2 min read
Why management accounts help
Statutory filed accounts can be up to a year old. Management accounts — an internal profit-and-loss and balance sheet for recent months — show a lender how you are trading now, which is what really drives an affordability decision.
If you don't have them
Many small companies do not prepare formal management accounts. Recent bank statements and a report straight from your accounting software give a lender the same current view. Credicorp can assess on those where formal management accounts do not exist.
Applying
Provide whatever current numbers you have, then apply online.
Frequently asked questions
Are management accounts mandatory?
No. They help, particularly when filed accounts are dated, but bank statements and accounting-software reports can serve the same purpose for many smaller companies.
How recent should management accounts be?
As recent as possible — within the last month or two ideally, so they reflect current trading rather than a stale position.
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