How Credit and Loan Document Management Software Can Help

Your financial institution does a lot of good for the local community.

The IT startup north of town simply couldn’t make payroll without the line of credit you’ve extended. Roy’s excavating company is always looking for financing to add to his arsenal of earth-moving vehicles. And, who could forget about City Auto, which prides itself on having the “largest inventory of new and used cars in the state.” Without your flexible dealer floor plan programs, City Auto’s slogan wouldn’t be possible.

As much good as your bank does, it’s not a charity. You must continuously seek new technologies to service loans more efficiently and effectively.

In this post, we’ll explore a few examples of how AccuAccount, a leading credit and loan document management software application, can help you serve the community while simultaneously boosting productivity, customer service, and profitability.

Lines of Credit

When the IT startup first approached your bank, it was little more than a founder and a dream. Since then, they’ve landed a few pivotal contracts – but cash flow is still very tight. The working capital provided by your bank gives the founder some much-needed breathing room until clients issue payment.

Since the founder has pledged his account receivables as collateral, your institution regularly requests updated receivable reports. Unfortunately, with your manual ticklers and spreadsheets, things sometimes slip through the cracks.

A system like AccuAccount can streamline the administrative headaches associated with managing lines of credits. For example, if you’re requesting receivables on a monthly basis, you might configure an exception at the collateral level, set to expire on the 1st day of each month.

AccuAccount can even send daily exception reports to your inbox each morning, ensuring each document is collected exactly when it should be.

Exception Officer Report

Short-Term Equipment Loans

Now, let’s shift our focus to Roy’s excavation business. Just when you think Roy has more equipment than he has business, he wins another huge contract. You’re certainly thankful that Roy always comes to your bank first, but you’re beginning to think that Roy is shopping around for another lender. Lately, he’s made a few disparaging comments about the hoops he must jump through during the application process – particularly having to provide the same documents repeatedly.

Give Roy the VIP experience he’s looking for with AccuAccount. Our software links everything back to the customer record. Accounts, collateral, documents, entities, exceptions, notes, and data from your core are presented from an intuitive dashboard.

In addition to centralizing customer information into a single portal, AccuAccount can also help your institution expedite its lending approval process. Our loan approval module uses workflows and triggers to remove bottlenecks and enhance customer satisfaction. No more waiting around for a paper loan file to exchange hands. Everything is accessible to lenders, administrators, and senior management.

customer accounts tab

Dealer Floor Plans

City Auto is growing at an unbelievable rate. Their advertising and word-of-mouth referrals are highly effective at winning customers from all over. With such unprecedented demand, they’re always coming back to your institution for help. (Your bank’s dealer floor plan has been instrumental in City Auto’s growth, allowing them to scale their inventory without taking on too much risk.)

Despite the dealership’s strong inventory turnover rate, curtailments are an inevitable part of any floor plan program. AccuAccount helps you keep track the many details of such programs. When City Auto adds new units to their inventory, you’ll have a convenient place to store the inventory list. Once scanned and indexed, you can then set a curtailment expiration reminder date into AccuAccount, ensuring that City Auto starts making payments at the appropriate time in the future.

Tip: We offer several affordable exception management plans. Check out our pricing page to identify the perfect plan for your community bank.

Enhance Your Business Credit & Loan Management

Need a better way to track the many variables associated with credit and loan management? Click here to request information about AccuAccount, a document management and tracking solution trusted by more than 14,000 community bankers worldwide.

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Connect with Alan Wooldridge

Alan Wooldridge is president of AccuSystems, LLC. Each day, the company helps hundreds of community banks become more efficient through technology.  Connect with Alan >>