Financial spreading automation should be an integral part of every financial institution’s strategic plan when it comes to reducing costs.
In the fast-paced world of finance, time is money. Financial institutions and lenders are constantly seeking ways to streamline their processes, reduce operational costs and make more informed decisions in a shorter amount of time.
This is where financial spreading automation comes in, a software that can instantly convert scanned tax returns into complex and comprehensive financial reports and analysis with minimal human interaction. However, you might wonder: what are the compelling reasons to invest in this transformative software solution?
How Can Our User-Friendly Tool Simplify Financial Spreading for You?
Removing days of manually inputting data from tax returns into spreadsheets and financial software. Financial spreading automation takes the hassle out of this laborious process by converting scanned tax returns into digital financial statements with just the click of a button.
Whether it’s an individual tax return or a complex corporate filing, this automation tool can handle it all. By automating this time-consuming task, financial institutions can significantly reduce the time, effort and operational costs required to analyze tax returns.
How Can Credit Decisions Be Made Quickly?
One of the key advantages of financial spreading automation is its ability to instantly identify deals that do not meet minimum lending requirements. With its advanced algorithms and intelligent analysis, this tool can quickly assess the financial health and creditworthiness of a borrower based on their tax returns. This eliminates the need for manual review and allows lenders to focus their attention on more promising opportunities.
Find Better Deals with Pre-Qualification
Financial spreading automation also empowers financial institutions to only underwrite pre-qualified deals. By automating the analysis of tax returns, lenders can establish specific criteria and filters to identify potential borrowers who meet their lending requirements. This not only saves time but also ensures that lenders are focusing on deals that have a higher likelihood of success.
Subscribe to BeSmartee 's Digital Mortgage Blog to receive:
- Mortgage Industry Insights
- Security & Compliance Updates
- Q&A's Featuring Mortgage & Technology Experts
By reducing the need to manually analyze and spread tax returns for unqualified applicants, financial spreading automation helps financial institutions optimize their resources and improve overall efficiency.
Efficiency, Cost Savings and Productivity
Financial spreading automation understands that your time is valuable, and so is your bottom line. With financial spreading automation, financial institutions can embrace a digital future where complex financial analysis is performed in seconds, not hours. By embracing this cutting-edge technology, you not only optimize processes but also contribute to maintaining lean budgets, enhancing profitability and safeguarding your company’s overall financial well-being.
How Do You Know You Need a Financial Spreading Automation Tool?
When considering investments in technology, it’s crucial to assess the return on investment (ROI) it can deliver. With that in mind, let’s explore how you should approach the decision-making process.
For instance, imagine that you typically spread around 20 deals each month, with approximately nine tax returns per deal. Assuming it takes roughly 45 minutes to complete the spreading process manually, we can calculate the time saved by implementing a financial spreading software.
Moreover, considering the hourly rate of the person responsible for spreading deals at $42, we can quantify the potential cost savings. If you can accomplish the task in mere seconds instead of an hour, the logic behind investing in a financial spreading software becomes evident.
Roundup
At present, our award-winning FlashSpread financial spreading tool is assisting lenders in saving both time and money. We are here to assist you in calculating your potential savings. Reach out and let us know how we can be of assistance.
