How can I improve my chances of being approved for a loan?

Firstly, we recommend that you have an accountant or bookkeeper to set up and oversee your Xero accounts. You can find an experienced advisor here. Then, work with your accountant or bookkeeper by following this checklist to help ensure your Xero data is in the best position to share with the lender:

  • Connect your bank feeds to Xero so your transactions automatically flow in.

  • Create bank rules to help make it easier for you to reconcile transactions.

  • Use other features in Xero to automate the flow of information in, such as email to bills. The more information that flows in, the more powerful your Xero data becomes.

  • Make sure that all your transactions are reconciled before you start a loan application.

It’s important to make sure that information in Xero is complete, correct and up-to-date so that when you apply for business finance, the lender sees an accurate representation of your business and can make a decision faster.

Frequently asked questions

How can I improve my chances of being approved for a loan?

Firstly, we recommend that you have an accountant or bookkeeper to set up and oversee your Xero accounts. You can find an experienced advisor here. Then, work with your accountant or bookkeeper by following this checklist to help ensure your Xero data is in the best position to share with the lender:

  • Connect your bank feeds to Xero so your transactions automatically flow in.

  • Create bank rules to help make it easier for you to reconcile transactions.

  • Use other features in Xero to automate the flow of information in, such as email to bills. The more information that flows in, the more powerful your Xero data becomes.

  • Make sure that all your transactions are reconciled before you start a loan application.

It’s important to make sure that information in Xero is complete, correct and up-to-date so that when you apply for business finance, the lender sees an accurate representation of your business and can make a decision faster.

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