Balancing books for bank compliance

One of Funancial’s clients found themselves in a predicament when the business bank account did not match the financial books of the company. As a small business focused on their product and servicing their clients, it can be challenging to be a financial expert on top of it!

When making an application at a bank, the requirement for books which matched the bank statement came to a head when a finance application was jeopardised. Before banks will engage with a client, they want to see the financial health of the business through its books, and in this case they were not updated or accurate. This could have undone the expansion of the business!

Funancial was asked to help bring the books up to speed, and not only did this but also drew up the necessary reports and balanced the books for the business to submit to the bank on time. Funancial also spent some time with this client showing them how to draw the reports themselves should they ever need it.

The bank was happy with the updated books and proceeded with the business with the clients, bringing a happy ending to a sudden crisis.