CLIENT SUCCESS
As manual Excel spreadsheets became increasingly cumbersome, First Federal Community Bank needed a better way to manage financial spreading. The bank turned to FlashSpread to automate tax return analysis and create a faster, more efficient process.
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The quality and thoroughness of write-ups improved significantly. The comprehensive spreadsheets generated by FlashSpread provided valuable insights and facilitated better decision-making.
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As a business regulated by the OCC, the bank appreciated the enhanced accuracy and detail in financial analyses, even though quantifying the improvement was challenging.
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The tool occasionally serves to provide lenders with spreads that help them better understand the financial health of their clients. Although not frequently requested, this feature adds value to the bank’s services.
Scott Finnell
Executive Vice President and
Chief Credit Officer
The ability to easily drag and drop to upload tax returns was a standout feature, streamlining the data entry process. FlashSpread has dramatically improved our ability to manage complex tax returns efficiently and accurately, ensuring compliance and enhancing decision-making.
THE TRANSFORMATION
As tax regulations became more intricate, manual entry and analysis using Excel spreadsheets were no longer sustainable. There was a pressing need to double-check write-ups and ensure the accuracy of financial analyses to maintain both accuracy and efficiency.
The bank specifically sought an automated tax return reader that could integrate seamlessly with their existing processes. Many solutions offered this feature only as part of a comprehensive and expensive credit software suite. First Federal Community Bank needed a more value-oriented, a la carte solution.
First Federal Community Bank previously relied on manual processes for their financial statement spreading. The bank has transitioned to automated analysis, using FlashSpread to automatically calculate trends and ratios, significantly reducing the manual work involved.
The solution was straightforward and user-friendly, offering ease of use that greatly benefited the team. The bank adopted a gradual integration approach, starting with loans or credit applications that were of significant size and relatively simple or uncomplicated in their financial structure with well-prepared tax returns. Over time, they expanded to include more complex cases as the team became more comfortable with the system. The implementation process was swift and well-received by the team, involving five key members. The support provided was highly personalized, with quick fixes and updates made directly by the support team. Although the process has become slightly more formalized with ticketing systems, response times remain satisfactory.
BeSmartee’s FlashSpread product has enabled First Federal Community Bank to maintain efficiency and accuracy in their financial analyses without slowing down their processes. The automation and ease of use provided by FlashSpread have been critical in supporting the bank’s growing needs and regulatory requirements.