No matter what type of business you are, having current financial statements is important on so many levels. Not only does it provide an accurate overview of the business, it allows for quicker decision making by owners and business vendors. Many times when organizations need vendor services, primarily banking services and products, the first thing the vendor will ask for is the most current financial statements. If your company can’t provide full, up-to-date financial statements, chances are the vendor will delay making any definitive decisions till more accurate and current information is available. Obviously this could stall your business from expansion and growth opportunities.
To further understand the necessity of on-time statements, here is an example Coveted Financial has come across:
A unique growth opportunity presented itself to a Chicagoland construction services firm where a new client wanted to enlist their help with a large project. To complete the project the construction firm would need to outfit the company with a couple new pieces of specialty machinery totaling over $1,500,000 in cost. The construction firm went to their banker for a loan on the purchase of the machinery; however current statements were not available. It took the construction firm roughly two months to compile the paperwork and then it took another two weeks for the bank to review the loan. By the time the construction firm had the funds to purchase the machinery, the prospective new client had already moved on to a competitor.
Coveted is able to help Chicago and suburban businesses succeed by giving them the means to generate accurate monthly financial statements so that they can succeed and grow. When our clients succeed, we do too. Therefore, we meet with our clients regularly and help overcome any obstacles that may lead to late financial statements. Contact us today to learn more about our retainer services for Chicagoland area businesses.