Overview One common issue we see in private lending is the improper recording of payments on notes payable. This can misstate both the outstanding debt balance and the related interest expense. When the debt agreement is an interest-only note or a term note with a balloon payment, accounting errors are less likely because the required […]
Audit
When the Loan Schedule and General Ledger Do Not Agree: What Private Lenders Need to Know
Private lenders often rely on a loan schedule or servicing platform to monitor individual loans, borrower payments, interest, fees, maturity dates, and other loan-level activity. At the same time, the accounting department relies on the general ledger to prepare the organization’s financial statements. Because these records serve different purposes and may be maintained by different […]
Audit-Ready by Design: Five Year-Round Accounting Practices for Private Lenders
When a private lender’s audit becomes delayed or unexpectedly difficult, the cause can often be traced to processes that broke down months before fieldwork began. A loan schedule was not reconciled, a modification never reached accounting, borrower cash remained unapplied, or a significant valuation decision was postponed until the auditor raised the question. These […]
Why Every Business Needs an Independent Audit: The Key Benefits
An independent audit offers an objective, third-party review of your business’s financial statements, providing valuable insights and boosting credibility. At Duner and Foote, we specialize in delivering thorough audits that ensure financial accuracy and compliance, helping businesses succeed and grow. 1. Enhanced Credibility An audit validates the accuracy of your financial statements, enhancing trust with […]