CollectDocs Newsletter - July 2014

Topic – The Fab Four.

CollectDocs may be the only checklist application where items on the list can be more than just a task. CollectDocs items can actually be one of four different types – the Fab Four.

Document - As the name of the application implies, this is the primary item type. With this item type, the expectation is that the item is complete only when a document is attached. Unlike other checklists where there may be a task that indicates "Get signed contract", CollectDocs actually ensures that you have the signed contract. Once you attach the digital document, it is available for viewing or saving to the network or migrating to your document management system.

Task - Of course CollectDocs has this basic item type. However, the features tied to a Task in CollectDocs are amazing. You can set due dates for the task. Tasks can be marked as Priority. Notes can be added to a task. You can even request that someone else complete that task. And you can CROSS that task off when it is complete, well at least you can mark the task "Complete" by clicking this -

Data - A Data item allows you to collect and retain information in one place. A good example is an item from a due diligence checklist, "When did the business start?" In a standard task based checklist, that would just be marked complete and the data would be written on a piece of paper. In CollectDocs, use a Data item and the item is marked complete when you enter in "1985". The data never gets lost and is available for all of your associates to see.

Folders - The truth is that folders have limited functionality, but they are a great tool for organizing your checklist. We see our clients use folders to organize items into logical groups, such as a folder for each person participating in the checklist completion. Once the folder is set up, you can add any number or any type of items into the folder.

Documents, Tasks and Data can all be sent as part of a request and all items allow the addition of notes. Documents and Data also include a Requirements option that offers an additional approval or review step before the item is complete.

Use cases:

This section is devoted to providing our users with creative ideas for CollectDocs in the everyday work life. Feel free to share your ideas and successful uses and we will post them. Send to -

Here are two use ideas provided by customers.

Estoppel Certificates:
In the world of commercial real estate it is important, prior to making a loan on the property, for the bank to confirm that a tenant is actually a tenant, paying the contractual amount for the contractual term. This is accomplished via an estoppel letter sent to the tenants on behalf of the bank. Tracking the receipt of the executed letters is both important and cumbersome when there are dozens of tenants and possibly multiple properties.

An easy way to do this is to set up one checklist for each property and each tenant becomes an item (Document Item). The letters can be sent out via the request feature. CollectDocs will ensure that your entire team knows what has been collected and what is missing. Set the automated reminder feature and you have a full time assistant making sure that the estoppels are all received.

Closing Binders:
This use case is from a law firm and also a legal department. Both are using CollectDocs to ensure all of the documents for a transaction closing are obtained and at the same time they are creating a digital closing binder for easy future document reference.

The closing checklist is re-created in CollectDocs, including the numbering schema. In many cases the checklist can be created from a CollectDocs template if transactions are generally similar. Then as documents are received, they can be scanned and uploaded to CollectDocs. As always, the users will all be aware of the progress of completing the binder by viewing the dashboard and you can run reports that provide a list of all the missing documents. If the Request feature was used, the report will include who owes you the document.

Documents can be sent to you in hard copy via the Request “Ship to” feature so that you can track hardcopy receipt as easily as digital copies. Once the documents are all collected and the digital copy uploaded to CollectDocs, you can export a complete digital closing binder.

If you would like to explore ways that your company can quickly take old checklist based processes and turn them into a highly organized and automated process, please give us a call or send us an email. Thank you., (630) 279-0577 x122,
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