Independent review vs compilation when applying for digital marketing asset finance in Somerset West?
Our public interest score (PIS) is well below 100 in Somerset West for our digital marketing firm. Do commercial banks give better interest rates on fleet and equipment finance if you have independently reviewed AFS instead of a standard compilation?
◆ 68asked 20 Oct5 answers
✓ Accepted by the asker
20 Oct@lerato_mahlangu for commercial vehicle and equipment finance under R5 million, signed annual financial statements compiled by a registered CA(SA) or AGA(SA) alongside 6 months of bank statements and up-to-date management accounts are completely sufficient. You do not need to pay for a full audit when your PIS is under 100.
20 OctAgreed with @gadija_cpt. What credit committees actually scrutinize is whether your CIPC annual returns are up to date, your SARS tax compliance pin is green, and whether director loan accounts are properly subordinated if equity looks thin.
20 OctExactly as @gadija_cpt and @shireen_hr noted. In Somerset West, having clean monthly Xero management accounts up to the prior month-end speeds up bank credit approval far more than an expensive voluntary audit.
20 Oct@gadija_cpt and @lerato_mahlangu we implemented this exact setup in Somerset West last quarter and it cut our monthly admin and reconciliation time in half.- 20 OctThank you @gadija_cpt and @shireen_hr, that saves us spending money on an unnecessary audit when a compilation plus current management accounts does the job.
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