Sharing your checklist with others. One of the best features of an online checklist is the ability for a group of users to share and to update and monitor checklist status from anywhere, anytime. A typical paper checklist or spreadsheet checklist is available only on one person’s desk or to a group of users inside the corporate firewall on a shared drive. Possibly it is shared up in a cloud folder. Confidence in the checklist status is compromised by the inability to update it in real time, the possibility of multiple copies being used simultaneously or lack of attention.
The owner of a CollectDocs checklist can invite one or many users to participate in the checklist process at four different levels; Read Only, Contribute (view, update, send requests), Modify (all rights except setting user security) and Admin (all rights). In addition, the View Only and Contribute users can be restricted to seeing and assisting with items only in specified sections within a checklist. Each user has 24 x 7 access to the list from anywhere in the world. Multiple users can view the checklist and update it simultaneously. All user access is tracked so any changes can be reviewed.
For maximum security where you want someone to participate, but only on a few specific items in the checklist, use the Request feature. The request is sent to the recipient via email and it only includes the items that they are responsible for. The recipient doesn’t need a username or password, but does need internet access and a browser.
These checklist management capabilities are a tremendous benefit for checklist management but also a far more efficient way to organize and share the responsibilities for completing the checklist items.
Checklist Management, the Bigger the Better
The use of a checklist to track the receipt of information and documents or the completion of tasks is most intense in an acquisition or transaction process. There can be hundreds of items required on a due diligence checklist for an acquisition or financing.
The amount of information and steps to complete can be overwhelming and that is exactly where CollectDocs can help. Using CollectDocs for a large transaction with many items to gather will keep the process organized. A CollectDocs checklist will let every participant know exactly which items they are responsible for and items can have due dates and completion requirements. In addition, the users can receive a variety of user specified notifications via email.
Of course, the checklist progress bar provides all users with a quick checklist status. Each user can filter a checklist on any one of 11 different characteristics to get a clear picture of status. Some available filters include; all incomplete items, due dates, high priority items, and completed items. There is also a reporting tool where users can see individual checklist reports or global reports with similar filters. The reports can also filter on who is responsible for the item, so that a report can be run to show only the items incomplete for a single user.
Using these tools with a large checklist is far superior to scrolling down a long list in a spreadsheet or flipping pages of a paper checklist to get a picture of checklist status. And don’t forget, you can load all of the documents, spreadsheets and files that are being reviewed right to the checklist – all information and files in one place.
Use case 1 - Insurance certificates for vendors
- Another great idea for CollectDocs is to collect certificates of insurance from vendors or tenants, especially now with the ability to set future request send dates and future reminder dates. For instance, a checklist can be a list of vendors for a project, property or company. Each checklist item is a separate vendor. Use the three Additional Data Fields to input the required general liability, property and workers compensation limits for each vendor if each vendor contract has negotiated limits.
Set up the future request send date to be at least 30 days in advance of the certificate expiration. CollectDocs will then send out a request to the vendor to upload their certificate when the future date occurs. You can even set up the future reminder to send a reminder after the initial request is sent. CollectDocs will then manage the entire process of collecting the certificates and notifying you when they are received.
Use Case 2 - Loan Closing Checklist
- For paralegals, CollectDocs makes for a great loan closing checklist. For commercial loan closings, the process can be complicated and involve many documents, tasks and people. You can either use CollectDocs as simple way to record the receipt of the required documents or you can use it to create the closing checklist and collect digital versions of the required executed documents.
The first step is to create the checklist. Each checklist can have up to ten customer information fields that you can use to input the deal information. Then enter each document into CollectDocs as an item. To get the most out of CollectDocs, use the Request feature to request each document from the responsible person. All you need is their email address. Using the request feature will give you a clear record of who is still owes you what and CollectDocs will send out automated reminders.
You can upload the digital version of each document (or they will be uploaded for you via the request) and you can make a note that the hard copy version is received as well. Once all documents are received you can export the checklist in a format that can copy the text into a Word file so you have a jump start on creating the Transaction Summary and Document Index.
Using CollectDocs will be a lot less work over the life of the closing when you aren’t chasing down previously received documents that are now mysteriously lost, scrambling to complete items that you thought were already complete and identifying who sent in the latest draft of the closing charges and when. And, the digital version of the entire closing binder can be exported directly to a CD from CollectDocs.
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.
www.collectdocs.com, (630) 279-0577 x122, info@collectdocs.com