Electronic Tax Return Reader
Spread financial statements in minutes
For underwriting loans, data entry can take as much as 30 minutes per return, which is multiplied when years of data is required. Sageworks uniquely offers banks and credit unions the Electronic Tax Return Reader, which imports information from business borrowers’ tax returns that are electronically produced by a tax package.
- Save 20 minutes per return for new loans and reviews
- Reduce data errors that may occur during manual entry
- Ensure consistency of data entry between different analysts or lenders
Sageworks Electronic Tax Return Reader can help you save up to 1.5 hours per borrower, assuming 3 years of tax returns and reduce the risks of manual data entry errors, including skipped lines or transposed numbers.
Quantifying the 5 Cs of Credit
Commercial loan analysts can identify, based on financial characteristics of the business and borrower, the good and bad loans in their portfolio. In this paper, we look at the metrics most often used by analysts to quantify the 5 Cs of credit - capacity, capital, conditions, collateral, and character.
Hear from a Client
“The biggest and easiest benefit to quantify with the ETRR for us is the time saved on basic data entry. We currenty have only two individuals in our institution who handle spreading financials and writing both front-end credit request memos, as wel as on-going loan reviews. The amount of time we are able to save on simple data entry with tax returns in enormous; I know I personally am able to utilize that time to go significantly more in depth with my actual analysis. That has been the biggest benefit to us - the ability to save time on simple data entry in a fairly small institution.”
Assistant Vice President, Credit Administration Officer
First Neighborhood Bank