How to Get Your Books Together Before Crowdfunding A Small Business Loan
One of the biggest roadblocks that business owners who want to work with us face is the fact that they don’t have their books in order to easily get through credit analysis! This is an easy fix, so let us lay out for you everything you’re going to need to apply for your Honeycomb Credit loan.
We get it, it’s still kind of a lot. But there are ways you can get these around in time for your credit analysis meeting when you apply with us.
Get accounting software to get your books in order digitally
The days of the big, bulky ledger are long behind us at this point, and using accounting software can be a great way to remain on top of your books as a small business owner.
Quickbooks and Xero are two commonly-used software systems that businesses use to keep track of things like revenue and expenses as well as do invoicing and payroll. These softwares can connect to your bank accounts and payment systems like Square or PayPal to seamlessly record and manage your books.
Then, when it comes time to create statements like your profit and loss statement, your balance sheet, and your cash flow statement. These are all important to your loan application, when it comes time to apply for a loan!
Hire a bookkeeper
If you aren’t feeling as tech-savvy or confident handling your business’s finances yourself, you can always hire a bookkeeper to manage them.
A bookkeeper isn’t necessarily an accountant (though they can be). They’re basically someone you hire in an administrative sense to oversee payroll, invoices, credits and debits, and other accounts and ledgers.
On average, bookkeepers cost about $20 an hour, and if you think about the cost of your time poring over those ledgers, it’s definitely worth the cost! However, it’s also worth noting that there is a bookkeeper shortage going on (which actually predates the current labor shortage), likely caused by the proliferation of easy-to-use accounting software like the ones mentioned above. So, it might be difficult to find and hire a bookkeeper, but if you like a personal touch on your business’s financials it might be worth the effort of finding one.
It’s time to hit the books so you can hit the ground running with your crowdfunding campaign!
Don’t let having disorganized finances get in the way of getting your business the funding it deserves! Once you’ve got the documents together, we’re here to help you launch your Honeycomb campaign with ease so you can get growing your business on your schedule.
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