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Software Set To Play a Vital Role in Business Borrowing
Lloyds Banking Corporation is trialling new software to validate the monthly financial records of business borrowers.
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Software Set To Play a Vital Role in Business Borrowing
Lloyds Banking Corporation is trialling new software to validate the monthly financial records of business borrowers.
What does this mean to small business?
The move is likely to see a shift in how companies are assesed for credit by their potential lenders.
The traditional method of yearly audited figures will be replaced by monthly management accounts as the basis from which small to medium businesses obtain loans.
Mr Chris Poll, a statistics entrepreneur, stated 'Banks are not lending enough to business because they need more up to date financial information'. Small to medium businesses must have the correct systems in place to provide accurate and up to date financial information to potential loan providers.
Source - Financial Times 29.06.2010
How accurate will your financial reports be when you apply for credit?
To find out more about ensuring your company's finances are accurate and up to date please CLICK HERE.
