PractiFI’s processes and tasks help you manage the everyday operations of your practice. They allow you to delegate, manage and track your team’s work with control and efficiency.
What is a process?
A process is a routine activity that is conducted within your business. For example, preparing an advice document. Processes can be configured by your PractiFI System Administrator and they consist of pre-defined steps that can be allocated to various team members. Process steps can have predefined outcomes and resultant actions such as marking the current process as complete and kicking off a subsequent process. Values of certain fields can also be updated (e.g. client stage). Processes are typically started from a service.
What is a task?
A task is a single item that is assigned to an individual team member to do. Tasks can be individual or they can form part of a process. Tasks are where you’ll track the day to day operations of your practice.
Creating tasks can be accomplished in three primary ways: As a standalone task on the client view, as a new task within a process or simply as a personal task for a team member. These options enhance flexibility for your practice by allowing for one-off client tasks, project task management and personal task management, respectively.
An example of a common process in a financial advice business is on-boarding a new client. Within this process, there may be the following tasks:
- Receptionist to mail the client a welcome gift.
- Admin assistant to gather important client signatures.
- Assistant to send the client standard compliance documents, such as your financial services guide.
- Finance team to add the new client record to the billing system.
An example of an individual task may be lodging an application form. Task templates can be used here to ensure consistent action and limit the potential for error (as default values can be specified and due date logic applied).
It is important to note that tasks are the most basic way of managing your practice operations. Processes are a tool for your team members to efficiently manage multiple tasks.
Processes and tasks are typically completed as part of providing a service to your clients. By linking processes and tasks to services, you can track the profitability of providing particular services to a client.