If your business is struggling somewhat in the current financial climate, it would not be surprising. The economy is tightening, and interest rates are rising. This means that many businesses are looking for some financial help in the way of a loan in order to get through the next few months / years / or whatever it takes.
Other businesses are doing very well thank you, but are looking to expand, and again that can require a large chunk of money – depending upon the type of business that you are running and the way that you want to expand. For example, if you run a restaurant, you may need to update your hobs and ovens, fridges, freezers, and so on. Or if your business uses a lot of vans or trucks, it may be time to invest in a new fleet, or part fleet.
All well and good, but in the current financial climate, loans are not so easy to come by, and your lender may require audited financial statements.
What Are These and Why Are They Necessary?
Why audited financial statements and loans? Well, basically, the lender wants an independent CPA to investigate your finances and vouch that they are legit. Hence why audited financial statements and loans are in the same sentence. A lender wants to know that the money that it lends to you is safe, and – most importantly – that you have the means to pay it back as and when it is due. If you think about it, that is fair enough. Obviously, if you were going to lend somebody some money you would want to be happy that it is going to be paid back, together with any interest, at the time agreed.
So, today, audited financial statements and loans go hand in hand. As an independent financial advisor and CPA, we are able to go through your accounts and produce an audited financial statement to confirm what we find so that you can go ahead and obtain the loan that you need for your business.
If you are running a small business in this climate, you may also like us to carry out your bookkeeping for you. Many people who run a small business do their work for five days a week, or even six, and then go home at the weekend and “do the books”. This can be a tedious job for those who really have no interest in the “math”! That applies to a lot of businesspeople.
You are an expert at what you do, and that is what you should be concentrating on. We are experts at bookkeeping, among other things, so we can look after all that hassle for you, as well as produce the audited financial statement that you need.