Why this is THE ABL Solution for Data Downloads & Ineligible Calculations
AssetReader Asset Based Lending (ABL) Software improves preparation time and accuracy with downloads of data and related analytics. Reduce staffing and office needs by saving time, reducing errors and decreasing fraud risks from manual or partially automated methods in Field Examinations and Operations.
There is NO OTHER SOLUTION AT ANY PRICE THAT CAN DO WHAT WE DO FOR ABL. NOT IN FUNCTIONALITY, NOT IN ABL SPECIFIC REPORTS, NOT IN CONTRA ANALYSIS, NOT IN CUSTOMER NAME GROUPING, NOT IN SPEED, NOT IN EASE OF USE, NOT IN TIME SAVINGS, NOT IN ANALYSIS, NOT IN FILE FORMATS SUPPORTED, NOT IN SUPPORT, NOT IN ANY MEANINGFUL WAY -- JUST NOT!
REAL Ease of Use and not advertising claims of "Ease of Use" that dance around the tough questions below.
- Find out why our users are turning down your deals
- Find out why our users are processing 80-100 Borrowers per month from each employee
- Find out how some of our users have doubled their portfolio load with no additional staff
- Find fraud before recovery efforts are too late
- Find out why our field examination users are taking days off of the exams.
- Get in the Game with less work, better analysis and the best support in the business.
- Invest in ABL specific data analysis wisely and with tough questions (we've asked them below)
We wrote AssetReader because we needed more automation and analysis than any other product available. Our owner has been downloading data for 32+ years and ABL needs are quite specific. That is true now more than ever. We do want to say that all of the data parsing and analysis products on the market are very high quality products, but they have clearly not addressed any ABL specific needs and we want you to see that for yourself. Please take a look at the table below.
"If you don't use AssetReader,
then you must get paid by
the hour"
| AssetReader For Operations and Audit | Other Products | Your Findings |
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The Expert Import Wizard:Parses data with an expert wizard that is specific to each report type. This means that users don't need to format date fields as dates, number fields as numbers, etc. The report imports with knowledge of what is needed for that report type. There are no templates to save, retrieve or manage because all settings are saved to the database as you work.
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#1 In ABL Downloads:We are #1 in the ABL Industry for the reasons noted here. We've been tested against every product on the market by our users and they continue to select FinSoft products every time that a comparison is made, no exceptions. We continue to get users coming off of other products that lack the power of AssetReader for imports, analysis, time savings and support. We continue to take their users and make them our users, but they have never converted one of our users to their download and parsing software - not even once. It is not price, it is ease of use, features and support. Our outsource firm list of Field Examination Providers has the top names in the industry and we make them efficient too. Field Exam and Operations use makes AssetReader the #1 choice for integration and efficiency while reducing fraud risks with both AssetReader and AssetArchive.
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Not in the game |
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TIME Is Really Slow and Expensive:Parsing data into columns is not easy, but there are far more issues than just text files. It takes a lot of years to get it right for text, PDF, Excel and other formats, but it is also a slow evolving process to make changes for so many formats. We have seen thousands of download files and we've made thousands of hours of changes to AssetReader for many file formats AND ABL specific calculations. REPEAT - Thousands of hours of changes. If you got into converting data from PDF, Excel, HTML, RTF, Word and parsing data into columns and then calculating stats, inventory turnover, ineligibles, Etc. electronically in 2018, you would be 22 years behind us. Years and years and years of constant evolution here and it takes talent too.
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Not in the game |
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Our Customers Are Commercial Finance ABL Specific:They have so few ABL customers, that you might be surprised. Many of their existing commercial finance and ABL customers do not use the product at all because it is too hard to use, while we have 100% in use customers. WE have the market share for many reasons noted here and they know it! But we never stop tweaking our products and they get better and better every month.
