Bankable Account Strategy

What is a Bankable Account?

The bankable account is an Account that fulfils bank financing requirements and is also taxable at the same time. This means a Bankable Account may hit 2 birds with 1 stone.

Who needs a bankable account?

As long as you are SME, you need a bankable account! Especially for those SMEs who need cash flow support from Banks or legal financing agencies!

1. SME who realise bank support is important to their businesses.

2. SME who needs bank support for cash flow and asset purchasing!

3. SME who are in a growing stage

When SME needs to have a bankable account?

NOW! Bank financing requirements are getting stricter. As long as you still need financing support from banks, taxable accounts are far not enough. Your account must fulfils bank requirements. The longer you delay, the more time is wasting. And time is money.

Why is a Bankable Account so important to SMEs, and how does it help SMEs, and what are the benefits when SMEs choose a bankable Account?

4 Benefits When SME Choose to do Bankable Account instead of Taxable Account.

1. Gain Fully Support From Bank and Legal Financial Institution

   1. Banks see tax in a very different way. Most of the time, SMEs only do taxable accounts to handle LHDN, But if the tax does not fulfils the bank requirement, the bank won't recognise the tax income. A bankable account may solve this issue, once the tax is bankable, you will gain full support from the bank and Legal Financial Institution. Cash flow is no longer an issue for SMEs.

2. Save More Tax Payment in Genuine Way

1. I think it is common practice in Malaysia that most SMEs try hard to save their tax. What they do is always their sales and income are very low. But when SMEs wish to get finance from the bank, they will increase the tax payment because SMEs always thought by paying more tax to LHDN will also increase the chance of loan approval. But the truth is not, no matter how much payment you paid to LHDN, as long as the tax does not fulfils the bank requirement, it doesn't work. By doing bankable accounts SMEs no need to purposely pay extra to the LHDN and get loan approval at the same time!

1. Every Penny You spend On Tax is much more worth it.

   1. I know most SMEs are not willing to spend their hard-earned money on tax purposes. This is also the main reason why SMEs try so hard to save their tax. But what if the Tax that you do is no longer an expense to a company, but it is a tool for you to gain more capital and cash flow for your company to grow bigger, will you be willing to do your tax? By having a bankable account, every single penny that you spend on tax will help you to grow your business!

1. 2 Birds with 1 Stone.

   1. Bankable Account? Does it mean I need to do 2 sets of accounts? NOT! By doing a bankable account, the account is also taxable. This means with 1-time effort only, the account can handle 2 parties, the bank and also LHDN. Payment also 1 time.

How do I do a Bankable Account?

SME, do not do bankable accounts by yourself, Bankable Account requires 2 sets of skills, banking knowledge, and accounting knowledge. So do hire a professional to do it for you. You need account experts who know bank requirements and tax requirements at the same time. We, Maxes Biz Solutions, a Financing Advisory got a team full of experienced bankers and accounting who may solve financing issues and tax issues at the same time. Currently, we offer FREE CONSULTATION to those who wish to get financing, by checking your account is it fulfilled bank requirement and how to do bankable account.