APPLY NOW Blog DPADMIN SEPTEMBER 14, 2021 RESOURCES What Makes An Effective Personal Financial Statement and How Do You Create One? Personal Financial Statements are vital to the success of a loan application. The key to making it easier to set up is to get one now and routinely update it as time goes on. If you don’t have one, now is a great time to start, that way you can be ready for whenever you’ll need a loan application. Pick your software. Microsoft Excel can work, or choose to go a more advanced route with Quicken or QuickBooks. Start a balance sheet and income statement. These are big in determining how much you are worth and what you can count on each year. Gather all the info you can. Having the most accurate and up-to-date personal financial statement is important to any financing you apply for and can be useful in other business opportunities that present themselves as well. Pay attention to your credit history, beyond that of your personal credit history. Banks and finance companies look to past credit to determine if a deal can work on their side. Per Brian Bourne, business development associate at KLC Financial, the best personal financial statements show the most complete picture possible of your finances. Whether it is adding proof of a mortgage, bank statements, car payments, 401K; each of those items paints the best picture possible of your finances. In some cases, the accuracy and detailed nature of a personal financial statement can have a large impact on the financing picture. Make sure it is complete, but also aim to make it look as professional as you can. The few software pieces listed above can be a start, but make sure to showcase your finances in a way that makes it easy to read and understand, as well as look nice. Some of these tips along with your strong financial history can be the next step to getting the financing you and your business need to thrive and expand. Make the smart financial decisions you need and keep them documented as good as possible with detailed personal financial statements, that way your business can be ready to be approved for financing to take that next step. You can share this post! Facebook Twitter Linkedin Leave A Comment All fields marked with an asterisk (*) are required Save my name, email, and website in this browser for the next time I comment. POST COMMENT SEARCH Recent Posts Apex Directional Drilling What Makes An Effective Personal Financial Statement and How Do You Create One? What’s Holding Back Businesses From Getting Financing They Need Leasing Benefits for Business Diversifying Lending Recent Comments No comments to show. Search for: Recent Posts Apex Directional Drilling November 8, 2021 What Makes An Effective Personal Financial Statement and How Do ... September 14, 2021 What’s Holding Back Businesses From Getting Financing They Need September 14, 2021 Leasing Benefits for Business August 30, 2021 Contact Us SEND MESSAGE Connect with one of our equipment financing specialist! 952.224.4300 KLC Financial Inc has been financing equipment like yours since 1987. Getting Started Print Application Secure File Transfer Apply Now Get More Information Contact Info Our support team is available to help you with equipment financing solutions. 3514 County Road 101 Minnetonka, MN 55345 952.224.4300 info@klcfinancial.com Copyright © 2021 KLC Financial, Inc. Privacy Policy