Why does dual approval matter?

 

Every business institution is looking for ways to improve its work process and quality of services. Dual approval, also known as the maker checker concept, has been one of the most successful ways in which firms have been able to improve quality while also gaining better security control. 

Businesses may lose deals and finances due to a lack of task management and supervision of task controls. Every company needs a tool that can protect them from both internal and external threats, and dual approval tools like 1ViewTask can be just that. Let’s understand more about the dual approval concept.

 

What is “Dual Approval”?

Dual approval, as the name suggests, is a control process where two people with different identification IDs are required to complete a task or any transaction. 1ViewTask uses the dual approval concept as the default workflow process for its tool. 

The first person who begins the task is known as the initiator or the maker. In our task management tool, this person is the assignee. The first person is the one who has started any transaction or to whom any task is assigned. Then comes the second person, who is responsible for checking the application made by the maker or the assignment made by the assignee. This person is responsible for reviewing the task. In 1ViewTask, this person is called a reviewer.

Following clearance from the second person, the application is forwarded to the third person, known as the checker. This person holds the authority to verify the transaction and approve its completion. In our tool, once this person approves the task, the work is considered completed; otherwise, they can make suggestions for changes that are needed. The third person supervises the task of the maker and the reviewer, adding an extra layer of quality and control.

 

Why does dual approval matter?

Opting for dual approval or dual authorization concept in the workflow has a long list of benefits for business, which makes it an obvious choice for an institution. The 4-eye principle is used in task management, security control, and quality control to offer better services to the users and has proven itself an efficient workflow process. A few benefits from the list are listed below to explain the importance of dual approval.

Better Quality

Dual approval has elevated the quality of the work for businesses. The task in the dual approval concept has to be examined by two people, which eliminates the chances of probable human errors and time lags. When two people are in a loop to overlook a task, it is accomplished with better efficiency, within deadlines, and with fewer errors.

Improved Security

The companies have been dealing with fraud both internally and externally. With the introduction of the dual checker concept, the company will place two people to supervise one task, which makes the entire process more vigilant and monitored.

Financial institutions have claimed the most improvement because of the introduction of the dual checker concept. Even in task management, many clients of 1ViewTask have appreciated the concept as it has made their task management process more vigilant and efficient.

Enhanced Operational Functionality

Since two people are needed to perform one task, the process never stops, even if one of them is not active for some time. One of the two can always handle the task at hand. This makes the operational capability of the system operate proficiently.

Reduced processing errors

There is always the possibility of manual errors. After all, the team members are humans as well. An extra set of eyes is always helpful, as it can eliminate input errors or errors that may be ignored by one of the two. This reduces the chances of occurrence of any manual processing errors.

Adapt Dual Approval for Finer Performance

Dual approval has proved to be one of the most authentic performance-optimizing concepts. Businesses have successfully established autonomous due diligence approval tools in their businesses to improve the productivity and efficiency of the process. The multi-layer benefit offered by the concept has pushed it to be the root concept of many tools and software.

1ViewTask has adopted the dual approval concept as its default workflow, which enables the task management tool to produce better results. 1ViewTask offers a task management tool that enables you to plan your tasks in an organized and monitored manner. If you are struggling with task management within your team, 1ViewTask is the tool for your team. Sign up now!

For more information, follow us on LinkedIn, Instagram, Facebook, Twitter, and Quora.

Source: Why does dual approval matter?

Maker Checker Concept in Financial Industry

 

A country grows with the growth of its finance industry. According to the State of Fraud Benchmark report, 71% of companies’ financial companies have been spending increasingly on their fraud mitigation processes, whereas a report stated that over USD 500K was lost by financial institutions in 2022 through lack of supervision resulting in frauds and scams. The finance industry has always been in search of better quality and security solutions. One such concept applied in the financial sector is the maker-taker concept.

 

Understanding the Maker-Checker Concept in the Finance Sector 

The ‘dual approval concept’ or “maker checker concept’ is a vastly understated banking concept. The maker-checker concept does not change the base process but adds some simple steps to enhance the quality of the task. In this process, two people are required to make one transaction successful. 

