Sageworks, a financial information company that provides credit risk management solutions to financial institutions, today announced it will debut a major time-saving enhancement as part of the Sageworks solutions available to banks and credit unions.
The Electronic Tax Return Reader, the first of its kind within the banking market, auto-imports financial data from borrowers’ tax returns when files are those directly produced by leading tax packages. The enhancement allows banks and credit unions to save a significant amount of time – as much as 1.5 hours – on data entry per borrower, assuming an average of three returns per entity. The time-saving enhancement will be available in August as a complimentary upgrade to the entire suite of Sageworks solutions for financial institutions.
In addition to significant time savings, the Electronic Tax Return Reader aims to reduce errors that can occur during manual data entry, ensuring consistency and accuracy in the production of spreads for commercial borrowers in Sageworks Credit Analysis. For applicable tax returns, the technology will ensure different analysts across the institution are inputting data in the same way, which helps make credit decisions more defensible for exams.
The technology works by “reading” an electronic tax return produced by many common tax packages, allowing a Sageworks user to create the entity in the Sageworks system along with all the imported financial information. This feature will be of added benefit to credit departments that analyze a lot of commercial real estate borrowers, as the program will also auto-create real estate properties and financial information for those properties, as included in the Schedule E.
“As a company, Sageworks offers solutions that simplify the complex processes that financial institutions handle every day. A key objective when developing or enhancing our solutions is to maximize time and efficiency,” said Scott Ogle, CEO of Sageworks. “With our customer needs in mind, we developed the Electronic Tax Return Reader to become an integral component of each of our banking solutions, as it will save hours of manual data entry over the life of the solution.”