in Articles, Blog, CompenSafe by Kelley Mangel
So, You’re Using Spreadsheets to Manage Your Loan Officers’ Payroll & Performance…

Spreadsheets are a great tool – they’re familiar and comfortable; easy to print, share, and present data; and are compatible across operating systems. But, did you know, spreadsheets have an overall error rate of 94%? 

Yes, that’s right – spreadsheets have an overall error rate of 94%

Not only are spreadsheets error-prone, they are an inefficient way to manage your loan officer and commission-based employees’ compensation.

Spreadsheets can’t automatically calculate all the if this, then that scenarios from a closed loan,

Spreadsheets make it difficult to manage tiered compensation plans,

Spreadsheets don’t automatically integrate with your core banking system and payroll processor,

When manual overrides are necessary, not only is there a risk of human error but spreadsheets typically don’t have the functionality to record the reasoning and explanation behind the manual override.

Even in this present day, when technology plays a central role in almost everything we do and is widely available to the masses, we still find ourselves using manual, error prone processes.  Driving growth and profitability requires access to real-time business intelligence. Spreadsheets give data. Not insight.

However, there are many solutions out in the market designed to ease the pain points and inefficiencies of managing your lending compensation calculations on spreadsheets.

Contact us today to learn more about how our SaaS applications leverage automation and integration.

With LBA Ware, you can #SayBye2Spreadsheets and start internally managing your lending operations more efficiently.

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