Save time and adopt industry standards with Exizent’s Automated Estate Accounts
If you’re responsible for managing a team, then you know how powerful it is to have clearly defined and easily repeatable work processes. Great processes empower teams to work together effortlessly and ensure that work moves forward when, and as it should. But when it comes to estate administration, truly effective processes are hard to come by, which is why 88% of legal professionals find them slow and complicated.
Standardising these processes, particularly when it comes to Estate Accounts, can have significant benefits for teams beyond taking the responsibility away from senior members who often spend lengthy amounts of time completing this detailed section of the process.
Working closely with our customers and our Research Community, a panel of professionals who work in the field and are passionate about transforming the industry, we continually gather extensive feedback into the problems they are facing and centre our development of the Exizent platform to solve these and help improve current processes within estate administration.
To solve their most recent and prevalent challenges, we’re excited to announce the launch of Estate Accounts – a powerful new feature built within the Exizent system, that allows users to automatically create, update and reproduce Estate Accounts, designed to STEP standards and drawing upon current case data.
More time saving, less time wasting
With our new Estate Accounts, Exizent users save considerable time completing lengthy tasks by automating the process, pulling data from their case plan. Users can now save time spent on calculations and reduce the risk of errors in this process through our automated residual distribution calculations. Assigning distributions to beneficiaries from their people data, seamlessly and allocating distributions via percentage, equal share, manual entry or equally, regardless of the case complexity.
Not only this, but with a clear user interface, users can identify any discrepancies within an account much earlier, saving undue time spent on lengthy and frustrating reconciliation issues. Helping to keep clients happy with interim distributions and reporting easily on additions to, and reductions in the value of the estate during the administration period.
Exizent user, Nicolle Munro of DANDHLAW Ltd, commented on the latest feature:
“As part of the Alpha Testing group for the estate accounts I am very much looking forward to using them. They will save time and are very clear and easy to read, making it beneficial to ourselves and to our clients. Exizent have been wonderful to work with and always take on board any feedback, I’m very happy to continue working with them.”
Standardising your ways of working
Without a standard way for conducting Estate Accounts within a law firm, legal professionals typically have varying ways of managing and completing their accounts. This proves problematic for many firms, making collaboration between colleagues troublesome, delaying processes and in some circumstances putting the onus on more senior team members, which can be costly to the client.
Exizent has led the Estate Accounts design to STEP standards, the leading industry standard for many firms, ensuring a consistent format every time. By removing the need for complicated spreadsheets users can produce detailed estate accounts and provide their clients with clear, easy to understand accounts, that considerably reduce the need for further client queries and significantly improve the experience for everyone involved in the process.
Exizent CEO, Nick Cousins, also commented on our latest feature development;
“At Exizent we are always working to take our product forward, particularly in response to what we hear from customers, prospects, and our research community.
A lot of time and effort has been put into the creation of our Estate Accounts functionality allowing practitioners the ability to capture and track income, expenses and distributions throughout a case and automatically generate a set of Estate Accounts to share with their clients – all with a click of a button!
The feedback from our Alpha and Beta testing groups was very powerful and allowed us to shape the feature to what it is today. As a team we’re excited for Exizent users to experience our latest development!”
Get started with Estate Accounts
Book a zero-obligation demo today with one of our knowledgeable team members and you can try our specialist probate software for free for 14 days, including our latest feature Estate Accounts, with no obligation to commit after your free trial.
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