Head of third party says brokers will play a crucial role
We all know the stats and figures around broker market share, but brokers will be playing a much larger part when it comes to the economic recovery – which is why they need to be well-informed around small business accounting practices. Those were the words of Donelle Brooks, head of third party at Lend. She said Lend’s goal was to bridge the funding gap experienced by SMEs by enabling brokers to have access to a centralised platform of alternate commercial finance solutions.
“It’s really championed by brokers who play a crucial role in stimulating recovery and growth,” she told MPA. “They need to be able to understand all of the implications, from tax, to being able to read statements, to determine whether their client is going to be able to obtain mainstream funding versus alternate funding.”
Read more: Creating pathways to finance for SMEs
In order to help educate brokers around small business accounting, Lend has announced a monthly webinar series that aims to keep brokers in the know when it comes to legislative changes and general SME accounting concerns. Scheduled for May, the first of these will offer end of financial year tips, while exploring ways to minimise tax and take advantage of asset write-offs.
Further afield, the series will look at self-managed super funds, commercial lending and any forthcoming legislative changes that brokers should be aware of.
Brooks said there were a handful of reasons why Lend decided to launch this initiative, but the main ones were around benefiting the broker-client relationship while providing insights brokers could use within their own businesses.
“It is a really organic way for them to enhance their financial literacy - and that enables brokers to have more practical real time discussions to help their clients, which in turn is a natural lead into that stickier relationship,” she said. “SME clients benefit from this engagement, so it’s a full circle story.”