Accounting firms that work with and depend on individuals and small businesses face financial risk, especially during these uncertain times of COVID-19. This is particularly true for accounting services that are provided on an ongoing basis where work is often conducted at risk.
There is always a risk that the payment will be delayed or defaulted because the individual or small business has encountered cash flow issues and didn’t or doesn’t have sufficient funds. Accounting firms are in the unique position of having insight into the financial position of their client, but this is typically based only on documentation such as invoices, and may not expose issues related to cash in the bank.
Proof of funds
Minimum account balance of £2,500
16/04/21, 16:37:16 GMT
Check in advance that a party has the ability to pay
I want to check if my prospect client has sufficient funds to cover the entire cost of the work.
Ravi Saturnino, Chartered Accountant
What I really need is a way to get the financial assurance offered by an up-to-date bank statement, without the privacy issues associated with exposing sensitive information.