A successful example of the maker checker concept is 1ViewTask, where you can assign, analyze, review, and approve tasks, all on the same platform. 1ViewTask is a task management tool that has increased the efficiency of a team on a project using the maker checker concept as its default workflow.  To understand more you can visit our website! 

In the banking process, a person generates an application for a transactional process; this person is the maker of the entire process. Now, there is a second person in the bank who reviews the transaction application and forwards it to the next person. The third person in the process approves the transaction after checking it thoroughly; this is the checker. In other words, to make a third-party’s transaction, two people are required to upgrade the quality of the task which results in better security.

 

Why is the maker-checker concept important for the finance industry?

Adding an extra person to the transaction process is a better way of enhancing quality. Improved quality can be accomplished through the second person which not only keeps the process free of any manual errors but also helps in securing the process. The financial industry is working more on pen and paper, so dual approval can eliminate unnecessary lags by impacting business process management. There have been numerous benefits due to the process of execution. 

Reduction in Scams: 

The extra pair of eyes has reduced the probability of scams by adding a second person who oversees the entire process before approval. 

Internal Frauds: 

Financial institutions, especially banks, have been experiencing fraud and scams due to the fault of their employees. The internal team can be kept under surveillance with the addition of this second person to the transaction process.

Manual Errors: 

Two people reviewing the same transaction can help avoid unnecessary errors missed by one. Financial transactions are sensitive processes, and there is no scope for silly errors.

How does the Maker Checker Concept work in the finance sector?

The Maker Checker concept is being vastly adopted by financial institutions, especially banks. In banks, the maker or the customer puts up a transactional request, and a person registers it in the ledger register. The details and application, once completed by this bank authority, are sent to the second person in the bank (the checker), who goes through the entire application and verifies it before approval. 

These days, banks have started working online. On the online platforms, the first authority at the bank enters the data into the computer, which is automatically transferred to the general ledger supervised by the checker, and hence the entire process is carried out after the checker’s approval. These days, generally, the bank enables the two-step authorization process for the customers without any extra charges.

The number of approvers of a transactional procedure can be changed in different financial institutions according to the number of transactions. The institution can decide the amount bracket and the number of approvers for different levels of transactions. In these times of online transactions, we can track the entire process online. Using the transaction dashboard of the financial institution, a maker can see who has approved the transaction and at what stage it is, whether it is approved or unapproved at that stage.

The client always has leverage over the financial institutions. They can always disable the settings through their portal and change the settings, or they can visit the financial institution to understand the process better.

 

Four Eyes for a Sound Financial Industry

The financial sector is often troubled by fraud, and the entire industry needs to strengthen control and security measures to perform efficiently. The dual approval or maker checker concept, if applied strategically and in a well-regulated manner, can improve the overall quality of the processes. It saves the company from scams, fraud, and even money laundering. It has been an efficient practice in quality improvement and risk management.

If your financial institution is crumbling under security threats and low-quality processes, adapt this process to the business. You can reduce business risk and get control of your business with a few simple implementations.

Signup now and for more information, follow us on LinkedIn, Instagram, Facebook, Twitter, and Quora.

Source: Maker Checker Concept in Financial Industry

Best Alternative to Smartsheet for Task Management

Smartsheet is a tool that is specially designed for industries. It helps the team to work together and bring the right people with the right piece of information. It looks amazing and the user needs to have a license if he wants to create some new work in Smartsheet. It has some great features to offer like project tracking, Gantt chart tracking, a powerful spreadsheet, and budget management. But it comes along with some flaws too. this is when 1ViewTask comes into play. Our tool has so much more to offer you.  

With 1ViewTask, you can create as many tasks as possible by applying the default workflow concept. Under this concept, you can put someone in charge of reviewing the task done by the assignee. Not all task management tools offer features like this. Our tool is AI-based and is free for up to 1 user with enterprise-level features. This blog will tell give you reasons to like our tool more. You can see the below-mentioned table for yourself. Review the features of both tools and see which one is better.

