Developing and maintaining relationships with the providers of financial services of the company is an essential function that is often overlooked. Proper understanding of the financial information and objectives of the company is vital to financial institutions in providing financing to maintain the company’s operations. By having a clear and open communication strategy the company can reduce time and expenses associated with fees charged by financial institutions and continue to ensure that capital is available when necessary of the company’s growth opportunities.
These relationships are also necessary with other service providers, such as tax accountants, auditors, attorneys and insurance brokers. Again, time and expenses can be saved when the company has clear and open communications when providing financial information. When management understands the financial information requested and can respond appropriately and timely, confidence is instilled with those providers that eliminates unnecessary efforts.
ESG can help your company through the following activities:
- Supported communication and interpretation with bankers, attorney, insurance providers
- Preparation of bank reports for financing requirements including borrowing base
- Preparation of audit and tax work papers requested from auditors and tax preparers
- Preparation of financial reporting/audit requirements from insurance brokers