The need to reduce paper has become apparent for businesses across every sector. Seth Fineberg wrote on Accounting Today that for this reason, workflow toolshave become much more popular across financial organizations. Payroll, accounting and other areas have been widely utilizing these tools to help save time, money and become more efficient. Fineberg spoke with firms across the industry to see where their successes and shortcomings have been with this software, including Wendroff & Associates, which said it needed to manage more things within the firm and navigate away from spreadsheets.
Managing partner Brian Wendroff told Fineberg that the firm had too many of its processes tied to paper and that was bringing about many errors. Instead of going back to this process for the 2013 tax season, he decided to make a change and adopt new workflow software.
“I was not initially wanting to do it because it seemed overwhelming to change things, but one of my staff took charge to organize our client list, uploaded it, and we used their customer service to help us virtually to get up and running by the first of the year,” said Wendroff. “By the second week of January we were ready; we just had a couple of tweaks to make during tax season.”
As a result, the firm was able to complete 300 returns and had enough time to plan with clients during tax season, something that usually is not able to be done until later in the year. There was not one complaint from clients, Wendroff said, and no weekend work needed during the tax season, thereby allowing them to be much more efficient and productive through this software.
Another organization Fineberg spoke with, Holdsworth & Co., said it wanted to do less with workflow software. Owner Matt Holdsworth said they needed the ability to locate documents more quickly and work remotely. With new software in place now, they can see how much work the company has in process and quote fees by looking at the history of how long certain tasks would take. Work is done more easily and quotes can be given readily.
Collections company also sees success
Another company in the financial industry, Green Tree Credit Solutions, said it started using a custom workflow solution and saw its collection recovery rate increase 25 percent. Green Tree’s vice president of ARM operations, Mark Foley said they were able to maximize the productivity of collectors and uncover additional revenue.
“[This solution] has ensured that our collectors work on only the most productive accounts, while helping us identify opportunities in our portfolio that we didn’t even realize existed,” Foley said.
Organizations looking to save time and money should look to Binary Office to help make work easier. Workflow solutions from the company can help speed up data entry so requests can be handle quickly and easy. With the time it takes to enter data cut by as much as 70 percent with automated data capture software, financial enterprises will have a far easier time being efficient, saving money and having more productive workers.
Don’t forget the scanning piece
Organizations of any kind looking to save time and money should look to Binary Office to help make work easier. Workflow solutions from the company can scan and then electronically route paperwork of any kind allowing any paper process in your office to be automated. Once automated, customers and staff can track the status at any time – something impossible with paper files. John Bergquist, of paper automation company Binary Office reminds users not to ignore automating the scanning portion by using Automated Data Collection software to helpeliminate manual indexing and data entry. Besides eliminating 50 percent to 90 percent of manual data entry, this sets up the ability to automatically trigger workflows based on what data is read, further cutting costs and speeding up any business process.