invoice itself. And that’s just one invoice, for one plan – when you’re juggling multiple plans and hundreds of invoices, the approval and payment process soon becomes a full-time job by itself.

That’s where Online Invoice Approval comes in. It allows you to bulk-send invoices for approval, notify all relevant approvers, keep track of their responses, and then automatically add the invoice to a payment queue once it reaches majority. This seriously simplifies your external invoice approval process, giving you hours back every week. Plus, it’s easy for your committee members as well, with everything they need for the approval process available online, and accessible from anywhere via the portals.

Interested to see what File Smart can do?

Talk to our specialists to know more about File Smart and learn how it works with Strata Master.

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