If you’re in the commercial lending business, then you know that delegation is paramount to success. From keeping track of clients to managing payments, there’s a lot to stay on top of. Fortunately, technology has been kind, and commercial lenders now have a whole set of tools to help make their lives easier.
One of these helpful tools is automated financial spreading software. This revolutionary technology can assist you by automatically converting tax returns into digital financial statements, sparing you from having to do this time-consuming task.
In this blog, we’ll explore some of the ways that automated financial spreading software can make your life as a commercial lender easier.
Table of Contents
Faster Loan Processing
In the commercial lending world, time is literally money. The longer a loan takes to process, the less time commercial loan officers can spend on closing more loans.
One of the main benefits of automated financial spreading software is that it can help speed up the loan process from the start. This is because this type of software automates many of the tasks that would traditionally be done by hand.
For example, instead of entering scanned tax returns into several spreadsheets, you can input them once into the software, and the rest will be taken care of for you. This alone can free up a lot of wasted hours in your day-to-day schedule, allowing you to focus on more productive tasks.
The software will then convert them into actionable comprehensive financial documents. This alone helps lenders make data-driven decisions in a fraction of the time.
Even the slightest mistake can have costly consequences when it comes to financial spreading. Missed information or incorrect data can lead to inaccurate financial statements. And in the commercial lending world, an inaccurate financial statement can mean missed opportunities and financial losses.
In some cases, a lender may even find themselves in legal trouble if they’ve relied on financial documents that were later proven to be inaccurate.
Clearly, accuracy is of utmost importance when it comes to financial spreading. Financial spreading software requires little to no human interaction. This reduced interaction will reduce the number of errors when spreading tax returns.
By using this software, commercial lenders can rest assured that the financial documents they base their decisions on are accurate and reliable. This can help them avoid costly mistakes and ensure that their business runs smoothly.
However, borrowers are the people who ultimately suffer when financial errors are made. If mistakes are made, it can lead to incorrect judgments about a borrower’s ability to repay a loan. And that’s just bad business.
This, in turn, can lead to higher interest rates and late fees for borrowers. It can also mean that borrowers don’t get the funding they need. And, a lack of funding can significantly impact their lives and potentially bankrupt their businesses.
Additionally, financial errors can also have a negative impact on a borrower’s credit score. This can make it difficult for them to get loans in the future.
Subscribe to BeSmartee 's Digital Mortgage Blog to receive:
- Mortgage Industry Insights
- Security & Compliance Updates
- Q&A's Featuring Mortgage & Technology Experts
In short, financial errors can have serious consequences for borrowers and commercial lenders. This is why it’s so important for commercial lenders to ensure that all financial data is accurate before making any decisions about a loan.
Good communication is essential to stay in business. Commercial lenders need to be able to communicate with borrowers in a way that’s clear and easy to understand. This is especially important when explaining the terms of a loan agreement and why an applicant was or was not denied a loan.
On the other hand, borrowers need to be able to ask questions and get clarification about anything they don’t understand. Automated financial spreading software can help improve communication between commercial lenders and their borrowers.
This is because the financial statements generated by automated financial spreading software are clear and comprehensive. And clear and comprehensive statements make it easy for both parties to understand them.
Additionally, automated financial spreading software can help commercial lenders identify potential problems early on. This allows borrowers to fix these problems before they become too costly.
Having accurate and easily-understandable financial spreadsheets can help avoid misunderstandings between lenders and borrowers alike. This saves both parties an unprecedented amount of time and money.
Another significant benefit of automated financial spreading software is that it helps you stay organized. This is because all of your applicant’s loan information will be stored in one central place. No more hunting through piles of paper or folders full of spreadsheets! Everything you need will be at your fingertips, saving you a ton of frustration.
In addition, being well-organized will make you appear more professional and experienced to your clients. They’ll see that you’re on top of things and that their loan application is in good hands.
Ultimately, this leads to brand loyalty and your current clients returning for more loans.
Financial Spreading Roundup
Automated financial spreading software is an excellent way to enhance your workflow and bottom line. This type of software requires little to no human interaction, greatly reduces the number of financial errors made, and can provide comprehensive financial reports with a click of a button.
As you can see, financial spreading software offers many benefits for lenders and borrowers alike. If you’re looking for a way to free yourself from the headaches of mundane manual tasks, then automated spreading software is definitely for you!
Get in contact with our commercial lending automation experts to see how our technology can benefit you!