Businesses are often burdened with the tedious task of filling out various forms, which can consume valuable time and take away from their already overwhelming to-do lists.
These include:
However, obtaining the necessary information for these forms can be a daunting task as the required data is often hidden behind numerous spreadsheets and reports that can take hours to create and analyse.
One area that requires an extensive search for the latest figures in the accounting software is business financing.
In order to secure appropriate funding from equity investment, bank financing, overdraft facilities or loan capital you will need to provide banks with precise, dependable, and quantifiable financial data for them to analyse and understand.
It can be difficult for time-crunched businesses to have the time and knowledge to locate, present and supply the appropriate information quickly.
Your preferred accounting software, such as Sage, QuickBooks, or Xero, provide the simplest method for obtaining the relevant information from management reports, however, these reports can lack the detailed and precise information needed by the banks and are often not presented in the appropriate formats.
Banks often require more granularity on this information. As a result, it is crucial that the figures are readily comprehensible, trustworthy, and provide the utmost essential information to instil confidence in the business and support the application for the bank.
Mark Donaldson, CEO from Roveel said that “Being able to generate reports quickly and in a suitable format instils confidence in the company too and provides that extra reassurance that goes a long way to support an application”.
Often, raising finance will require forecasts or various forecasting packs which can be supplied from third party systems such as Castaway or Futrli. The key component to making any forecast or budget is the fundamental understanding of the numbers and their trends. Using Roveel to obtain this granularity is key to generating a meaningful forecast and ensuring the assumptions are built on a solid foundation.
During the peak of the 2020 Covid pandemic, which caused steady markets to be inconsistent and unpredictable, there were significant numbers of loan applications and refinancing processes that were being submitted with the relative low interest rates at the time. Roveel as a dashboard and reporting platform was instrumental during this period for many businesses. We spoke with a large number of businesses that were going through this process during that period, applying for CBILS and Bounce Back Loans and the common thread was that Roveel gave these businesses the granularity and detail required by these banks during a very uncertain time in global economic conditions. Using Roveel the speed of completion of the loan applications was increased significantly.
Preparing information for the bank with a degree of granularity and detail gives them comfort that they are not just numbers on a page. This is crucial when it comes to creating the best possible finance application. Roveel drills down into the underlying information, sales, margins, EBIDTA, and your net profit, all of which are stored within the platform, and can quickly be exported into Excel and attached to a loan application.
One of the principle roles of Accountants in businesses will be to prepare these documents, reports and forecasts for the bank and they charge for doing so. This is so they can define the business’s performance and governance in a manner that is easy for the bank to comprehend and measure. That’s fantastic, however, this process will still require access to the underlying data to get to those and identify the key business metric assumptions.
Roveel is a powerful dashboard reporting tool that enables fast access to the granular data that assists businesses in comprehending, digesting, and analysing information that is available for forecasts, reports, and any bank loan applications.
These include:
- National Statistic Returns
- Insurance renewals
- Finance Information Requests from Banks
However, obtaining the necessary information for these forms can be a daunting task as the required data is often hidden behind numerous spreadsheets and reports that can take hours to create and analyse.
One area that requires an extensive search for the latest figures in the accounting software is business financing.
In order to secure appropriate funding from equity investment, bank financing, overdraft facilities or loan capital you will need to provide banks with precise, dependable, and quantifiable financial data for them to analyse and understand.
It can be difficult for time-crunched businesses to have the time and knowledge to locate, present and supply the appropriate information quickly.
Your preferred accounting software, such as Sage, QuickBooks, or Xero, provide the simplest method for obtaining the relevant information from management reports, however, these reports can lack the detailed and precise information needed by the banks and are often not presented in the appropriate formats.
Banks often require more granularity on this information. As a result, it is crucial that the figures are readily comprehensible, trustworthy, and provide the utmost essential information to instil confidence in the business and support the application for the bank.
Mark Donaldson, CEO from Roveel said that “Being able to generate reports quickly and in a suitable format instils confidence in the company too and provides that extra reassurance that goes a long way to support an application”.
Often, raising finance will require forecasts or various forecasting packs which can be supplied from third party systems such as Castaway or Futrli. The key component to making any forecast or budget is the fundamental understanding of the numbers and their trends. Using Roveel to obtain this granularity is key to generating a meaningful forecast and ensuring the assumptions are built on a solid foundation.
During the peak of the 2020 Covid pandemic, which caused steady markets to be inconsistent and unpredictable, there were significant numbers of loan applications and refinancing processes that were being submitted with the relative low interest rates at the time. Roveel as a dashboard and reporting platform was instrumental during this period for many businesses. We spoke with a large number of businesses that were going through this process during that period, applying for CBILS and Bounce Back Loans and the common thread was that Roveel gave these businesses the granularity and detail required by these banks during a very uncertain time in global economic conditions. Using Roveel the speed of completion of the loan applications was increased significantly.
Preparing information for the bank with a degree of granularity and detail gives them comfort that they are not just numbers on a page. This is crucial when it comes to creating the best possible finance application. Roveel drills down into the underlying information, sales, margins, EBIDTA, and your net profit, all of which are stored within the platform, and can quickly be exported into Excel and attached to a loan application.
One of the principle roles of Accountants in businesses will be to prepare these documents, reports and forecasts for the bank and they charge for doing so. This is so they can define the business’s performance and governance in a manner that is easy for the bank to comprehend and measure. That’s fantastic, however, this process will still require access to the underlying data to get to those and identify the key business metric assumptions.
Roveel is a powerful dashboard reporting tool that enables fast access to the granular data that assists businesses in comprehending, digesting, and analysing information that is available for forecasts, reports, and any bank loan applications.
Roveel is a powerful dashboard reporting tool that enables fast access to the granular data that assists businesses in comprehending, digesting, and analysing information that is available for forecasts, reports, and any bank loan applications.
