Lend.com.au is to launch a program to help brokers to educate themselves about SME finances. With the SME market providing increasing opportunities for brokers to expand their footprints, Lend are looking to help brokers to get ahead by delivering a series of webinars that will be led by accountants with experience in both mortgages and SME lending.
“It’s crucial for brokers to understand how SME accounting works because you rely on this data to provide information to lenders to make an accurate assessment on loans,” said Davie Mach, Director at Box Advisory Services and a leading small business accountant.
“Without having a baseline knowledge of SME accounting, you could be leaving money on the table. I’ve found that brokers that have strong knowledge on SME accounting generally have a better chance of securing commercial loans for their clients.”
With the end of the financial year (EOFY) on the horizon, this is the perfect time for brokers to get up to speed on accounting and how it affects their SME clients ability to lend.
“Now is the perfect time for brokers to begin to think about how accounting matters affect their clients,” said Mach.
“As a broker, it’s not purely transactional and about the finances. It’s also about the service and expertise you provide by advising how best to access commercial loans suited to the client’s situation. Therefore, EOFY is a great way to be proactive about this and help SMEs with advice regarding their accounting as the lenders heavily rely on the EOFY financials and numbers.”
The courses will be hosted by Donelle Brooks, Head of Third Party at Lend. “This initiative is a win-win for our broker network,” she said. “The LendED small business accounting education program will give brokers more tools to get better traction with their clients, but will also provide insights on how their own businesses can be supported.”