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Sageworks Blog


Why are institutions not backtesting their allowance calculations?

Banks and credit unions backtest their ALLL in order to compare actual results for a defined period to the results forecasted by a model for the same period. This allows institutions to monitor model performance and adjust or revise the model over time. It also helps institutions defend their ALLL methodology to the board, auditors and examiners. But according to a recent poll, almost 50% of banks and credit unions aren’t currently backtesting. [More]


Success with automating loan administration - beyond time savings, eliminating institutional risk

The value of automating your loan administration process extends beyond process efficiencies, and can even have lasting impacts by improving institutional risk management. With automated exception tracking and notifications when loans reach exception status, an organization can implement a new institutional standard for completeness and timeliness of records associated with outstanding loans.


Should community banks fear consolidation?

Even amidst Community Banking Month, many of the nation’s smaller banks have rising fears that they will eventually succumb to their larger, nationwide counterparts. But the FDIC feels these fears are “overstated,” according to their recent study. As a recent American Banker poll indicated, community bankers’ main concern with consolidation lies within the increasing regulatory burdens that they continue to face.



New ProfitCents help center has how-to’s, tips and assistance

At Sageworks, we know that without our customers, our company is nothing. That’s why the major enhancements we recently introduced to our flagship ProfitCents platform are aimed at making the user experience more streamlined and more customizable so that ProfitCents customers can better meet their clients’ needs and win new engagements. Learn more about a new digital help center designed to make it easier to find answers to the most common questions and to help you get the most out of ProftCents.



How to make your small business the next big thing

You want to be the type of small business that shines. You want your presence to be felt worldwide. You want others to take note of what you’re doing to improve the communities surrounding you. And, might we add, you want to do it now! If this sounds like you, you’re not alone. There isn’t a new entrepreneur around who doesn’t want to be globally recognized as a leader or a game-changer. Think of the Mark Zuckerbergs and Steve Jobs of the world. Here are some ways to make your small business the next big thing.


Relax and reflect once busy season ends

Congratulations! With April 15 behind us, the end to what’s considered the busiest season for tax accountants has come. Undoubtedly, you have your own tradition of celebrating, but now's also a good time to reflect on the entire busy season so you can have an even better experience when the next deadline rolls around. [More]


The pros and cons of using spreadsheets – abiding by regulatory parameters

Banks and credit unions have utilized spreadsheets as a primary tool in risk management for decades. Unfortunately, over-reliance on these spreadsheets has become an area of serious regulatory concern, as many of the benefits offered by spreadsheets are often shadowed by potentially significant risks. Compliance with regulatory parameters is one of the top-of-mind concerns.



What accountants do after busy season

Now that another tax season is on the books, we wanted to find out what accountants do after April 15th. We asked the Business Advisory Professionals group on LinkedIn and here are the responses we received. [More]


Evaluating technological service providers for community bankers

This week the FDIC re-issued three documents containing information on technological outsourcing for community bankers. The documents were originally issued in 2001 and were included in a Financial Institution Letter (FIL) to FDIC-supervised institutions with less than $1 billion in total assets. The topics covered in these documents are: effective practices for selecting a service provider, tools to manage technology providers; performance risk and techniques for managing multiple service providers.



Top 10 challenges facing community bankers

Today’s regulatory environment continues to be the most pressing issue to community bankers, according to a recent poll conducted by the CB Journal. Other challenges include the interest rate environment, loan growth and more. [More]