Small Business Loan Documents
Our goal is to make sure your books are always telling the right story of your business, and loan documents play an important role in that story. They confirm:
- Interest Paid → recorded on your Income Statement
- Principal Paid → recorded on your Balance Sheet
- What about current loan liability balance?
⏳ The Challenge
Many lenders are still pretty old school. They send loan statements only by paper mail. And due to this, it can create a lag in finalizing your financials. Paper-only delivery can mean waiting weeks before the documents are in hand.
- Without timely loan statements, we cannot confirm exact interest and principal payments for the current month.
🛠️ How BKE Handles This
To avoid holding up your monthly books, we use practical workarounds:
Run One Month Behind
- We finalize your books but post loan activity once the next month’s statement arrives.
Estimate Payments
- We assume the principal portion of your monthly payment, then update interest when the statement is available.
- This keeps your books moving while minimizing delays.
🤝 Your Role
Because every loan and lender is different, these workarounds must be reviewed with your Senior Accountant. They will:
- Help determine the best approach for your loan.
- Ensure your books stay accurate without unnecessary delays.
- Adjust entries once official documents are received.
✅ Bottom Line: Paper loan documents may create timing issues, but BKE has proven workarounds to keep your bookkeeping on track. Always coordinate with your Senior Accountant to decide the best method for your situation.