W is for workflow

There are many ways to define a workflow, but, put simply, it’s the organization of work so you can see how it should move from one stage to the next. Today's episode we discuss key elements to consider when it comes to workflow. Most firms have recognized the importance of workflow software, but few have it fully implemented, let alone reaping the benefits of it. The benefits are there, and it'll be worth the pain of change in the short term. Below is the content of the document Penny referenced regarding workflow: Workflow There are many ways to define a workflow, but, put simply, it’s the organization of work so you can see how it should move from one stage to the next. A clear workflow gives every team member involved the opportunity to see all the steps and plan their own tasks accordingly. It also gives the operations or project manager a high-level view to help keep things running smoothly. Still, having it laid out in a graphic really isn’t enough to support a successful remote workflow.  It will decentralize the work and the information  Increase visibility  Streamline collaboration—automate routing of information  Less chances of repeating conversations over and over again  A quicker search capacity for conversations  Less need to rely on memory   Ultimately better teamwork   Example: Monthly Reconciliation is not just a recon of a bank account You need to allocate or (old school) input transactions  Gather the statements  Confirm any unknowns  Check for any new accounts  Look for any app inputs  Create final report  All that seems simple enough.  But if it is so simple and easy to know why are so many not done? Workflow with checklists can define the why of work not getting done which allows you to then correct it by finding the stop gap and removing it.  Good workflow should be  Customizable  Bring EVERYTHING into one place--- in