Behind the silver lining of any small business, there’s a cloud
Small businesses are facing unprecedented times where access to capital or funding can be more important than ever. Perhaps your organisation is part of the 70% of small businesses that need to fill some gaps in their cashflow in order to get back on track.
Or perhaps the past few months have guided you into expansion possibilities and a new growth trajectory. Irrespective of where your business is finding itself, access to business funding is vital.
Business owners are familiar with the curveballs that get thrown at small businesses during the traditional funding application process. You want to access lenders that is amenable to startups and small businesses that do not have a credit history as far back as required by the traditional financing application processes.
Mostly, you need the money ASAP to fund your next project or allow you to scale your growth. The fact is that traditional financial institutions will most likely require business plans, forecasts, creditworthiness, and security (which you most probably do not have yet) to demonstrate that you are a solid bet.
Betting on the cloud
Well, getting into the cloud with your accounting records can be of great assistance and should be the first application that you onboard.
You’ll gain access to great benefits when running your cloud accounting software, such as Xero:
Apart from the beauty of cloud accounting software and the flexibility that offers your business, it can also be of great assistance when sourcing funding.
Time is money
You will save massive amounts of time, by sharing financial reports directly to potential lenders. Online and alternative lending institutions such as Lulalend and Bridgement connect with cloud accounting software like Xero. These are all designed to save you time. No need to print a few hectares of trees, fill them out and wait for the postal service to arrive.
When lenders have instant access to your financial information it enables them to approve and process funding faster, which can reflect in your bank account within 24 hours. This all can happen while you free up to focus on your business.
Accurate financial information
Up to date financial data gives a true representation of the financial position of your business. That means you stand first in line for the funding that you can afford. When you apply financial cloud applications there won’t be a need for gazing at the clouds waiting for up to date financial information.
This will also be helpful in gathering your forecasts when opting for traditional financing options.
Whether your organisation needs funding to invest in your business or managing your cashflow, reach out to your trusted advisors to assist you in dealing with your unique set of exciting challenges. Utilising cloud-based accounting software to the advantage of your businesses’ financial health should be your first priority, which will give you the much-needed time to free up and focus on your business.