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Not in the game |
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The Unspoken Truth About Downloads:Downloading data is NOT for every employee. There are real skills gaps in the field examination and back-office operations areas and employee skills to do downloads will vary by person. Surprisingly, education levels seem to not have as much impact as you might think, but prior experience with downloading and parsing data is helpful in most cases. Because of the diverse group of examiners and back-office professionals that use our products, we can safely say that we have automated the most complex parts of the process and removed the programming chores that lead to deployment and acceptance failures, as well as actual mathematical setup errors with other systems. Our users range from high school graduates to Masters Degree employees and we have a very high acceptance rate due to an outstanding product, the best ease of use in the industry and focused ABL specific training.
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Real ROI, But Even Better, Real Results on Investment:Real Return On Investment (ROI) is quite fast with AssetReader. The calculations provide predefined reports that are only available from AssetReader. The setup and reports are retained by the system for ongoing time savings every time those reports are processed. Real time savings and real ROI. We have reduced back office staffing at some lenders by 50% and allowed some portfolios to grow by over 200% with no additional Field Examiners and no additional back-office staffing. This is due to automation that is built-in. Other tools require lenders to spend hours on each setup and subsequent re-exam to tweak each calculation for each report. This causes a high need for above average computer skills, programming skills to write IF statements or perform math and write custom database reports. FinSoft has automated the ABL specific reports that you expect and they make sense too. THIS IS POWER because your entire team can use AssetReader instead of having a small group of "HAVES" and a larger group of "HAVE-NOTS'" with computer and math function skills. We have done the hard part and NO OTHER PRODUCT HAS AUTOMATED ABL CALCULATIONS FOR YOU. Ease of use requires pre-defined logic and they don't have it. Time and staff savings requires pre-defined logic and they don't have it. How can they claim that they are easy to use? How can they claim to save you time, certainly not as much as AssetReader? We get the job done in a fraction of the time that they require to get less than our results.
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Keep Your Existing Loan Monitoring System in Place!There are a lot of users of well-known Operations Management software out there. Do you need to scrap your current system? Not necessarily. You've invested in training, a trained workforce, customizations and Borrower reporting workflows. Our system enhances what you have as an add-on that excels at data imports, interrogation, mathematical analytics and more. With AssetArchive you can add fraud prevention analytics and confirmations too. Note: If you need to key-in 5-10 ineligible numbers calculated with AssetReader, you are having a GREAT day compared to doing it the hard way. Note: If AssetArchive spots a fraudulent customer or invoice when you get the new reports, you just reduced your loss exposure and without scrapping your current monitoring system. You've enhanced it and your fraud detection is better too.
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REAL File Problems:We are hearing stories about one approach or another to get data into your system. Fortunately, we've been downloading data since 1984 and we've seen some terrible reports. WHY? There are so many systems out there and it is not all Quick Books, MAS90 or Great Plains, Etc. There are thousands of vertical industry systems out there. In addition, the items that feed the agings could be in dozens of ledger accounts. We invested heavily in the data parsing side and that allows us to pull-apart existing reports from text, delimited, Excel, PDF, HTML, RTF, DOC and other formats. Our years and years of "tweaks" are based on your ABL specific needs and nobody has the options that we do because we specialize in ABL needs and have for many-many years.
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Real Ease of Use (not advertising words, but real ease of use):Ease of use is a combination of things and worth thinking about. FinSoft backs up our claim of ease of use We have specific data type import wizards,
they don't So while they are making users set up imports and then set up each calculation and report query, we have thought of those things already for the ABL profession. Yes, it is FAR HARDER than you thought with their tools and their advertising is cute, but their program is not easy for ABL and when you see AssetReader, there is NO comparison to be made:
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Marketing Advertising and Websites?:FinSoft does some advertising, but not much. DO NOT BE IMPRESSED WITH ADVERTISING OR WEBSITES! Every year, FinSoft invests many times their annual advertising budgets into R&D and enhancements that are ABL specific. We always have. On the other hand, those with BIG advertisements (perhaps several of them), Marketing staff, Business Development staff, Sales staff have invested ZERO DOLLARS IN ABL SPECIFIC NEEDS. DON'T BE IMPRESSED WITH THEIR LACK OF PRODUCT INVESTMENT OR SONG AND DANCE ABOUT EASE OF USE OR "DITCH THE SPREADSHEETS" COMMENTS. Add-up how much they are spending on those salaries, office space and related benefits. FinSoft is focused on ABL specific needs and constant enhancements not our advertising budget and it shows in the products. MAJOR lenders have tested every product on the market and selected FinSoft every time... We are not surprised at all how our investments since 1996 have built fantastic products.
