A loan can instantly help you grow your wealth or your business. You don't have to pay taxes on money secured through a loan, making this an excellent way to ensure you have spending money without liquidating your assets. You can also use a working capital loan to get through a rough patch. However, a business accountant must ensure you secure the perfect loan to meet your needs. Let's look at how they can help you.

They Do Networking

Accountants already have a massive network of people they work with, including lenders. This ensures they can quickly help you find a lender to approve your loan. Professional accountants will also speak with others if they're at a loss, making the entire process quicker. Handing this stressful process to a professional ensures you can sit back and relax.

They Walk You Through the Approval Process

Various lenders have different requirements. While some lenders will consider your credit score, others will work with you based on collateral. They often consider the annual revenue when determining if they approve a business loan. Accountants will look at what you have, such as collateral and your current credit score, to help match you with a lender.

They Help You With Paperwork

One mistake on the paperwork can quickly lead to you being denied a loan you would otherwise qualify for. Accountants will handle most of the paperwork for you. They'll ensure you submit all required documents to the lender. These professionals can also communicate with lenders to make sure you have the opportunity to submit any missing paperwork.

They Complete an Analysis

One key aspect of acquiring a business loan is being able to paint a clear picture of your business's finances. This includes current revenue and expenses, your business's length, and projected profits. Your accountant will complete a comprehensive company analysis to help secure your chance of being approved for a loan.

They Review Documents

Most loans come with a stack of documents, including requirements. Your professional advisor will carefully review them to inform you of the loan criteria. They'll double-check the list of requirements to ensure you don't hurt your credit score by getting denied. This can save you hours and ensure you fully understand your loan.

According to Fit Small Business, 1.3 million accountants and auditors are American employees. However, you don't have to sift through them all to find the perfect business to work with. Just call us at Schaeffer CPA when you're ready to get our help with your future loan.