Web-based technology produces management accounts
Published: 14 January, 2010
BLACKPOOL: Recession-hit small businesses are actively managing their cash flow yet struggling to access finance because they are not presenting their management accounts in the correct format to the finance and credit industry.
The news follows the latest research from the Forum of Private Business (FPB), commissioned by CreditPal, the free accounts analysis system for small and medium enterprises (SMEs).
In an economic environment characterised by continuing credit restrictions, clear and thorough financial information is increasingly being demanded by the finance and credit industry when assessing lending risk.
A solution is being provided by CreditPal’s free management accounts analysis and financial information supply service, which offers a free, speedy and in-depth analysis of an SME’s entire management accounts, thereby saving an average UK business hundreds of pounds per year.
“There is little doubt the UK has entered a new era of business finance,” said the FPB’s Chief Executive, Phil Orford. “While it remains unsustainable for lenders’ decisions on credit worthiness to be made generically, using over-centralised risk aversion criteria, business owners should be proactive in controlling their own destinies by providing thorough financial projections utilising new systems that enable management to produce up-to-date accurate financial information.”