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the game |
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Speed of Calculations / Time Savings:Consider importing a new monthly aging of 40,000 invoices and 2,500 customers. How long would that take to import and then compare to the AP Aging import? Recalculated? Each re-import takes 1 - 2 minutes per report. Recalculation takes about 30 seconds for a report that big. All reports are instantly available. Don't be fooled when people write "fast" and "speed" and "Cut Audit Time" in their literature or demos. If you need to setup everything and make formulas, maintain formulas, run several reports to get some (not all) of the pieces calculated in their software, then is it really "fast" or "speedy?" We import very-very fast, but that is only a small part of the total time. We've got real ABL Analytics down, they have none of that (NONE!).
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Concentration Grouping:AssetReader groups all of the similar concentrations together for you, including different names like Wal-Mart and Sam's Club into one account. We can do this for inventory items too. This "alias" is also shared with payables and contra analysis automatically. AssetReader can help to automatically find Customers/Debtors and Inventory that should be grouped together with the new Alias Finder option, further saving on initial setup and monthly maintenance time. They have no options because they don't do this kind of stuff.
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Transaction Code Analysis Built-In:Ineligible receivables such as contras, cross aging, international accounts, affiliates, transaction codes such as DM, FC, COD and others. Inventory ineligible codes like Pkg, Sup, Scrap, Chem, Inks, Solv and others. Complex codes like all parts from 1000 through 1600 as packaging, Amounts under $10.01 as small parts, Sums under $100.01 as small quantities, blank part descriptions, Etc. are all handled with ease. All ineligible summary and then all ineligible detail on one report and all summarized in detail by ineligible type or with reports showing ineligibles by customer.
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Pricing:Far less expensive than Monarch software for Field Exam use (but Monarch does nothing ABL specific at all and AssetReader's PDF, Excel and floating traps are superior to theirs). Even if another software product was 1/2 of our price it would still not save you all of the time that we do. It would not be ABL specific nor would not have the outstanding ABL reports found in AssetReader, nor the years of development for ABL, nor the switches and options found in AssetReader, nor our fanatical support. AssetReader for audit when combined with AssetWriter field examination software would cost less than Monarch alone and contain both our ABL specific calculations and our fanatical support for your field examination software needs. More imports, better field examinations, say goodbye to math errors and get thousands of hours of programming all well supported for ABL. That is an investment that can only improve your budget and reduce fraud risks and no other solution has this integration, depth or support.
Our time savings reduce labor costs far in excess of our purchase price, a pure win for your budget.
Software purchases are about time savings, ease of use, ABL specific features and ABL support, but they have none of what we offer at any price. We hope that they lower the price to the floor because we don't compete on price and thus don't insult your intelligence.
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Not in the game |
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ABL Spoken Here:We're all about ABL and others just can't say that. Check out their web site for ABL information and there is none. Because they have nothing and thus nothing to say.
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Not in the game |
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Inventory Analysis for ABL:AssetReader calculates inventory aging automatically from available purchase dates, turns or turnover days, but it also automatically joins with usage reports such as cost of sales or units sold to calculate turnover. Calculations include an aging, zero turns, excess quantity (beyond your specified threshold), cross-aged inventory and more.
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Not in the game |
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Real Analysis For ABL:Just one word to focus on here -- "Analysis" While other tools parse data, they don't analyze it for ABL purposes. We specialize in ABL specific analysis and reports and this saves hours of time while producing superior analysis, fraud prevention and genuine ABL reports. We don't just do some analysis, we do a ton of it and once again, nobody else does in a programming-free way.
