Free consult & free copy of book

E-Myth – “Why most small businesses don’t work & what to do about it”

Contact Us


Most 5 star CPA Google reviews in Canada

Read Reviews

Chartered Professional Accountants E Myth

1 Fixed Monthly Fee - Planning | Accounting | Taxes | Consulting

Helping Canadian businesses beat the odds!

Virtual Accountant | Guidelines For Writing A Company Overview

While many business owners spend a significant amount of time ensuring that their executive summary is perfect says virtual accountant. They should spend more time on their company overview section. Because of how powerful and important it is to help them become approved for the loan their applying for.

A lot of the information that should be in a company overview section is there so that the underwriter of the bank can no important information about the business. Without some of this information. Business owners may simply be rejected for the loan. Not having enough information.

This is why is incredibly important for a business owner to know that the section should be used for more than simply including the company’s name, and is owner information.

Virtual accountant says even when it comes to the company’s information. Business owners need to understand exactly what information should be included. Starting with the business’s legal name as well as operating name.

An entrepreneur should include both names to avoid confusion. Especially as the underwriter is an external reader. That typically will not have any former knowledge of the business. Since the business owner may bring only switch between the legal name and operating name of the business. Through the executive summary or the business plan itself. It makes sense to specify both of them in the company overview section.

Next, a business owner needs to ensure that all of the contact information about the business is included. Starting with the address of the business. Followed by the phone number, email address, and website if it exists.

Virtual accountant recommends that if business owners do not have the actual address of their business yet. They can use the address that was used for their incorporation documentation. So that they ensure that they have all of the information filled out for the bank.

Next is the information about the business owner. Starting with the name, address, phone number, and email address of the business owner. And if they have business partners, the same information should be included for them.

However, they should also ensure that they are including what percentage each of the shareholder’s loans of the corporation says virtual accountant. This is going to be vital information for the bank to know. Prior to making the decision on whether or not to approve the financing.

After the company and the business owners’ information. Then an entrepreneur can start including information such as the advisors that they work with. In order to demonstrate to the bank, that they have the supports needed. In order to help them grow their business.

One such advisor would be listing the accountant that they are using. Especially because banks often see with an accountant as a way to minimize risk. Not only because that means they typically have a realistic business plan. Also, they will have cash flow projections, a financial plan, and often a marketing plan. Is going to help the entrepreneur succeed.

By knowing what information should be included in the company overview section. Can ensure that business owners are filling out the section as completely as is necessary. To help their chances of getting approved for the loan that they need.

Do You Need Help Finding The Virtual Accountant?

Many entrepreneurs are not sure exactly what information should be included in their company overview section says virtual accountant. That might impact their ability to complete it as completely as is going to be very helpful.

In fact, this should be more than just a place for an entrepreneur to write the company’s name, and the business owner’s contact information says virtual accountant. But a place for an entrepreneur to ensure that because everything that they need. To ensure that the business owner qualifies for the loan.

After they have all the information that will help the bank understand if they can qualify for the loan or not. Is all the rest of the information that can help the underwriter understand if they should approve the loan. And can help speed up the application process as well.

Virtual accountant says one of the things would be including all of the information about their investments. If a business owner is using their investments as security. This does not just mean including the name of the investments and the company they have the investments with. But also the name of the advisor, and the advisor’s contact information. To make it even easier for the underwriter to their fight that those investments exist.

The next thing that virtual accountant recommends that entrepreneurs have is proof of their general liability insurance. Because even though a bank might approve an entrepreneur’s loan. Even if they do not have general liability insurance set up yet.

It is going to be a requirement before they can receive the money. They can save considerable time by having this insurance set up ahead of time. In including all of that information in the company overview section.

Next, it is proof of the entrepreneur’s life and disability insurance. Because this also is a requirement to have prior to receiving funding from a bank.

The reason why the bank will require an entrepreneur to have life and disability insurance. Is so that if something happens to the entrepreneur. And they are unable to run the business. Either they get sick, get into an accident or pass away. Then the bank is going to be guaranteed to get their money back.

While the business might continue to be successful after that incident. This is not always the case. So by putting life insurance on the business owner. The bank will be able to get their money back if something happens to the business owner. And therefore protecting their investment.

Therefore, when an entrepreneur provides proof of this insurance had of time. Then they will be able to not only qualify for the loan sooner. But and up getting the loan sooner. Because the bank will not have to wait with the entrepreneur to send in proof of their life and disability insurance after the fact.