How To Use Software To Simplify Kpmg Asc 310-30 Loan Accounting

By Author: Macklin Carmel
Total Articles: 11
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Ensuring KPMG ASC 310-30 compliance in accounting takes up a significant portion of time and resources. Accounting teams at most banks and loan companies report a spending of a major chunk of time and effort on ASC 310-30 accounting. This is an unnecessary waste of precious time and energy. The time spent on ASC 310-30 can be better utilized in the actual business of banking and building and nurturing assets.

Fortunately, several specialized software developers have come up with niche accounting software specifically aimed at the banking and finance industries. Key products in this line can be used to simplify ASC 310-30 loan accounting.

What Sets ASC 310-30 Compliant Software Apart?

The best ASC 310-30 optimized accounting software programs are very different from the traditional macro-based or excel-based accounting software ones. This distinction gives these software packages two major advantages. One, the software is able to handle calculations of far greater complexity and sophistication in comparison to traditional accounting software. Second, the software is far less prone to errors…a common ...
... feature of accounting packages that depend on excel.

Some benefits gained as a result of these factors include:

Automated reporting functions - the best banking accounting software possesses highly evolved functionality, which allows clients to automate all necessary report creation activities. The reporting functions can be configured to be available to accounting teams at regular intervals. Accounting departments no longer need to worry about having the necessary data on hand accurately and in time. Common report creation functions include the creation of GL reconciliations and GL roll forwards and monthly journal entries as well as the creation of quarterly call reports, schedules, and financial statement disclosures.
Greater flexibility and ease of tracking – the best KPMG ASC 310-30 banking software makes it easy for accounting teams to maintain and track loan carrying values by individual Fair Value components. In other words, accounting teams can track loan carrying values by accretable yield, non-accretable difference, contractual cash flows, and more. This exponentially simplifies several key accounting tasks including fair value reconciliations, accounting for loan resolution, and periodic reporting. Auditing also becomes a lot easier when assessors can track loan carrying values according to specific Fair Value components.
Better portfolio management - ASC 310-30 banking software also allows users to produce expected vs. contractual vs. actual comparisons on a loan by loan basis. This provides valuable data which can be used for better portfolio management.

Invest in specialized KPMG ASC 310-30 compliant loan calculation software to simplify ASC 310-30 accounting and increase productivity.

Banqlogix LAWEI advanced loan accounting software is an accounting solution created by bankers for bankers. Banqlogix LAWEI is fully KPMG ASC 310-30 compliant and is the go-to solution for bankers.