It’s no secret that California is a hub of entrepreneurship and thriving businesses. Our state is an economic engine that doesn’t seem to stop. In fact, there seems to be some debate over whether California is the 4th or 5th-largest economy in the world.
Profolus posted an article providing some details, with California ranking 4th behind the following:
The entire United States at 29.18 trillion dollars
China at 18.74 trillion dollars
Germany at 4.65 trillion dollars
California’s diverse population of 39 million contributes to our creative and robust business ecosystem. So, it’s understandable why our state is an economic powerhouse and also why our NorCal Bay Area is a top contributor to those numbers. Business owners, big and small, hustle daily to serve their customers and improve their offerings. When a business leader earns a little extra, they normally continue to invest in R&D, growth, and staffing. In fact, this is usually on the minds of smart company leaders. Many of these investments require loans, which means it’s going to take audited financials for SF businesses.
It’s Wise to Check Your Business’s Current Pulse Before Requesting a Loan
A business is like a living, breathing thing; it thrives or deteriorates based on its inner workings. And like a body, there might be small signals indicating a growing illness. If a business leader is preparing to secure a loan, they should start with a deep dive into what’s happening right now. Because when they submit a loan request to a bank, they’ll want to be in the best financial shape possible. investors want to dedicate their resources to the most healthy, promising business prospects.
Our CPA team can review your current business practices and financials. We can search for potential mismanagement of resources, identify weak spots, and advise on valuable improvements. This approach will help build stronger credibility with stakeholders and increase the likelihood of securing a business loan.
Some business owners might think they’ve already got an in-house financial expert in their CFO, who can manage audited financials for their San Francisco business. And that VIP may be at the top of their game. But are you sure your financial expert is following all U.S. Generally Accepted Accounting Principles (GAAP)? Or that they are leveraging business finances to their utmost use?
It’s always wise to double-check your financial practices, especially when you’re considering investing more in your business. Our CPA’s work with in-house financial professionals in a partnership. We show up to learn about your business and advise. We also work to ensure your company’s compliance practices meet the standards. The goal is to leave your CFO with new insights and more streamlined processes, so you can move forward with a solid financial picture any bank or venture capitalist would be eager to invest in!
