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FinSoft Announces Release of AssetReader Ground-Up Rewrite

November 18, 2013, 07:42 AM
Filed Under: Software

AssetReader data analysis software is used by accountants and back-office operations for the preparation of ineligible collateral calculations, stats, concentration grouping and other data analytics.  Used by some of the largest lenders and outsource firms in the world, AssetReader has grown to become the #1 Asset Based Lending data analysis tool in the industry according to FinSoft’s Managing Director, Joseph Caplan, CPA.  “We have more lenders and most of the outsource firms using our data and field exam products and it was time to upgrade the data side to meet the growing user base needs,” noted Caplan. 

With the release of AssetReader version 2014, FinSoft has optimized the code logic with a completely modern programming language that takes advantage of both 32 or 64 bit processors and all available cores on the CPU.  Caplan noted that the newest version is 10,000 times faster than prior versions and even files with hundreds of thousands of records can be recalculated in seconds.

But speed is only one benefit to the 2014 version.  Caplan noted, “We’ve added the ability to import multiple files at the same time and that includes the ability to look at any one or any combination of those files as needed after the import is complete.  AssetReader includes its own data parsing routines and no reliance on Microsoft Office at all.  The new currency translation features includes the ability to apply multiple currencies to the files and in several different ways.  The core features from prior versions such as the ability to group together all of the Wal-Mart stores and Sam’s Club or to calculate and find contras hidden in the AR reports continue, but with a greater feature set and enhanced speed.  Enhanced PDF conversion routines handle files that no other product in the world can.”

“Lenders with existing systems usually find that the ability to import data for audit or into the operations systems is limited or at a high labor costs when compared to AssetReader’s data analysis and ineligible collateral calculations.  Both Field Exam and Operations departments benefit from pre-programmed reports, while retaining the existing tracking systems.  A wider base of users means more efficiency for the ABL department operations, internal audit and outsource audit workflows.  One system, multiple users and well-seasoned reports simply save time and improve accuracy,” noted Caplan.

Data from AssetReader can also be exported to the AssetWriter field examination software package for greater time savings and enhanced accuracy.  Data from AssetReader also exports to AssetArchive (the sister system to AssetReader) so that the data can be both trended and sifted for anomalies over time.  Caplan noted that “The integration of the programs and the unique feature sets in the FinSoft family of products can reduce fraud at a very low cost, while allowing a lender to continue to use existing software systems that lack these highly desirable abilities.  AssetReader 2014 raises the bar yet again and we will be adding more user requested features in the months to come.”

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