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Business borrowing

Using your accounting software to get a faster business loan

ANZ Financially Ready

2024-01-22 05:30

The benefits of business accounting software

Connecting a platform like Xero, Intuit QuickBooks or MYOB  can be really beneficial to you as a small business owner. Accounting software allows you to efficiently manage your transactions and generate powerful, actionable business insights. And now, through ANZ GoBiz, you can apply for fast access to business finance using your accounting software data.

With ANZ GoBiz, small businesses can apply online for business loans, overdrafts, and credit cards by securely sharing their business financials via a one-time connection to their accounting software.

Total and product lending limits apply. See the full 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

Finance options that work 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, access to business finance can make a big difference to your operations.

Finding time to put an  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, Digital Propositions Lead, ANZ Commercial.

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 finance  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 business 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 that 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 for the last six months or more, ANZ GoBiz might be an option for you.

During that time, you’ll need to have had either an ABN or ACN, and have been GST registered if your annual turnover is $75,000 or more. You’ll also need to be a sole trader, partnership with up to five partners, company with up to five directors, or a fixed unit or discretionary trading trust with a corporate trustee. Learn more about ANZ GoBiz eligibility.

Less time, less paperwork

Once you connect your accounting software, we’ll take a look at your financial data for the previous 6-12 months through a secure, one-time connection. We look at your profit and loss, balance sheet, historical transactions and other supporting information.

You’ll have the option to apply for an unsecured business loan, a flexible unsecured business overdraft, or a business credit card. You could have conditional approval (if eligible) in as little as 20 minutes.

Take your business to the next level by easily applying for business finance through ANZ GoBiz.

Next steps

Explore ANZ GoBiz.

Using your accounting software to get a faster business loan
Business specialist
ANZ Financially Ready

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This is general information only, so it doesn’t take into account your objectives, financial situation or needs. ANZ is not giving you advice or recommendations (including tax advice), and there may be other ways to manage finances, planning and decisions for your business.

Read the ANZ Financial Services Guide (PDF) and, if applicable, the product Terms and Conditions. Carefully consider what's right for you, and ask your lawyer, accountant or financial planner if you need help. 

Any tools, checklists or calculators produce results based on the limited information you provide so they are an estimate or guide only. As they are incomplete, they are not a substitute for professional advice.

Terms and conditions, fees and charges, and credit approval and eligibility criteria apply to ANZ products.