Webrecs releases new SMSF fund workflow


The problem

Here is the scenario which repeats itself over and over again :

 A fund administrator (let's call her Jane ) needs some information related to a fund ( a document)  from an adviser, financial planner, accountant or trustee.  

Jane looks up the email address in her Outlook mailbox because she remembers sending a mail to this party previously. However , the party no longer works for the accounting firm. So she hunts around for someone else to ask her question. She finds another likely candidate and sends an email, and luckily that person does in fact work there. But they are not associated with the fund, so don't respond.  Some weeks later, Jane realises she has not got the info, so sends a follow up email, which goes unreplied because the recipient is now on leave. 

So Jane, being diligent, calls the accountant, and after some time and being transferred around gets through to someone who can send her the document.  The document arrives in her inbox , but it is the incorrect document. The process repeats itself until finally she has the correct document which she downloads, then uploads to the DMS (which is actually a file-system)  - but first she has to wade through many folders and sub-folders until she finds what she thinks is the correct folder.  

In all the process has probably taken Jane up to an hour to get a simple piece of information. And the chance that something may have slipped through the cracks is very high (lack of follow-up, misfiling, Jane goes on holiday ) . And it is very difficult to track or report on where things might be in the process as there is no single dashboard or report to provide this - it is distributed across mailboxes, DMS and in Jane's head.  Not very efficient or satisfactory. 

 

The solution

Here is how it plays out with the the Webrecs Fund Info workflow:

Jane starts a Fund Info workflow task from the Webrecs fund dashboard. She chooses the Accountant group which is associated with the fund and writes a couple of lines about exactly what she needs. The task is created and notifies the appropriate person in the Accountant group. If the Accountant group has multiple people in it, any one of them can take the task, or if the recipient is going away and cannot respond, they can release the task to the pool which is flagged for others to take. 

If the task has not been completed within the deadline, a reminder is sent , followed by more reminders . This is recorded and logged and is available in the audit trail. 

The task is completed by the recipient by dragging the document into the workflow from their desktop. Jane is notified when the task is completed, and on seeing that it is the incorrect document, sends the task around another loop. When the document is correct, Jane has nothing more to do since the document is already in the DMS and available for rehoming by the Webrecs auto-filing system. She closes the case which remains on the system as a completed case and can be reported upon.

The process takes a lot less of Jane's time, provides assurance that nothing will slip through the cracks, provides reporting and escalation capabilities and and works for the third parties too since they can delegate responsibility internally and no longer have to rely on the administrator knowing the correct person to contact. 

 

Please see the Webrecs Wiki for more details 

 

 


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Summary

The two biggest inefficiencies in an SMSF administration practice are the tracking of fund-related emails (email being the primary communication mechanism between parties to the fund ) and the ongoing requirement to chase up recalcitrant fund parties for information. Webrecs addresses both of these with a workflow tailored to SMSF administration information exchange which formalises and centralises all fund communications as well as providing the capability for automated email reminders.

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