Daily News: November 19, 2013

FinSoft Introduces AssetReader 2014 Software


FinSoft released AssetReader version 2014 to optimize the code logic with a modern programming language that takes advantage of both 32 or 64 bit processors and all available cores on the CPU. 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.

AssetReader has grown to become the No. 1 ABL 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 2014, FinSoft 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 said 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.

“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,” Caplan said. “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. 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, are included but with a greater feature set and enhanced speed. Enhanced PDF conversion routines handle files that no other product in the world can.”

Caplan added, “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.”

Data from AssetReader can be exported to the AssetWriter field examination software package for greater time savings and enhanced accuracy. It also exports to AssetArchive (the sister system to AssetReader) so that the data can be both trended and sifted for anomalies over time.

“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,” Caplan said.

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.