Technical FAQs

Spreadsheets are to finance what cranes are to construction. As a result, financial services organizations including traditional banks, tax companies, insurance agencies, and fintech firms opt for software-driven spreadsheet solutions as standard operating procedures. The problem? Ubiquitous spreadsheet software introduces a host of cybersecurity, compliance, and collaboration challenges, especially as regulatory and operational requirements evolve around the use, storage, and sharing of clients’ financial data.  Enter PrizmDoc Cells for finance. 

Accusoft’s newest addition to the PrizmDoc Suite — PrizmDoc Cells — offers both form(ula) and functional advantages for financial data entry and integrity.

Managing Market Forces

As noted by Forbes, the finance market is changing. Recent survey data found that 69 percent pointed to fintech firms as a “lifeline” during the current crisis. And these shifts are ongoing. Even once pandemic pressures begin to ease, there’s no going back from the speed and convenience offered to users when brick-and-mortar locations were locked down. 

Financial firms across multiple markets that made the move online application processing, claims evaluation, and loan approvals must now support these initiatives at scale — but many are now finding themselves frustrated by the limitations of current spreadsheet solutions.

Addressing Operational Challenges

Familiar spreadsheet software offers straightforward function: Staff can enter relevant data and derive actionable output through formulas. But these tools also pose problems for finance firms, including:

• • Operational errors — As noted by CFO, 88 percent of spreadsheets contain some type of error. These include errors in formulas, human data entry issues that create impossible data ranges, and even hidden fonts that can impact the outcome of calculations. This is no small issue — for one financial firm, a missing negative sign caused a 2.6 billion dollar mistake in reporting net capital losses, forcing the company to cancel year-end dividend distributions.

• • Version consistency — The more people handle and modify a spreadsheet, the harder it is to identify the “right” version. This becomes especially problematic as spreadsheets are saved to desktops or mobile devices, then modified and sent back into corporate email environments.

• • Data security — While email presents a significant spreadsheet security risk, the same is true of any solution — cloud-based, on-premises or a mix of both — that allows users to download, copy, and share spreadsheets. Consider the case of a well-meaning user who downloads a financial spreadsheet from a cloud app and then sends it to his personal email so he can work on them remotely. If this email account is compromised, so too are any supposedly secure spreadsheets, putting financial firms at risk of regulatory compromise.

• • Ongoing Time and effort — From the time needed to track down and verify the most recent and accurate version of key spreadsheets to the effort required if data is entered incorrectly and requires remediation, current software tools often see staff focused on putting out formula and framework fires instead of moving financial firms forward.

Gaining Control with PrizmDoc Cells for Finance

PrizmDoc Cells changes the spreadsheet paradigm by shifting data out of proprietary software and into the application of your choice. As a web-based spreadsheet viewer and editor designed to natively support XLSX files, PrizmDoc Cells provides the ability to securely embed spreadsheet data into any website, intranet, portal or CMS application without compromising security. This makes it possible for independent software vendors (ISVs) and other fintech providers to deliver the best of both worlds: Familiar functions in a user-friendly, online form that’s separated from the critical formulas and proprietary business logic behind-the-scenes.

Key benefits of PrizmDoc Cells for finance include:

• Solve for proprietary dependencies — Excel remains the de facto spreadsheet standard for many organizations but also locks financial firms into a cycle of software dependency — and if legacy applications or in-house tools don’t work well with Excel, firms face extra operational steps to ensure reliable data access. PrizmDoc Cells solves this proprietary problem by allowing any application to import, edit, and export XLSX files without Excel dependencies.

• Safeguard source data — In many cases, end-users need to view spreadsheets and make minor edits but can’t be granted access to original files. With PrizmDoc Cells, fintech providers can secure intellectual property by removing end-user access to proprietary source files, encrypting the data, and hosting it securely in their own environments.

• Separate underlying logic and UI — While proprietary business logic, formulas, and calculations form the basis of spreadsheet value and actionable insight, users don’t need the ability to see — or modify — these functions. PrizmDoc Cells lets administrators control what’s visible, what’s accessible, and what’s changeable to ensure spreadsheet consistency.