From the above table of comparison between Smartsheet and 1ViewTask, we can conclude that 1ViewTask is the best alternative to Smartsheet. Prioritizing the tasks is way too complicated and challenging in Smartsheet. A new user won’t get used to this tool, it would take days. There are so many integration and options that can confuse the user very easily. It is necessary to understand that task management can be done properly only if the tool is easy to use. 1ViewTask provides you with simple-to-use features that will help you increase 30% of the team’s productivity for sure. So what are you waiting for? Sign up now and take hold of these amazing features. Our app is now available on Android and iOS as well.

Signup now and for more information, follow us on LinkedIn, Instagram, Facebook, Twitter, and Quora.

Source: Best Alternative to Smartsheet for Task Management

Best Alternative to Airtable for Project Management

 

Airtable is one of the famous task management tools that can help you build some great applications. This tool is preferred by marketing teams who handle huge projects. But as it is said, not every tool is perfect. Airtable is also not a perfect tool if you have to manage data in bulk. instead of Airtable, 1ViewTask is a better tool and is the best project management software that will help you with all your tasks, projects, and compliances in a single place.  

Airtable has some classy integrations, its usability is good, and it allows you to combine spreadsheets and databases. But its overall automation can be improved. Airtable does not provide its users with a customizable workspace and its mobile application is relatively slow. You cannot even upload any large-size files. Whereas with 1ViewTask, you get to access all the features for free. Our mobile application is faster and you can upload files easily irrespective of their size. You get your workspace and work as per your suitability. Mentioned below is a table that displays a list of features for both tools, let’s take a look!

From the above table of comparison between the two tools, it can be concluded that 1ViewTask is better. Airtable has features that are confusing or available in the paid version. You cannot even add any private task, there is no option for a checklist and no sign of the maker-checker concept. This is what makes 1ViewTask unique, you get a variety of features to use. So what are you waiting for? Sign up today and explore the features yourself. Our app is now available on Android and iOS too.

Signup now and for more information, follow us on LinkedIn, Instagram, Facebook, Twitter, and Quora.

Source: Best Alternative to Airtable for Project Management

Aim a notch higher with Your Project Management skills

Project management is the application of process, method, skill, knowledge, and experience to attain certain objectives according to the criteria of the project within agreed parameters. A project is undertaken to achieve planned objectives that could give out some useful outcomes and benefits. Time, cost, and quality and the building blocks of a project. It is the initiation, planning, and control of tasks that are needed to be done. A team of productive people is required to focus on a specific project; hence, effective teamwork is the key to a successful project.  

Investment in effective project management will give you several benefits: 

• Higher chances of achieving the desired goal
• Ensuring the value of resources
• Satisfying the need of projects stakeholders

Task management is important while a project is in progress, it lets you keep a track of the deadline and helps the team in becoming time efficient. Task management ensures that the project is divided into multiple partitions so project managers keep the workflow stable. Projects need proper project management software, and 1ViewTask will help you achieve your goal. This tool has several advanced features that will do the work for you. 

A few advantages of using a task management tool are: 

• Prioritize your tasks– For successful project management, managers need to prioritize their team’s tasks. While a task is created, it can be prioritized alongside the time needed to complete the task. Project managers need to be attentive to the tasks that are of higher priority because it’s the managers’ decisions that can make and break a project.
• Consistent project workflow– To achieve the perfect workflow, a task management solution is required for the project managers. It helps to track the status of every task that has been assigned to the team members. Everyone can see the percentage of finished and unfinished tasks and the flow of the project remains stable.
• Result-oriented collaboration of the team– When a team is working on a project, several tasks are assigned to different members and for a smooth workflow, the project manager must plan, prioritize and evaluate tasks every day. If anyone is stuck with their task, the manager must come forward and support his team members, this will strengthen overall teamwork and collaboration.
• Improved decision-making– Project managers can promise better utilization of resources by keeping clarity about the task’s progress. Resources are needed to be managed carefully to complete the task systematically.  

  

What role will 1ViewTask play in project management?  

This task management tool allows you to create tasks, and manage projects in an organized way. You can create your own company and add unlimited members to it. Create your tasks, give them a proper description, and set their priority, start date, time, activity-sub activity, client, compliance, section, and penalty cost. You can attach the required documents to show what task has been done so far. 

