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Article | 4-minute read

Using your accounting software to get a faster business loan

The accounting platform that you use every day could be the key to taking your business to the next level.

Business development

The benefits of business accounting software

Connecting a platform like Xero, Intuit QuickBooks or MYOB can be beneficial to Australian small businesses. It allows them to efficiently manage their transactions and generate powerful, actionable business insights. But now, it’s enabling businesses to securely access fast business lending.

With ANZ GoBiz, it’s now possible for small businesses to apply online for up to $200,000 by securely sharing their business financials via a one-time connection to their accounting software. Applicants must meet ANZ GoBiz eligibility and credit criteria.

 

"Having access to real-time information on your business’s financial performance is a crucial part of running any business. By being able to share this information quickly and securely with your bank, it can also make life easier when applying for a business loan. It not only cuts down on paperwork to speed up the process, but it enables you to access finance based on your business performance, not using your home for security.

It’s really important right now that businesses have options when it comes to accessing capital. Fast, unsecured loans boost both cash flow and confidence, so small businesses can get on with what’s important to them – running and growing their business."

Ian Boyd, Director of Partnerships APAC, Xero

 

A loan that works for your business

Whether you’re looking to take advantage of a growth opportunity, handle your day-to-day or help manage an unexpected event, a business loan can make a big difference to your operations.

Finding time to put a loan application together, however, can be easier said than done. The process of borrowing can mean a lot of admin for an uncertain outcome.

 

"For customers, certainty is the most important thing. With ANZ GoBiz, customers can use their accounting data to get an initial understanding of their borrowing power and upon application submission, get a lending decision fast.

The whole process is transparent, customers know what business financial data the numbers are based on, and incredibly, it all happens without the need for application paperwork.”

Jeremy Wolfe, ANZ Business Owners, Digital Tribe Lead

 

Depending on the nature of your business, it can be hard to produce the kind of business documentation that banks have traditionally looked for. In reality, almost all of the business financial data that banks need to know is already in your accounting software platform. It’s this daily data that gives the best insight into how your business cashflow is going and where you’re headed.

When you’re making time-critical decisions and looking to capitalise on opportunities, knowing where you stand is crucial. A business loan application process that lacks transparency can cost your business.

With ANZ GoBiz, what might once have been a long, drawn out application process with trips to your accountant and the bank, can now be done online, anytime.

Hear from one of our customers

ANZ customer Andrew Stark uses QuickBooks to manage his accounting for his business, One Shot Gel Blasters.

He recently used ANZ GoBiz to get a loan to buy a machine that helps make spare parts. Connecting his accounting platform was simple, and he made his loan application on the side of the road on the way back from the Australian Gel Blaster League National Titles in Brisbane. It took him just 20 minutes to do the application and get conditional approval.

Andrew found the process was secure and quick:

“Sharing my business data through an app didn’t feel any different from handing over paperwork”. After receiving conditional approval on a Monday, he received full approval for the loan on Tuesday, and had the money in his account on Wednesday.

For Andrew, this meant “no long waits, no visits to the branch, no messing around. The whole process was so easy.”

Banking when it suits the customer

A third of applications for ANZ GoBiz take place outside of traditional business hours, says Jeremy. 

“When we designed ANZ GoBiz we really wanted it to flex to the way business owners work and operate today. With a mobile in hand and a good wifi connection, business owners can wherever they are, connect to their accounting software, choose a loan that suits their needs and get a decision quickly.”

Conditional approval in as little as 20 minutes (where eligible)

What would change for your business if you could apply for a loan online and get a decision in as little as 20 minutes?

We’ve done the leg work to create a dynamic borrowing process with small business owners firmly in mind. We like to think of it as the loan without the groan.

The key is a one-time connection to your accounting software subscription. We know that businesses are likely to use one of the three most popular platforms. So, if you’ve been using Xero, Intuit QuickBooks or MYOB AccountRight for the last year or more, ANZ GoBiz might be an option for you.

During that year, you’ll need to have had either an ABN or ACN, and been GST registered. You’ll also need to be a sole trader or company with up to five directors with an annual turnover of $75,000 or more. Learn more about ANZ GoBiz eligibility.

Less time, less paperwork

Once you connect your accounting software, we’ll securely take a look at your financial data for the previous 12 months. This means things like profit and loss, balance sheet, historical transactions and any supporting information.

You’ll have the option to apply for either an unsecured business loan, or a flexible unsecured business overdraft.

You could have conditional approval (if eligible) in as little as 20 minutes, with full approval in just two business days.disclaimer Once you sign and return your contracts, you will receive funds into your account within two business days.disclaimer

Take your business to the next level by easily applying online for an unsecureddisclaimerbusiness loan up to $200k or business overdraft up to $100k with ANZ GoBiz.

See ANZ GoBiz

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Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you.

ANZ recommends you read the applicable Terms and Conditions and the ANZ Financial Services Guide (PDF 104kB) before acquiring the product.

This page contains only general information which is subject to change and is not a substitute for commercial judgement or professional advice. This information does not take into account your personal and financial needs, particular objectives and/or circumstances, and you should seek appropriate independent advice (which may include property, legal, financial, taxation and accounting advice) before making any decisions, investing, or acting on it.

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ANZ tools, templates and checklists are only some of many ways to analyse a business or industry to assist your planning and business decision making. You should seek the assistance of your business advisor or accountant when either planning for or analysing your business' performance. To the extent permitted by law, ANZ makes no warranty and has no liability, in respect of your use of and reliance on these tools.

It should take no more than two business days before we can provide full approval. There may be instances where we need extra information from you, which could extend this timeframe. For multi-director companies, an individual credit check will need to be completed for each director prior to ANZ commencing the full approval process.

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Once approved, you'll need to sign and return your documents. Once we receive these, your funds will be in your business account within 2 business days.

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For an unsecured loan you won’t need to provide an asset as security, although a personal guarantee may be required (for example from company directors).

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