Bank reporting

Bank Reports

The use of bank finance is a key business function of most businesses and the investment assets for the families that own them. And managing the relationship with your financier through the ongoing provision of bank reports, financial accounts and reporting on bank covenants is part of relationship management.

At Westcourt, we understand that the person most likely to look at your reports is your bank – more so than the ATO. And understanding how the bank wants you to present reports and communicate to them about the operation of the business, and doing that consistently, will impact your ability to borrow money, the cost of interest and the speed with which you can obtain money.  

The management of your bank relationship also goes through the bank reporting of financial information. So, we will actively work closely with your team to ensure that business plans adequately capture the culture and vision of the business while also targeting the presentation to your bank’s needs.   

The management of your bank relationship will also involve the management of renewal dates and security positions taken. So, presenting a loan security matrix mapping the presence of directors guarantees, general security charges, asset security and PPSR registrations will also present part of the bank reporting “pack” that many family businesses will then show to their lender. And that process of bank reporting is often done collaboratively with a finance broker or mortgage consultant who knows which lender has the most aggressive appetite for bank reporting.    

And while a bank might have its loan securities impacted, the presence of other family assets can help a bank understand the strength of character of the loan application. Such simple items as an organisation chart and a statement of net assets across the group, including all affiliated entities, will significantly affect the presented finance application and bank reporting pack.    

Further, the production of consolidated tax debt reports, ATO running balance accounts and accountant’s certificates for banks quickly (within a day) is also an essential part of the bank reporting obligations.      

Westcourt is ideally suited to assisting a family in business to manage their bank reporting obligations and prepare finance packages. Our deep experience in starting our own business, together with specialists with decades of experience in the family business, has given us a unique perspective in understanding what a bank needs from a family business with the bank reports and finance applications – so why not call us today.