One interesting feature within task creation is the maker-checker concept. While you are creating a task, you get to choose the assignee, the one who will complete the task, that person could be you or any of your team members, select the hours needed to complete a task, and set a reminder if required. Then, you can select a person as a reviewer who will review the task once it is done, he can add a comment and put the task in return if it needs any changes. In that case, the assignee needs to make the changes and submit the task again. This feature is used when there is a huge task to be completed. The finance department tends to use this feature the most. 

Read also: Task management made easy with 1ViewTask

Here’s a use case, of how 1ViewTask will come into use! 

Project management begins with planning, and strategizing where managers are supposed to come up with desired goals, and a list of stakeholders. Next comes the implementation of the project and 1ViewTask has a role to play here. You get to work with your internal and external shareholders through external sharing.  

For example, you hired an agency to manage your finances. This tool will help you in keeping finance in sync with your current status by allowing you to share the team’s work externally and add guest users to your company and let them complete some tasks for you. Invite your clients and vendors to go through your project and they can add comments for you.  

The notification feature is one of the most significant ones. You get to set reminders for yourself to make sure that payments, cheques, and drafts are released on time. We send a reminder via email that will help you keep a track of your deadline.  

So, what are you waiting for? Sign up on 1ViewTask and manage your projects and compliances in a single place. Our app is available on Android and IOS too.

Follow us on Instagram, Facebook, LinkedIn, and Twitter for regular updates.

Source: Aim a notch higher with Your Project Management skills

User review | working with 1ViewTask, a task management tool

There are many task management tools in the market and 1ViewTask is one of them. The difference is that this software has advanced features. I am one of the keen users who has explored almost every feature of this tool. I am an admin and there are 5 members on my team, every member has a separate portal. As an admin, I get to choose how my team will work and manage everything. I aim to boost my team’s overall productivity and help them manage their tasks and time efficiently.  

As an admin, I get to allot tasks to my team members. I can choose the assignee, and reviewer (if required) for the task. This feature is the same for members too. Quick tasks and detailed tasks can be added; they are put into the in-progress bar. Once the task is done, it is put into the completed bar. If a reviewer is selected, he gets to check the task. If the task is not completed as needed, it is put back into the queue, mentioning what changes are needed. The assignee completes it again.  

There is a “masters” section that only I get to access. I get to add client/vendor information displayed in my team members’ task creation bar. Activity Master allows me to add all the activity types that we work on like accounting and HRA. Sub-activity master includes sub-type like GST filing, tax planning, income tax return filing, etc. I also add compliances that help the members to set the required parameters for their tasks. Section master has helped me to simplify the different work sections that we are working in, like Finance and Human Resource Management.  

One of my favorite features is the dashboard view. All of us can view the overall statistics of teamwork and individual work as well. We can filter it by compliance, activity type, client, and status. The best part is that I get to view all the work in 3 types of view, eagle view, productivity view, and detailed report. The task manager also gives a daily report of the work and I can fetch a full-fledged Excel document to get an organized view in the form of a Kanban board view and list view. All these views help us to see what tasks are done on a particular day, week, or month.  

Not only this, we can share our work with external users like our clients or vendors. They can view and comment on what changes are needed in the work that has been done. I can add guest users to my company who can work with us on our portal for a limited period. they can contribute to completing a few tasks too.  

As for members, they can create tasks for themselves, choose the assignee, reviewer, and recurrence pattern of a task, set reminders, select compliance, activity type, and client, and attach some documents if required. They can view everything in detail too, including what tasks have been assigned to whom. We all get regular email notifications whenever a task is assigned and completed.

The notification feature is accurate. Every morning I get a reminder of what tasks I need to do today, what tasks are overdue, and what all have been completed. This task management software has made my time efficient and has helped me in getting regular with my work.  

1ViewTask is one of the best task management tools that people must use if they want to get efficient in working, this software promises an increase of 30% in the overall productivity of a company. So, what are you waiting for? Sign up now. 1ViewTask is free for 1 user with enterprise-level features for a lifetime, you can add unlimited users and take advantage of its amazing features. The app is available on Android and iOS too.

