The Issue
Lenders
Financial institutions often request personal financial statements from individuals applying for loans or lines of credit. These statements help lenders assess the borrower's financial health to determine their creditworthiness and ability to repay the loan. This is time consuming and requires a significant amount of manual effort. Similarly, this process is overwhelming and lengthy for many borrowers.
Investors
Investors often request personal financial statements from guarantors during the capital raising process to assess risk, evaluate creditworthiness, and make more informed investment decisions, thereby enhancing the overall security and viability of the investment. It's therefore crucial for lenders and investors to have comprehensive visibility into all assets, including real estate and other non-financial assets to identify collateralization opportunities.
Accountants
Personal financial statements serve as a valuable tool for tax planning by enabling tax professionals to assess their clients’ financial standing, identify tax-saving opportunities, and develop strategies to minimize tax liabilities. Without this financial insight, it can compromise the integrity of tax returns, increase audit risk, damage client relationships, and raise legal and ethical concerns.
Financial Advisors
A personal financial statement is a valuable tool that helps financial advisors better understand their clients' financial circumstances, tailor financial advice and strategies to their individual needs, and ultimately assist them in achieving their financial goals. Inaccurate financial data can have adverse effects such as misguided financial planning and increased risk of financial loss.
The CapSync Solution
CapSync’s white-label service allows businesses to incorporate our financial technology into their own products and services under their own branding. We consolidate asset and liability data from multiple sources and display it in a real time, digital personal financial statement.
The finance professional-client relationship relies on transparency and accurate disclosure of financial information. We assist professionals in making well-informed decisions by providing immediate access to source data, delivering a smooth user experience, and employing automation to enhance operational efficiency throughout the financial management and analysis process.
