Discover how to train your SBA lending team to adopt automated tax return analysis tools like FlashSpread. Learn key strategies, benefits, and get a free implementation checklist.
Manual tax return analysis, while traditional, is increasingly becoming a bottleneck—introducing errors, consuming valuable time, and slowing down loan approvals. As the industry evolves, embracing automation isn’t just beneficial; it’s essential.
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The Challenge: Manual Processes in a Digital Age
Manual tax return analysis is labor-intensive and prone to errors. According to Abrigo, even a 1% error rate in data entry can result in thousands of inaccuracies, leading to flawed credit decisions and increased risk. These errors aren’t just costly—they can compromise borrower trust and lender credibility.
Moreover, the demand for faster loan processing is growing. A study by Finastra indicates that 55% of businesses seeking funding expect it within seven days. Traditional methods simply can’t keep up with these expectations. The reality is clear: commercial lending teams need modern tools to meet modern demands.
The Solution: Embracing Automated Tax Return Analysis Tools
Automated tax return analysis tools, like FlashSpread, are revolutionizing the lending landscape. By digitizing and automating the extraction and analysis of financial data, these tools offer several key advantages:
- Speed: These tools significantly reduce the time from application to decision by automatically parsing complex tax documents like 1065s, 1120s, and K-1s in minutes.
- Accuracy: Automation minimizes human errors that can occur with manual data entry, improving the quality of the data and the decisions made from it.
- Efficiency: With less time spent on manual entry, lending teams can focus on value-added tasks such as underwriting analysis and borrower communication.
- Compliance: Automated systems often come with built-in audit trails, helping institutions stay compliant with SBA requirements and regulatory standards.
FlashSpread, for instance, has demonstrated $66,326 in total cost savings and 1,579 total time savings. These efficiencies help improve the borrower experience, staff satisfaction, and bottom-line results.
Training Teams for Success
Transitioning to automated tools requires more than just flipping a switch. It demands a thoughtful approach to change management, training, and support. Here are five proven strategies to help your SBA lending team adopt and thrive with automated tax return analysis tools:
1. Assess Current Workflows
Before implementing new technology, understand your current processes. Where are the inefficiencies? Which tasks are the most time-consuming? Involve your team in identifying pain points—they’re the ones closest to the work and can offer valuable insight. Mapping the current workflow allows you to clearly define how automation will enhance it.
2. Develop a Structured Training Program
A successful rollout hinges on quality training. Design a curriculum that includes:
- Tool Functionality: Walkthroughs on how to use the software—from uploading documents to interpreting the output.
- Best Practices: Guidance on how to optimize workflows using automation.
- Compliance Tips: How to stay aligned with SBA lending standards while using the tool.
- Troubleshooting Scenarios: How to handle potential hiccups, such as unreadable PDFs or incomplete data.
Use a mix of learning formats—live training, recorded demos, FAQs, and quick-reference guides—to accommodate different learning styles.
3. Implement Hands-On Learning
The best way to learn a new tool is to use it. Give team members real tax returns to practice on using the software in a sandbox environment. This builds confidence and reduces the intimidation factor often associated with new technology.
Encourage experimentation and questions during this phase. Create a culture where it’s OK not to be perfect on day one.
Learning shouldn’t stop after onboarding. Set up regular check-ins, office hours, or user group sessions where staff can share experiences and ask questions. Assign a go-to internal resource or vendor contact for troubleshooting.
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This phase is also ideal for collecting feedback. What’s working? What needs tweaking? Feedback loops help refine both the training program and the software implementation.
5. Monitor, Evaluate, and Celebrate Progress
Track key metrics such as processing time, data accuracy, and user satisfaction. Compare pre- and post-implementation performance to assess ROI. And don’t forget to celebrate wins—acknowledging improvements keeps morale high and reinforces adoption.
Why It Matters: The Competitive Edge
Automating tax return analysis isn’t just about operational efficiency—it’s a strategic move. With the commercial loan software market projected to reach $16.9 billion by 2034, staying ahead of technological trends is crucial.
Lenders who adopt automation gain a competitive advantage by:
- Closing loans faster
- Making more informed, data-driven decisions
- Reducing staff burnout
- Enhancing borrower experience
In SBA lending, where documentation and compliance are especially rigorous, the ability to streamline tax return analysis can set a lender apart from the competition.
FlashSpread: A Game-Changer for SBA Lending
BeSmartee’s FlashSpread solution is a powerful automated spreading tool built specifically for commercial lending teams who deal with complex tax returns. With AI-driven OCR technology, FlashSpread extracts and analyzes data from tax documents in seconds, converting them into lender-ready financial spreads with full audit trails.
Whether you’re dealing with 1040s, 1065s, or corporate returns, FlashSpread delivers:
- Fast and accurate data extraction
- Seamless integrations with your LOS
For SBA lenders navigating high volumes and strict documentation requirements, FlashSpread turns hours of work into minutes—freeing your team to focus on serving your borrowers and growing your business.
Ready to Modernize Your Lending Operations?
If you’re ready to boost productivity, reduce risk, and give your team the tools they need to succeed, it’s time to explore FlashSpread.
Contact us to schedule a personalized demo and see how BeSmartee can help transform your SBA lending process.