Read also: Here’s all you need to know about the default workflow

Follow us on Instagram, Facebook, LinkedIn, and Twitter for regular updates.

Source: User review | working with 1ViewTask, a task management tool

Impact of Time Tracking on Billing and Invoicing Accuracy

 

In today’s generation time tracking has become an essential part of the corporate world as people prefer remote work and flexible working arrangements. The process of recording and monitoring the time spent on a particular task or project is known as time tracking. It has become a critical element of billing and invoicing processes, especially for service-based businesses. This article will revolve around the impact of time tracking on billing and invoicing accuracy.

Improved Billing Accuracy

It helps to ensure that billing hours are accurately captured, thus improving billing accuracy. Time-tracking software helps business firms to monitor every minute spent on a project, including activities that may have been previously overlooked. It helps them to charge their clients accurately for the time spent on a project. By tracking time spent on a project, businesses can also identify areas where they need to optimize their processes and improve efficiency to reduce the time spent on non-billable activities.

More Transparent Invoicing

It also improves invoicing transparency, which is important to maintain trust between the companies and clients. By tracking time spent on a project, businesses can provide detailed invoices that outline the work done and the time spent on each task. This level of transparency helps clients to understand the work that has been done and how their money has been spent. Transparent invoicing also helps to avoid conflicts and dilemmas, which can affect the client-business relationship.

Increased Productivity

It has been found to increase productivity by providing a clear picture of time spent on a project. When employees know their time is being monitored, they are more likely to focus on their tasks and avoid distractions. The software can also identify time-consuming tasks that can be automated or outsourced, freeing employees to focus on more important tasks. By increasing productivity, businesses can complete projects faster and reduce costs, resulting in improved profitability.

Reduced Invoicing Errors

Time-tracking software can significantly reduce invoicing errors, which can lead to delayed payments and disputes with clients. By capturing every minute spent on a project, it also ensures that all billable hours are included in the invoice. This eliminates the possibility of undercharging or overcharging clients. It eliminates manual errors that can occur when tracking time manually, such as incorrect calculations and missed entries.

Improved Client Satisfaction

It can also improve client satisfaction by providing detailed invoices that show the work done and the time spent on each task. This level of transparency builds trust with clients and helps to avoid disputes and confusion. Time tracking software can also provide insights into areas where businesses can improve their services, such as reducing the time spent on non-billable activities. By improving client satisfaction, businesses can increase customer retention and generate more business through referrals.

 

Impact of Time Tracking Through 1ViewTask

Whether you are a Ceo or an employee maintaining track of billable hours and accurately invoicing clients can be a challenging task. But it can become quite easier with the help of modern technology and apps. There are now tons of apps and tools available that can help improve this process. One such app that has gained a lot of popularity in recent times is the 1ViewTask.

1ViewTask is an app that tracks the time spent on various tasks and projects. The app offers a simple and intuitive interface that makes it easy for users to log their hours and keep track of their progress. By accurately tracking time, businesses can bill clients with greater accuracy, leading to increased client satisfaction and improved cash flow.

Overall, the impact of 1ViewTask on billing and invoicing accuracy cannot be overstated. By providing a simple and effective way to track time, the app can help businesses improve their billing accuracy, reduce errors, and increase client satisfaction.

Conclusion

Time tracking has become an essential tool for businesses of all sizes. It has a significant impact on billing and invoicing accuracy, improving billing accuracy, providing transparent invoicing, increasing productivity, reducing invoicing errors, improving cash flow, and improving client satisfaction. By implementing the software, businesses can streamline their billing and invoicing processes, increase efficiency, and improve profitability. It has become a crucial tool for businesses in the digital age and is expected to continue to play a critical role in improving business processes and driving growth in the future.

To learn more about time tracking go through our website and for more information you can follow us on LinkedIn, Instagram, Facebook, and Twitter. You can download our mobile app on Android and iOS as well.