• Streamline version control — By removing the need for client-side software installs and downloads, PrizmDoc Cells sets the stage for enhanced version control. While users can view and edit spreadsheets with the right permissions, these spreadsheets are continually updated with the most recent changes to ensure version consistency. 

• Start ASAP — PrizmDoc Cells makes it easy for companies to get started and get building their best-fit spreadsheet solution by using the simplicity and speed of Docker containers. Instead of worrying about potential conflicts with other software or issues with specific operating system requirements, companies can start up a PrizmDoc Cells container in a matter of seconds.

Securely Embed Your Data Now

Even as the value proposition evolves, the volume of spreadsheets processed by financial firms continues to grow. For industry operators, this presents a challenge: How do they align evolving client expectations with current spreadsheet limitations? 

For ISVs, this offers an opportunity. Empowered by PrizmDoc Cells, vendors can offer a new take on spreadsheet form and function that delivers ease of integration and on-demand customization without breaking the bank — or increasing regulatory risk.

Unlock the PrizmDoc Cells potential — try the online demo today and experience the future of formula and function.

There’s no easy way around it. We live in a digital world where paper is less and less efficient to manage. Email started the first round of digital transformation, but now our inboxes get flooded with messages making it almost impossible to get the job done on time. Not to mention, the potential security risks if documents are lost or stolen in cyberspace.

So what’s the solution? A simple process automation platform that enables your team to evolve your business process. Now you can stop using outdated methods of the 90s, like passing paper forms from desk-to-desk or using your inbox as your task list, and start operating efficiently. Discover how Docubee can simply automate your forms and processes so you can get back to work.

Fast Form Creator

Forms are a critical piece of most business processes no matter what industry you’re operating in. The fast form creator helps you create reusable digital forms in minutes by automatically finding and placing fields on documents so you don’t waste time manually updating static forms. Why print, scan, and fax paper forms when you can easily create digital assets? With Docubee, you can eliminate manual processes and streamline your document-based workflows.

Dynamic Web Forms

Creation isn’t the only challenge when it comes to forms. Companies need a faster, more accurate way for their customers and employees to complete forms in a mobile world. So why use static PDFs and paper forms that make collecting data tedious and time consuming? Even email, spreadsheets, and chat fall short when it comes to collecting and syncing data to your other systems.
With Docubee’s dynamic web forms, organizations can collect data faster and more accurately with mobile-responsive web forms. Designed to support today’s on-the-go teams, Docubee gives you the freedom to complete tasks from the field, the office, or wherever you need to get the job done.

Process Builder

Having a standard process in place helps every project move from start to finish more efficiently. Many organizations have processes that are undocumented and difficult to duplicate. Wouldn’t it be easier to lay the foundation to allow your business to grow before it gets out of control? With Docubee’s process builder, you can easily map, replicate, and update your business processes with an intuitive, no-code workflow tool.

Give your organization the ability to scale and have more visibility into existing processes. With no custom-coding required, you can create new processes quickly and update them on the fly as your business evolves. Don’t put your company at risk of non-compliance. Standardized processes are the key to taking the guesswork out of completing mission-critical tasks and alleviating your company’s growing pains.

Digital Signatures

Your John Hancock is not what it used to be. Ink and paper are tried and true, but in today’s digital age, there’s a more secure and efficient way to approve official documents. With Docubee’s digital signatures, you can ensure documents get signed and returned quickly from any device. With wet signatures, there’s no audit trail. Not to mention the hassle of printing, scanning, and emailing. With a growing mobile and remote workforce, you can avoid documents getting stalled in the signing process. Don’t wait for the signer to get back to their desk to physically see the hard copy waiting to be signed. Docubee provides legally-binding digital signatures for secure, trackable transactions.

Auto-Merge

Requiring the same data, say your name and address, to be entered over and over again into several forms is just a waste of time. Why make it more difficult than it has to be? Docubee can help you auto-merge your data directly into your form and document templates. Enter it once and your data flows seamlessly across all your forms and your other systems. Eliminate human error and get the right information into the right hands faster. Discover a more efficient way to populate your data with Docubee.

Everyone needs efficient, structured business processes that digitize cumbersome email and paper-based workflows. Add value to your business, boost process efficiency, and empower your team to get work done faster with Docubee. Ready to get started? Schedule a demo today.