Start by asking the lender
Requirements vary by lender and by loan type. A bank, an online lender, a credit union and a government-backed program may all want different documents and different time periods. Before you assemble anything, ask for the lender's written checklist and the format they prefer. This saves time and avoids sending material that is never read.
Do not assume that something one lender asked for will be required by another, and do not assume the reverse.
The financial statements most packages include
Many packages include a profit and loss statement and a balance sheet for recent periods, often with a comparison to prior periods. Some also ask for a cash flow statement. Run these from your accounting software, such as QuickBooks Online or Xero, after the books are closed and reconciled, and check that the balance sheet agrees with your bank statements.
Lenders may also ask for accounts receivable and accounts payable aging reports, a list of existing debts with balances and payments, and sometimes a year-to-date report alongside full prior years.
Documents that come from other sources
Expect requests for business and personal tax returns, which come from your tax preparer, along with bank statements, entity documents, licenses, leases and ownership details. Your CPA or attorney can help with anything tax or legal in nature. A bookkeeper cannot prepare returns or give legal advice, but can supply the accounting reports that sit beside them.
Keep copies in one folder with clear file names and dates, so you can answer follow-up requests the same day.
Make the numbers match
Underwriters compare documents against each other. If the profit on your financial statements differs from the profit on your tax return, be ready to explain why. Differences can be legitimate, for example depreciation methods or timing choices made by your preparer, but unexplained gaps raise questions. Ask your CPA to walk you through any differences before the lender sees them.
Look for unusual items in your own reports as well: large uncategorized balances, owner transactions mixed with business spending, loans recorded as income, and accounts that do not reconcile. These are common findings in books that were not kept current.
Add a short narrative and a forecast
Numbers are stronger with context. A one-page summary can explain what the loan is for, how repayment will be supported and why any dips in past results happened. Some lenders also want a projection of future revenue and cash. If you provide one, build it from actual history and state your assumptions plainly.
The whole package depends on books that are accurate and current. MCC Solutions prepares reports from its monthly bookkeeping and can assemble the accounting side of a package, while your CPA and the lender define the rest.
Worked example with numbers
A package for a $75,000 loan request might include two years of profit and loss, year-end and current balance sheets, a year-to-date report, a debt schedule, three months of bank statements, tax returns and a one-page narrative. The check: net income on the P&L, plus beginning retained earnings, less distributions, should equal ending retained earnings on the balance sheet. Cash on the balance sheet should equal the reconciled bank balance.
If the lender asks about a one-time $18,000 expense, your narrative should already explain it.
Mistakes that cost money
Numbers that do not tie between reports. Unexplained one-time items. Missing the debt schedule. Sending unreconciled books. Lenders differ, so ask for their checklist first.
Check your work
Have someone who did not prepare the package read it cold and write down every question they have.
Common questions
How far back do lenders want financial statements?
It varies by lender and loan type. Ask the lender for their checklist rather than guessing.
Should my statements be reviewed by a CPA?
Some lenders ask for that and many do not. Ask the lender. A review or audit must be done by a licensed CPA, not by a bookkeeper.
What if my books are behind?
Catch them up first, then reconcile every account before you produce reports. Submitting unreconciled numbers invites delays.
This guide is general information, not tax, legal or accounting advice. Rules, fees and due dates change; check with the IRS, the NJ Division of Taxation or a licensed professional for your situation.