Administrative tasks are a substantial part of the responsibilities of licensed insolvency trustees and their support staff in managing insolvency cases.
Unfortunately, a lot of these tasks are repetitive or tedious and consume time you could be putting towards earning revenue.
Here’s the good news—with today’s advancements in LIT office automation and technology, it’s possible to reduce your firm’s time on administrative tasks.
If you often find yourself overwhelmed with manual data entry or constantly chasing clients for critical information and documents, read this post for some valuable suggestions on how insolvency workflow automation can boost the efficiency of your firm.
What is insolvency workflow automation?
Insolvency workflow automation helps LIT firms automate routine tasks. This allows Licensed Insolvency Trustees to focus on activities that require their skills and expertise - such as advising debtors - and not to get bogged down in routine administrative like organizing and maintaining client records and files or constant follow-ups and reminders.
LITs and their support staff can automate a significant portion of their work with current technology.
LIT firm automation can:
Reduce manual data entry, saving time for LITs and support staff.
Decrease staffing overhead costs associated with administrative tasks.
Enhance the client experience by automating or providing self-service options for processes they directly interact with.
Increase staff satisfaction by reducing manual tasks, improving work accuracy, and allowing more time for serving clients.
Automation gives your LIT firm the advantage of servicing clients more efficiently. And if you’re a solo LIT or small firm, automation levels the playing field by enabling you to stay competitive on a smaller budget.
There are many things LIT firms can improve in their workflow with current technology, such as streamlining file management or reducing proof of claims processing time by 80%. But in this article, we want to focus on automating the collection of monthly income and expense statements from bankrupts.
Why automate follow-up for monthly earnings and expenses from debtors?
The traditional way of collecting and processing monthly income and expense statements includes a lot of manual effort.
While debtors are responsible for submitting their monthly financial statements, Licensed Insolvency Trustees and support staff often waste valuable time following up on these statements.
Thankfully, by using tools like Income and Expense Web form, Licensed Insolvency Trustee firms can increase efficiency by crossing “follow-up with a debtor regarding their monthly earnings and expenses” off their to-do list. In Fileassure, you can set up a web form that automatically collects monthly income and expense statements from debtors for you, putting the whole process on autopilot.
What is the income and expense web form?
Fileassure's income and expense web form is a tool that Licensed Insolvency Trustees can use to collect monthly financial statements from clients. It's a more efficient alternative to paper or electronic forms.
If the convenience of automated client reminders hasn't already piqued your interest in starting with Fileassure's income and expense web form, here are a few more benefits of collecting I&E statements through a web form:
Instant surplus income calculation
Using the web form has multiple benefits for your firm. Not only does it automatically remind debtors to submit their monthly budget, but it also calculates surplus income instantly based on submitted information. Fileassure also flags fluctuations in income and expenses with a side-by-side comparison to previous months, making it easy for you to assess the debtor's financial situation.
Automate file management tasks
There are two ways for a debtor to submit a monthly income and expense statement: electronically via email or in-person. Then documents need to be downloaded or scanned, organized and filed. This manual process is prone to errors, as documents can be misfiled or lost.
With Fileassure, collecting and managing client information and documents becomes incredibly easy. When a debtor submits an income and expense web form, all the data is automatically stored in Fileassure's Document Management system. This creates less work for Licensed Insolvency Trustees by automatically filing documents in the correct place after they have been submitted.
Ease of use and setup
Setting up automation that will save you hours in your day is easier than you may think.
Simply set the duration of the individual's bankruptcy in Fileassure, and our system will automatically collect monthly income and expense statements, along with financial supporting documents, from debtors for you. You can easily track the status of your request and receive immediate notifications once a monthly budget is submitted.
Improved client experience
Submitting monthly income and expenses through the web form makes things easier for clients.
Instead of dealing with emails and attachments or visiting in person, the web form provides a quick and hassle-free way for debtors to submit their monthly income and expenses.
It guides your clients through the process with clear instructions and simple fields, so debtors can submit their monthly budgets and supporting files without any confusion.
The web form also saves their progress, allowing debtors to fill out information at their own convenience and pace.
Fewer back-and-forth, better accuracy
When assessing monthly income and expense statements, it’s important clients provide accurate and complete information. Fileassure’s income and expense web form has built-in checks and reminders, so debtors don't miss any important info and get instant feedback if something is missing or doesn't look right.
By using the web form, you can make things run more smoothly, cutting down on unnecessary back-and-forth and ensuring greater accuracy in the information you receive.
By using an automated web form to collect monthly income and expense statements, Licensed Insolvency Trustee firms can:
Get the information they require faster by providing debtors with the easiest way to submit their income and expense statements.
Spend less time following up on monthly budgets and supporting documents.
Streamline file management as submitted I&E statements and documents are automatically saved into the right file folder and client record.
Put monthly income and expense statement gathering on autopilot by automating the process.
Fileassure is a “one-stop-shop” for all your document management and workflow automation needs.
With workflow automation tools, like Income and Expense Webform, Licensed Insolvency Trustee firms unlock time-saving benefits and efficiently handle increasing workloads. It allows you to focus on what truly matters – providing expert advice and assistance to debtors during the insolvency process.
.png)