Financial Document Requirements for Verification Processes
Overview of Financial Document Requirements
Verification of financial details is a crucial part of underwriting and processing applications. The process helps ensure that your financial data is accurate and meets the application's requirements. To complete this step, specific financial documents may be requested, depending on the application type or other factors.
Financial Document Submission Options
To provide the required financial verification, you have multiple submission options. These methods ensure that even if connecting your accounting software or bank account is not viable, you can still move forward with your application.
Manual Document Submission
Manually submitted documents for underwriting typically include:
Profit & Loss and Balance Sheets organized on a monthly basis for recent years, including 2023, 2024, and any completed months for 2025.
The last six months of bank statements.
Accounts Receivable (AR) and Accounts Payable (AP) aging reports.
Alternative Documents
Depending on the context, annual financial statements may be an acceptable alternative for certain application types, specifically for programs like Working Capital. Confirming specific requirements with an Account Executive (if applicable) is recommended to ensure alignment.
Factors Influencing Document Requirements
The specific type of financial documents required may vary depending on:
Application Type: For example, Working Capital applications might have specific flexibility such as accepting annual over monthly statements.
Process Flexibility: If connecting bank accounts or accounting software is not feasible, manual submission options can be explored.
Key Takeaway
Proper documentation is critical for verification processes. While there is flexibility when submitting financial records, including alternatives like annual statements or manual reports, ensure that you confirm specific requirements that apply to your situation.
For further clarification or guidance, please consult the application-specific guidelines or contact an Account Executive if applicable.