When we are sought out for help with financing, we know any lender is going to expect a lot of company information. For an existing business they will request up to three years financials, year-end financial statements and info within 90 days of the company monthly financials. For a start-up there are other financial information needed.
We often find business owners struggle to submit their financial documents. While it seems balance sheets and profit and loss have such valuable information they would be no farther away than the boss’ top right desk drawer. The truth is we sometimes wait weeks for a company to pull together financials. What’s up?
- Are small businesses being run on intuition?
- Are entrepreneurs measuring success by how much money they have in the bank.
- Or even with cheap and ubiquitous accounting packages in use everywhere, has the ability to create reports outstripped our understanding of the report and effectively rendered the report useless?
We’re not going to solve 1, 2, or 3 today. But we will say have a set of financials ready to go instead of waiting to assemble them causing delays. Contact us for ideas on financial readiness.