Source: Impact of Time Tracking on Billing and Invoicing Accuracy

Real World Examples of Maker Checker Concept in Action

 

In any organization or industry, ensuring accuracy and quality is very important. In the area of finance, this can be done through the implementation of the Maker Checker concept. It is a quality control measure that involves two individuals, one to create or input data, and another to verify its accuracy. This approach is used widely in various industries and has become an essential tool to ensure the accuracy and reliability of data. In this article, we’ll look at some real-world examples.

Banking and Finance

One of the most common industries that use the default workflow concept is banking and finance. In this industry, the accuracy of data and information is vital to ensure the security of financial transactions. In banking, it is used to verify and authenticate transactions, ensuring that they are error-free and comply with regulatory requirements.

For example, in India, the Reserve Bank of India (RBI) requires all banks to implement the Maker Checker concept for all financial transactions. This means that every transaction must be initiated by one employee and reviewed by another employee before being approved. This approach ensures the accuracy of the transactions and reduces the risk of fraud.

Healthcare

In the healthcare industry, it is implemented to check the accuracy of patient data and medical records. Medical professionals are responsible for making the records and updating the patient’s data, and another healthcare professional verifies the accuracy of the data.

For example, in the United States, the Centers for Medicare & Medicaid Services (CMS) requires healthcare organizations to implement it for all medical record updates. This approach ensures that all patient data is accurate and up to date, reducing the risk of medical errors and improving patient care.

Manufacturing

It is also used in the manufacturing industry to ensure the quality of products. It involves a set of team members that ensures the accuracy of the manufacturing process to ensure that the products meet the desired quality standards.

For example, in the automobile manufacturing industry, the default workflow concept is used to check the quality of the assembly line process. A team of quality control professionals checks each step of the assembly line process to ensure that the final product meets the desired quality standards.

Software Development

In software development, it is used to ensure the accuracy of the code and the quality of the software. The Maker is responsible for writing the code, while the Checker is responsible for reviewing the code and identifying any errors or potential issues.

For example, in Microsoft, the company uses it to ensure the accuracy of code and the quality of the software. Each code that is written by a developer is reviewed by another developer who checks for any errors or potential issues. This approach ensures that the final product is of the highest quality and free from errors.

Education

In the education industry, the Maker Checker concept is used to ensure the accuracy of grades and transcripts. Teachers and professors are responsible for inputting grades, and another educator reviews the grades to ensure their accuracy.

For example, in the United States, the default workflow concept is used to ensure the accuracy of standardized test scores. The test scores are inputted by teachers, and another teacher reviews the scores to ensure that they are accurate and have been correctly inputted.

1ViewTask as a Maker Checker Concept

Nowadays, Technology plays an important role in improving efficiency and streamlining processes. One of the most important concepts in the tech industry is the maker checker concept, which ensures quality control and reduces the risk of errors in the software development process. The 1ViewTask is an excellent example of how the maker checker concept is applied in real-world scenarios.

The 1ViewTask app is an all-in-one task management solution designed to help individuals and teams organize their tasks and get things done more efficiently. It is based on the default workflow concept where tasks are created by the maker, and then reviewed and approved by the checker.

In the 1ViewTask app, tasks are created by the maker, who is typically a team member or an individual user. The maker is responsible for providing all the necessary details about the task, such as the due date, priority level, and any other relevant information. Once the task has been created, it is submitted for review to the checker.

Once the checker approves the task, it is marked as complete, and the maker can proceed with the next task. The maker checker concept ensures that all tasks are completed to a high standard and that there are no errors or omissions that could cause delays or misunderstandings. It also improves communication, collaboration and transparency within the organization.

 

Conclusion

It is an essential tool in various industries to ensure the accuracy and reliability of data. From banking and finance to healthcare, manufacturing, software development, and education, it is widely used to maintain the highest standards of quality and accuracy. The concept ensures that all data and information are thoroughly checked for accuracy, reducing the risk of errors, fraud, and other issues.

To learn more about the maker checker concept go through our website and for more information you can follow us on LinkedIn, Instagram, Facebook, and Twitter. You can download our mobile app on Android and iOS as well.

Source: Real World Examples of Maker Checker Concept in Action