Poor accounting hits investments

22 January, 2010

The Forum of Private Business says small firms are failing to get finance because they aren’t presenting their management accounts in the correct format to the credit industry.

A survey by the FPB and Creditpal – a free accounts analysis system for small businesses – found? firms were trying to take steps to manage costs internally rather than go through the rigmarole of applying for new finance?.

The FPB said the need to show current management accounts would increase in 2010, as historical accounts filed at Companies House would generally start to show the recession’s worst trading figures?.

Chief executive Phil Orford said: “Business owners should be proactive in controlling their own destinies by providing thorough financial projections utilising new systems ??to produce up-to-date financial information.”?

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