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Not in the game |
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No Dongles (what's a dongle?):No restrictive hardware dongles at FinSoft. Some providers want you to use a hardware dongle (hardware security key) on each machine. While that may be OK for some stationary operations, field examiners would need to keep the keys safe or express mail them to other field examiners. We license each machine with security codes, not hardware locks. This reduces hassles and it is quite a bit friendlier that hardware dongles.
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Imports Many File Formats(Text, Delimited Data, PDF, XLS, XLSX, RTF, DOC, DOCX, HTML)AssetReader is the only tool in the world that can import Text files, Delimited files, Excel Files, RTF Files, PDF files, HTML files with ease. REALLY! Everyone else leaves you scrambling for complex solutions, emailing your files to the vendor for conversions, and excuses that it cannot be done. Our PDF conversions are fast, flexible and built-in. We are the only provider that offers multiple ways to import Excel files, handle SharePoint files correctly and offer the ability to alter column spacing in PDF, XLS, XLSX, DOC, DOCX, RTF, HTML.
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Staff Retention and Staff Satisfaction:The FinSoft user base is made up of seasoned Asset Based Lenders that have seen and enjoyed the power of automation and our fanatical focus on ABL. Lenders that use FinSoft products have the lowest staff turnovers in the industry and they won't work for companies that lack this level of automation ("Too much work" they tell us). This is a huge savings in recruiting, training costs and field time.
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What About Aging of Credits?We spend 100% of out time with ABL needs and aged credits represent many issues for Lenders. Should negative totals be included or excluded? Should every credit invoice over the eligible days be taken into account? Should net credit balances in the eligible buckets be reversed? Should the credits in the aging be frozen in place and then the debits reaged by the software? We have point-and-click options for all of those options and they have (guess...) none.
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Not in the game |
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Currency Conversion?
Currency conversion needs can vary from translating an entire report to one currency or to using different rates for different elements in one report. More complex examples could include different rates for different reports and the elements within those reports (e.g., Multiple agings that contain multiple currencies each). AssetReader can handle all of that.
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Legendary Support:Fast support that gets users answers and code changes for their specific report needs in hours. We've looked at thousands of ABL specific reports (we process agings for some lenders every day as a service) and we know the tricks and workarounds that you need to get the job done. But we can quickly modify the software to handle unusual problems and nobody offers that except for FinSoft. Our users know that we are fanatics about ABL and the support of our products, they'll tell you so. Our competitors have ABL as a sideline to their core business and they just don't have an ABL specific focus with the FinSoft level of support.
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Technological Investment:While they have not spent once cent on ABL, FinSoft invests heavily in technology. Since 1998, we've invested the equivalent of buying a new Porsche every year. Even if they started programming something for ABL right now, they would still be more many years behind our development for ABL. In 2014 FinSoft released Reader-R2, a complete rewrite of the software that takes advantage of faster processing with multiple core computers and support for either 32 or 64 bit Windows. We added new tweaks along the way based on real-world ABL specific feedback from hundreds of ABL customers. Support for multiple trap levels, offsets and multiple floating traps is second to none, but we make it easy to use too. What does our time investment mean to you? Software is "evolutionary" and that means more of our time adds more features and tweaks. We thought the first version of AssetReader was a "good start." Now, we're 22+ years ahead of anyone in the ABL space with those thousands of hours of tweaks let you download, import and get reports in that nobody else can. We adjust for exceptions that nobody else can. We adjust for problems that nobody else takes the time to deal with or they have not yet seen. We support more options than anything available in Commercial Lending. A well-evolved product is key to your success for features and reliability; we never stop investing in new enhancements that lets you get the work done fast and completely.
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In-House and Outsource Support:The ability for you to use AssetReader or have FinSoft setup or process your files on a regular basis makes imports easy and further supported. This allows you to do the work in-house and still have our support if people leave or become ill. Use our processing services or just our software and not be tied into a "service only" company that won't sell you their software.
