Sageworks Electronic Tax Return Reader usage triples
Sageworks Electronic Tax Return Reader, the winner of the 2017 Barlow Research Monarch Award for Innovation saves lenders and analysts time by importing information from business borrowers’ tax returns that are electronically produced by a tax package. This enables analysts to spread loans and reviews in seconds instead of manually keying in data.
Sageworks ETRR has seen rapid adoption by the 1,100 banks and credit unions served by Sageworks. From its launch in Q1 of 2016, the number of tax returns imported via ETRR has more than tripled, with over 6,000 returns imported in Q3 of 2017, up from less than 2,000 in Q1 of 2016.
Sageworks ETRR enables lenders and analysts to:
- Save an average of 20 minutes per tax return for new loans and reviews
- Reduce data errors that may occur during manual data entry
- ensure consistency of data between different analysts or lenders