ENHANCING
Managing and Creative Director
FinSoft
HQ: Ellicott City, MD
410-747-7994 • finsoft.net
FinSoft has been on the cutting edge of asset-based lending software for nearly 30 years, but rather than remaining complacent, it continues to enhance its product offerings and impress its clients.
Years of innovation rather than stagnation have allowed FinSoft to find new ways to both improve existing products and to create new ones in order to help lenders improve their efficiency.
The company’s primary products include AssetReader, AssetArchive and AssetWriter, which can be bundled together so users can share information between the three platforms.
AssetReader is a tool used for electronic file analysis and calculations specific to the asset-based lending industry. FinSoft has continuously added new features to the platform over the years, including the ability to read-in difficult reports, age using different methods, calculate ineligible collateral for receivables and inventory and provide reports that summarize it all. According to a nomination submitted by one of our readers, “AssetReader is faster and able to import more files than any product that we have tried.”
Meanwhile, AssetWriter, which was completely rewritten in 2021, is a standalone Windows-based software program for ABL field exams, workpapers, due diligence and business analysis. With built-in graphs, report writing and a database architecture, consolidations of multiple divisions takes just four clicks and the writeup has all of the data fed into more than 130 available summary grids and graphs. In addition, an internal audit review feature identifies items that don’t tick-and-tie by division for pinpoint error corrections and faster report release times.
Lastly, AssetArvhice combines ongoing data analytics from AssetReader into artificial and business intelligence to create a riskbased monitoring and confirmation tool.
Continuing to innovate, FinSoft will soon release AssetReader-Web to promote closer integration workflows between borrowers and lenders using one ineligible calculation for both. This technology will also be available to any borrowers, even if the lender is not using FinSoft products.
“Continuous enhancements, new products and a deep understanding of the industry from FinSoft continue to reduce costs, improve asset monitoring and reduce lender risks.”