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More Date Formats:Dates can be formatted in highly unusual ways and this requires programming support that includes patches to deal with specific date problems that range from MDY to YMD formats, but include unusual cases where the dates are text labels or formulas that don't convert in any other product. When needed, fast turn around time gets users a programmed solution in hours. Without this support, the reports can be useless, you're stuck in the field and you're wasting (not saving) time.
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Training:Training sets us apart too. We have perfected the Data Analysis Techniques for Auditors (DATA) class taught to the ABL industry through Clear Choice Seminars, Inc. (NASBA certified) and the training includes 100% ABL examples and much more. Note that FinSoft handles agings for some Lenders with processing services, so we see ABL related reports every day. Our Managing Director has trained the people that are teaching other "Advanced" courses in ABL and he's the architect of www.ABLTrain.com. While others focus on their program only, we work on dealing with the client, the files and getting those files to your desk. Furthermore, we bring this together with practical ABL examples and file conversion skills that quickly teach new users how to handle ABL reports. Our on line library of self-paced classes, updates, tutorials and example files continues to grow on a regular basis. Sorry, but nobody else has this level of ABL information and training for Asset Based Lending. Do you want to learn anything less than what we offer? Do you want to learn from ABL professionals or just a software trainer? Do you want general accounting parsing software or ABL Specific software that includes education from ABL experts?
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NO Programming!:No programming by you. WE MUST COMPLETELY DISAGREE WITH ALL OTHER SUPPLIERS OF PARSING AND ANALYSIS SOFTWARE ON CLAIMS ABOUT EASE OF USE. THEY MAKE IT HARD AND EVEN HARDER FOR ABL AND IT IS NOT EASY WITH THEIR TOOLS! SOME EVEN HAVE A SONG AND DANCE TO TRY TO GET YOUR ATTENTION. Perhaps their advertising should talk about the TRUTH of how HARD it is to get the job done with their tools (i.e., not as easy as unbuckling your boots, driving or riding a bike but more like rewiring your house). Since they lack all of the ABL specific features noted here, just how do you think that: The ineligibles get calculated for Accounts Receivable? The ineligibles get calculations for Inventory? We have automated reports for ineligibles, sales journals, cash journals, GL journals, AP agings, contras, concentrations, ineligible summaries, ineligible detail reports, inventory perpetual reports, inventory use or cost of sales reports, customer name/address imports, vendor name/address imports and more so that you don't have to spend any time on these calculations or report builds. ASSETREADER USERS COMPLETE TASKS IN 10 MINUTES THAT OTHER TOOLS CANNOT DO IN 2 HOURS! That includes Stats, Ineligible AR, Contra analysis and Inventory analysis too. Our ineligible calculations are the most detailed in the industry and they are automated for first time and repeat import calculations.
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Not in the game |
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Fast - Fast Stats:Monthly analysis of stats has always been a huge chore for examiners. Grouping by transaction code and by month is possible with other tools, but it is expected in AssetReader since downloads can include months or years of data. Once again, we expect this and the reports automatically detect the months and best format for ABL presentation, but others require you to do monthly imports and then try to figure out the date splits and the way to summarize the numbers for ABL purposes. We've been doing ABL for 33+ years and they just don't do ABL at all.
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The Worlds Smartest Contra Analysis:For those willing to do contras electronically, we do not look at just the first "N" letters (say first three, four or any number that you set). That primitive approach misses too many items. We use sophisticated algorithms that are used by scientists and the US Census Bureau with specific ABL modifications to extract similar names. For example, we match on "US Department of Energy" and "Dept of Energy" and "US Dept. of Energy" while excluding "US Department of Interior" and US Dept. of Labor" Once again, the other tools have no clue about what ABL people want.
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Not in the game |
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Partial Ineligibles:Ineligibles can include partials such as concentrations and contras and Partially LC Backed international receivables. Then there are partial ineligibles based on specific codes such as DM, FC, Etc. Then there are total ineligibles such as Affiliates and Cross Aged items. Do to partial balances, partial ineligibles at the invoice level (i.e., DM, FC) and total ineligibles such as Affiliates, it is possible to double count totals. The other tools have no clue at all what the above paragraph means. This is automated in AssetReader and we do indeed look for duplicated ineligible amounts.
