2 min read
The gap filed accounts leave
Statutory accounts are annual and, by the time they are filed, historic. A lender assessing current trading wants to see how the business is doing now — which annual accounts cannot show.
What management accounts add
Management accounts give a recent profit and loss, balance sheet and cash summary, evidencing current cash flow and margin. Clean, timely ones can turn a maybe into a yes.
What it means for you
Keep your bookkeeping current so they are always a click away. Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Are management accounts required to borrow?
Not always, but they are frequently requested, especially for larger amounts or where recent trading is the key to the decision. Having them ready speeds and strengthens an application.
How recent should they be?
As current as possible — ideally within a month or two. The more up to date they are, the better they evidence the cash flow a lender is lending against.
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Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.