Rebuildingsociety has partnered with Virtual Finance Director (VFD) so that the platform’s borrowers can receive reports on their accounts, future cashflow projections and help with loan applications.
The platform has plugged in with VFD, giving its borrowers free access to the accounting software. It acts as a finance director for firms and produces reports on their data, telling them whether they are at risk of future cashflow problems and helping them plan ahead and prepare lending applications.
“This is a free value-added service our borrowers can access if they want to,” said Daniel Rajkumar, founder and managing director of Rebuildingsociety.
“It’s difficult for businesses to plan for the future at the moment given the uncertainty and any tools which can help with forecasting and comparing different scenarios is helpful.
“The more businesses can do to prepare for different eventualities, the more likely they are to succeed through these challenging times.
“By making tools available to help businesses simulate future trading scenarios we hope to accelerate the recovery process for some businesses that have used our platform.”
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Steve Darnell, chief technology officer at VFD, said that VFD can also help businesses prepare loan applications to Rebuildingsociety and loan applications under the coronavirus business interruption loan scheme (CBILS).
“We make it easier for business owners to prepare and present information,” he said.
“Instead of asking business owners to submit time-consuming lengthy loan proposals to lenders, we remove that and easily put together projections of cashflow to see if there are problems and show if business plans are affordable or not.
“With Covid-19 emergency loan schemes all banks and lenders are using a certain type of methodology and I was gobsmacked to discover the majority of business owners and accountants don’t know how to submit an application using this.
“A lot of firms are failing to get finance because they just don’t know how to prepare the application. We make it easier for businesses to apply for loans and CBILS.”
Rebuildingsociety can also monitor businesses’ accounting information without their log ins, due to the plug in with VFD, and see if borrowers can afford loans or are entering into troubles with their finances.