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Not in the game |
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Operations and Audit Use the Same Program:AssetReader setups are often shared with Operations and Audit. Setups done in the initial field exam can be used by Operations to get the ineligibles right and when re-exams are needed the Operations setup can easily be used by audit. Auditors might get more data such as sales, cash, GL, stats, inventory usage, Etc., but the model for ineligibles is usually the same and thus the setups are shared. Other tools are just a bunch of parsed data that is nicely aligned in a table, but without the pre-defined and outstanding calculations and reports that AssetReader has.
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Realistic Fraud Prevention:There is a good chance that we helped turn down a deal that you still have. We get calls and emails about this on a regular basis. Even some of the largest ABL shops that use other products are on this list of "Whoops we missed that." Not a good list to be on, but our users are finding fraud, overstated balances, incorrect ineligible calculations, missed ineligibles and plenty of over-advanced lenders that have missed how easy this can be. When the analysis tool is allegedly easy to use, Etc. and these things are missed due to poor reports and the (real) lack of "ease of use," then is it powerful? We look for duplicate invoices, round dollar amounts, duplicate invoice amounts and skipped invoice sequences, but we give you items to investigate that make sense from an ABL risk standpoint. Our reports are ABL specific and the analysis is ABL specific. Data can be exported to AssetArchive for more data analytics over time and that includes trends, new debtors, significant changes in debtor balances, debtor invoice amounts and more. That level of analytics can spot fraud as soon a you get new reports and items can be selected for confirmations based on rules and exceptions with an optional module. They just don't offer this level of ABL Specific intelligence.
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Exports To AssetWriter Field Exam Software:The only tool licensed to Export to AssetWriter field examination software. This allows users to quickly export ineligibles, concentrations, delinquencies, billing test selections, count selections, cost selection and other data directly to the world's most popular ABL audit software, saving hours of time.
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Not in the game |
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Exports To AssetArchive Data Analysis and Confirmation Software:The only tool licensed to Export to AssetArchive data analysis and confirmation software. This allows users to quickly export historical data directly into the AssetArchive data analysis database for time series analysis that can identify questionable amounts, balances or conditions. That same questionable data can be targeted to confirmations for further fraud reduction efforts.
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Years and Years of Experience:With 33+ years of experience in ABL, our Managing Director understands the complexities of ineligibles, Stats, Concentrations, Contras, turnover and other things ABL. We're the authors of ABL-Help, the most widely used guide for ABL ineligibles in the world. Yes FinSoft knows ineligibles and ABL because that is what we do. We've invested over 22 Years of programming in AssetReader just for ABL needs. And they have invested how much time in ABL? We'll give you a hint... Less than one minute for all other companies combined.
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Inventory Analysis Developed by a Hard-Core Cost Accountant:We adding the best inventory movement analysis, plus inventory ineligibles. Unlike any product in the world, we know what you expect from inventory analysis for ABL because our founder is a hard-core cost accountant with 33+ years of ABL audit experience. Once again, ABL specific!
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Missing Something in Your Current Download / Analysis Software or Not Downloading Data Yet?:Get in the Game!
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- Can you get 10 ABL references and call them to ask all of the questions in this Challenge?
AssetReader saves time while improving accuracy by removing the manual analysis and formatting headaches that spreadsheets or general use import tools require for agings, inventory, sales, cash, GL, and other report analysis. AssetReader provides a turn-key and state-of-the-art solution for: in-depth analysis, consistent reports, clear presentations, faster report preparation, better outsourcing, computer support and cost control. AssetReader is backed with training, quarterly updates, and employee-owner technical support.
If you have not seen a demo, then please let us WOW you with what we have automated.
SCHEDULE A WEB-BASED LIVE DEMO (Click Here)