By Ashley Preen
July 11, 2019
Anyone can successfully go through the loan process without an accountant. But hiring an accountant increases the chances of getting the loan. Moreover, it can save a lot of time. Large businesses usually have accountants, so it is no big deal for them. It is small businesses that suffer the consequences.
In addition to successful loans, hiring an accountant can have other beneficial impacts. Funds are looked after properly. The time that is saved is valuable. The bits of advice of the accountant is far more professional than someone with little or no knowledge of accounts. Thus, hiring an accountant is a win-win situation as it is only going to benefit in the short and long run.
Getting a small business loan is one of the most significant challenges faced by owners. The most valuable thing to a small business owner is time. The owner cannot spend hours on loan application, doing things he is not familiar with. Moreover, banks require a strong business financial profile for a loan. They like to know if they’ll be getting back the money. Since it is quite common for banks to reject loans to small businesses due to weak financial profiles, having an account becomes necessary.
Other lenders also need a guarantee for the return of payment. They need to be convinced by a robust financial profile. Only an accountant can manage all your financial documents correctly. By doing what he does best, he can easily increase your chances of getting the loan.
Usually, small businesses find it hard to decide when to hire an accountant. Needing funds through loan could be the deciding stage. You just have to look for the right accountant.
Ask for the services they provide. Dig into the experience they have and in what industry. Decide everything beforehand and negotiate the fee. Once you have signed a contract, you have automatically increased your chances of getting a loan.
Another place you can look at for getting a loan or help is Iwoca Accountants.
The accountant is always up to date about your financial standings. He has all the balance sheets worked out and the financial documents ready. Given this, he can easily give professional advice about when to go for a loan. Moreover, he will know where to get the loan from.
An accountant will get you in contact with the right people. He can introduce to you all the loan options available, including the bank. He will know where to go if the bank has already rejected. Having worked in the field, he can best guide you about the better offers. Which offer has better rates and which lender has a better reputation. Your accountant can also tell whether the terms and conditions of the loan are favourable for you.
Pearl accountants are currently offering services to businesses. They can provide you with all the mentioned services in this article. Their services are available to people ranging from businessmen to contractors as well as start-up owners.
Many borrowers are unable to vocalize what they actually need. An accountant comes in handy here. Having a sense about the incoming and outgoing funds, he can tell whether getting a loan is necessary or feasible at the moment. If a loan is required, then he will know what range of amount is affordable for you. The future and current prospects of a business are well rooted in the mind of the accountant. He can organize a plan on how to return the loan with the interest while staying on the safe side.
This is another major factor that lenders look upon while deciding whether to give you the loan. A borrower who has no knowledge of accounts and finance cannot convincingly put out the purpose of the loan.
The accountant, however, can be a master at it. He can qualify the needs of the company and articulate the purpose of the loan. Using knowledge from different industries, he will know how to attract banks or lenders to provide the funds.
The accountant can portray the future prospects and growth of the business elegantly. The lenders are attracted if current profits are good and future profits are even better. This is where the accountant uses his skills and knowledge to convince them.
The accountant is easily the most familiar with the business’s finances. Having this knowledge at hand enables him to answer all the lender queries with perfection. He can talk about how serious you are about the loan and your financial capacity to return the loan with confidence.
The convincing powers of an accountant make him a better outlook for catering the lender’s queries and questions. He can help you stay on top of your business’s financials at all times.
Having an accountant makes the business look good. Usually, banks are impressed by the fact that an accountant is closely working with the firm. This gives the idea to the lender that you are serious about your business. Any lender would like to go through the financial documentation. If the documentation is in an organized manner and well presented, it will please the lender.
Many small businesses don’t hire an accountant to save up costs. Some even use software to manage their balance sheets and record of funds. However, having a professional work with you in person is quite different and has its advantages. Everything mentioned above is a testament to the fact that having an accountant can get you the loan. So, don’t wait for it and hire one!
Given all the difficulties withdrawn with the addition of an accountant, it can be easily said that hiring one can significantly increase the chances of a business getting a loan they need. Benefits such as saved time, perfected loan applications, advice about financial matters, advice about the growth of the company and future prospects are all in the package that an accountant comes with.
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Pearl Accountants are unique as you can get. They have a great one to one service and they always answer your queries in a fast and professional manner.
I find Pearl when I opened up my limited company. I was clueless, but Pearl Accountants kindly assisted me in the best way so I felt at ease and understood how the operation works.
Everything was explained clearly in detail and I could ask as many questions as I wanted. They were never rude or impatient, just happy to be there to help.
Naila MughalDirector
The client had previously missed a few deadlines with HMRC and Companies House and needed a hands on approach
Wanted to ensure they have a proactive team so that no deadlines were missed and full end to end bookkeeping carried out
Client was introduced to a dedicated accountant who filed all outstanding accounts and appealed for any penalties by HMRC
After being in business for years, I must admit that Pearl Accountants are far the best accountants I have worked with. They are helpful, friendly and trust worthy and most of all provide excellent tax advice.
