Our firm provides a wide array of bookkeeping services. My partner and I both have clients that we visit weekly, monthly, and quarterly. We also have clients who bring their bookkeeping to us in our office; obviously most of the clients who bring their bookkeeping to us live near Fort Wayne, Indiana. We have other clients who mail their bookkeeping to us or provide us access to their information electronically.
In our area some of the banks are “calling” some of their loans. When a bank “calls” a loan the borrower must pay the balance of the loan back to the bank within a specified time period, often 30 days.
I have a client who had his loans “called.” He had been a loyal customer for many years and made his payments to the bank as required; however, his business is in an industry that his bank considered “high risk.”
The client had 30 days to pay back the entire loan balance. To pay back the loan balance he had to take out another loan with a different bank. In order to take out the new loan the new bank wanted his current financial statements. This required a lot of bookkeeping to be done in a very short time…
All businesses should have their bookkeeping done periodically!
Mike Sylvester, CPA/ABV
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