In 1974, one of the first UPC scanners, made by NCR Corp. (which was then called National Cash Register Co), was installed at Marsh's supermarket in Ohio. On June 26, 1974, the very first product with a barcode was scanned at a check-out counter. It was a 10-pack of Wrigley's Juicy Fruit chewing gum.
Now over 40 years later, this same technology is providing financial planners with the same level of efficiency in running their practices.
Office filing has long been handled by a junior administration role in a business, whom may not fully understand the importance of filing the Authority to Proceeds or forty five page insurance application forms and supporting documents with 100% accuracy. Only when its compliance review time, or claim time, do the documents become gold!
Don’t get us wrong, the financial planning industry has come a LONG way from where it started. To look at the impact that it now has today, we have to go back to the beginning.
In terms of back end administration the industry has gone through 3 major life stages:
1. The Filing Compactor – where you needed to be a detective to find documents and the most common saying at this point was - “I know that document is here somewhere..?”
2. The Scanner – this movement saw us scanning, re-naming the file and saving onto the office hard drive. A great step forward!
That was, until someone didn’t read the office manual on file convention. The IT guru in the office than took 3 or 4 days to scroll through the back up looking for a file that could have up to 6 different names.
3. Cloud Storage – it’s all about saving documents to the cloud until someone mentions the Privacy Act and “What if someone hacks our accounts?”
Now in 2016, for practices using Xplan there is an easy solution readily available. With a 2 hour planning session, challenges can be overcome and solutions set in motion.
Introducing, The Barcode.
Look at the packaging on any item next time you're at the shops, it’s not just the Juicy Fruit that has a barcode, there is one on every single purchasable item. This allows the business to identify the item, store it, place on a shelf and charge you the right price at the counter. Effectively, taking care of that items lifecycle in the business.
You have that same power in Xplan!
Essentially, you can add a barcode onto all of your client documents, including SOAs, Authority to Proceeds, Review Documents, Insurance Application Forms and any client correspondence using Xplan.
Then using the scanner, you scan the documents and Xplan will file and save against the correct client in your Xplan Site. Remember your Xplan Site is an Australian located Datacenter, SSL secured site.
Where it use to take an hour or so to do the filing each day, this task can be cut down to as little as 10 minutes.
Enzumo has a standard approach to filing and uses the advanced functionality of Xplan Notes to ensure each file is scanned directly to the client file and named correctly for ease of document retrieval. This is where you can notice the full benefits of barcoding, as time searching for documents is dramatically reduced. Time is money!
The other great advantage of the barcode is the automation of tasks, including:
- Updating a field in Xplan such as the Authority to Proceed date for the SOA.
- Automatically assign tasks to the team to lodge applications and email the client / adviser on the progress.
- Generating Fee Disclosure Statements.
- 100 point checks reminders.
- Confirmation emails to clients regarding lodgment of insurance / investment product.
Enzumo knows it works. We worked with Xplan over 10 years ago to help develop it, and some say its Xplan’s best kept secret.
So when you think about your next compliance review and you are still spending days searching for documents to give to the auditor, then you probably need to rethink your strategy. Moving forward with the barcode will help save valuable time, money and in the end your compliance reputation, finally converting that fear of the auditor into one of quiet confidence.
Want to learn more about the barcode? Speak to Enzumo to get your confidence back on 1300 720 276 or email us at firstname.lastname@example.org.