Often companies do not prioritize financial reporting during the growth phase. Quickbooks is too often the default standard of accounting in middle market size companies. The ability to raise capital or sell your business is dependent on your ability to show monthly financial statements on an accrual basis.
A company’s financial statement ought to reflect its fair view of the business affairs for a specific period. Too many companies go into a sale or capital raise with cash basis numbers that will not pass muster with a bank, funding source or acquirer. Additionally, without timely reporting on a monthly or quarterly basis, it is difficult to show year over year trends.
Do yourself a favor and call an experienced M&A advisor well in advance of any capital raise or business sale process. He will help you get organized and remediate your financial records to prepare you for the ensuring due diligence process. The more organized the financial records are, the better you will be able to justify pro forma adjustment and maximize the value of your business. The higher the value, the lower the interest rate and more money ends up in your pocket on closing day.
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