DynaLIFE struggled to manage the sheer number of equipment and property leases across 30 separate locations.
Company overview.
DynaLIFE provides innovative medical lab services to more than 2,000 physicians. They have over 30 locations across Alberta, Canada, including hospital laboratories, community patient care centres, and a central testing laboratory over 120,000 square feet. Each year, their facilities service over two million patients and allow for the performance of over 19 million laboratory tests.
The problem.
DynaLIFE struggled to manage the sheer number of equipment and property leases across 30 separate locations. Handling these leases was a time-consuming process, with much of the data behind entered manually. With so many moving parts, lease management had become inefficient, and so they knew they needed to find a solution that would automate much of the manual labour.
The challenges:
Managing property and equipment leases across 30 locations.
Time-consuming processes.
Reducing the number of errors in the system through automation.
The need to integrate with Microsoft Dynamics for speedy implementation.
Compliance with accounting standard IFRS 16.
The solution.
DynaLIFE decided that Property Lease Management was the right solution for them after a demo with the Binary Stream team. It had all the features they were looking for, and they were impressed by the centralized nature of the system and the flexibility of the team.
The benefits:
Manages multiple leases and lease types quickly and efficiently.
Reduces the amount of manual work and the number of human errors.
Integrates with Microsoft Dynamics, providing a centralized database.
Automates calculations like ROU assets or liabilities.
Generates invoices automatically, saving the team time.
Saves time by reducing hours spent on labour-intensive tasks across the accounts team.
Enables compliance with accounting standard IFRS 16.