It’s that time of year… with the extension on the tax return filing deadline for the 2019 tax year, borrowers will be providing their tax returns in the coming weeks.
Of course, the critical part of analyzing these tax returns will be the output: how did the borrower’s business perform compared to last year? Should stress testing be done on the financial data provided? The input is the mundane part: keying in the data from the tax returns and supporting schedules.
Fortunately, Suntell’s Smart Electronic Tax Return Reader (SET Reader) can speed this process up for you. You can import a PDF Tax Return and have the data automatically create a spread for you. This can significantly reduce the amount of time spent on the analysis by removing the need for manual data entry.
The SET Reader not only reads data from the main tax form, but also the supporting schedules. Rental properties on a Schedule E, businesses on a Schedule C, or farm income on a Schedule F – all of this is imported into the spread within seconds.
Tax Returns are just one component of the overall spread analysis, and we have made that part easy. It allows you to focus on analyzing the risk or preparing the loan approval within the Square 1 Credit Suite.