They provide high-level client care. I would certainly recommend Pearl Accountants to all.
Bobby LiddarDirectorInvoice factoring complications led client to inaccurate bookkeeping and unclear of clear reporting requirements
Processing the invoicing system accurately with clear and transparent management reporting was key
Processing the invoicing system accurately with clear and transparent management reporting was key
Pearl Accountants have been my accountants for many years and have been a great asset to my businesses. They have a strong team and knowledge is second to none. Very happy with the service and professionalism from them. Will continue to recommend them to my network.
Huzefa BharmalDirectorPaying huge taxes without any tax efficiency and lack of understanding on various VAT aspects.
Minimise tax bills and ensure the business was compliant with HMRC and Companies House
As a startup graphic design company, we ensured the client used tax allowances and efficient payroll structures to withdraw money
Holborn based laser hair removal company joined us with a view to expanding their business on a large scale. They undertook accounting and advisory services which helped them grow above their rivals.
Holborn based laser hair removal company joined us with a view to expanding their business on a large scale. They undertook accounting and advisory services which helped them grow above their rivals.
Achieve a national presence and grow organically through current business model
We came on board and advised client on tailor made business strategies to achieve their online and brick and mortar presence.
We have been using Pearl Accountants for over 10 years and developed a very good business relationship. Very clear instructions with easy to follow accountancy system in place. Great expertise in tax efficiency, as well as business, grow and development services. One of the best-chartered accountants in town.
We have already recommended your services and will share our good experience with others in future.
It is always someone available on the phone but if not available at the time your accountant will always call you back.
Complete peace of mind with prompt and clear communication so no deadline missed.
Very satisfied.
Dalia SreiderieneClient was growing very fast with inability to keep track of growth with no cloud accounting setup and no integrations
Time saving on bookkeeping and clear vision of profitability management reports. Setup with cloud integrations.
Recommended a online cloud solution with time saving applications and clear breakdown of monthly profitability.
We recently migrated to Pearl Accountants from large national accounting firm. Transfer was easy and faultless. Friendly staff at Pearl lead us through the process with ease. Initially we were drawn to their service because of their attractive pricing structure. However it quickly became apparent to us that we were getting a lot more for our money than we initially thought as they are happy to stretch the engagement to all sorts of additional advice. Thumbs up to Pearl Accountants.
Alex TrbojevichManaging DirectorNo clear strategy for business growth or tax planning reduction techniques
To achieve business advisory, tax planning and accurate reporting requirements
Recommended a online cloud solution with time saving applications and clear breakdown of monthly profitability.
Our client, a well established practising solicitor in the UK required a headache free service to ensure their accounting requirements were met and cloud accounting solution setup
Harjap Singh BhangalDirectorToo much time was being consumed in bookkeeping and previous accountants missed various deadlines
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Advised client to forward us everything in ‘shoe box’ style and provided full breakdown regularly to keep informed.
They make me feel that I am a valued customer and to me what makes Pearl accountants unique is their helpful team of dedicated staff members. Their response is always prompt and it makes the daunting task of accounting really easy for me. Pearl Accountants is really a five-star accountant company.
Saira JafriDirectorAs a franchisee tuition business, the client did not have the right advise to reduce taxes or a proactive accountant to advise where needed
Reduction in taxes through governmental tax subsidiaries and requiring more time to focus on the business.
A dedicated accountant was assigned to ensure deadlines were not missed and review of tax strategies.
Our client was in need of a specialist contractor accountant to remain compliant and ensure they did not fall in IR35.
Client required advisory on payroll and VAT solutions and filing of accounts at year end.
Duaine Keith StewartNo clear direction on IR35 nor guidance on allowable expenses that could be claimed.
Ensure the contractor company was compliant with HMRC and Companies House and advisory on saving taxes.
Provided a full explanation and review on IR35 and guidance provided on which expenses could be claimed to reduce taxes
Our client having a property portfolio in Switzerland required a specialist accountant that understood the UK tax legislation whilst having a thorough understanding of overseas tax implications.
Marianne Comfort Overseas and UK income not declared, needed tax returns filed for previous years and appeal to HMRC for outstanding penalty
Paying taxes in the UK and overseas, wanted help understanding the tax system so avoid paying taxes twice.
Appealed successfully for prior years penalties and filed all outstanding returns. Thorough review of all tax allowances available.
Our client joined us after losing track of their finances and needed someone they could turn to for help. We came on board and reviewed their internal bookkeeping arrangements and recommended efficiency to lower their input on areas which could be outsourced to us.
Rosie AbrahamsDirectorNo real track of profitability or clear vision of expenditure along with weak internal processes.
To achieve a clear breakdown of expenditure and ensure the current setup for bookkeeping was run more efficiently.
Recommendation on reporting packs, internal processes and online applications to integrate for payment reconciliation.
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