Accounting firm bucks tight lending criteria with software tool

Software uses language easily understood by banks

Chartered accountancy, William Buck, claims it has developed a Web-based software tool that can help companies access multi-million dollar loans from banks and other financial institutions.

The advisory firm's director, John Spender, said the organization has had "remarkable success" in securing debt facilities as a result of the software tool.

"It is a simple tool but it can persuade conservative banks and other lenders," he said.

"The key in the software is its ability to clearly state the financial and trading position of the company seeking the loan in a language that is acceptable and understood easily by banks."

One customer, Dimension 1 Pty Ltd, was able to secure $4 million in addition to its existing banking facilities.

The company, which is the NSW division of publicly-listed company Paperlinx Ltd, was looking to fund the purchase of new equipment from overseas.

Following the adoption of the William Buck methods and the software tool, the company successfully secured funding from a number of institutions and settled with funding from St George Bank.

Dimension 1 managing director, Brett Goldsbrough, said the company needed to secure immediate funding and get the best commercial rate.

"William Buck was able to distil our financial information and projections into a simple, yet persuasive presentation, which saw almost immediate success for us with the banks," he said.

William Buck has been able to successfully adapt the Web-based software tool to create sophisticated performance measurement and assessment tools at a relatively low cost.

The software has a financial scorecard, which rates a company's financial performance against targets, budgets and benchmarks.

There is also non-financial measures to score the company's strategic performance in areas like customer complaints, stock lines, staff turnover and absenteeism.

The tool has been adapted from an Eis-One Pty Ltd product.

William Buck has over 60 partners and 520 employees across Australia.

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More about Financial InstitutionsPaperlinXSt George BankWilliam Buck

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