For small and medium businesses (SMEs), securing working capital can be a hurdle race. Traditional lenders often rely on financial statements and credit scores, leaving out many promising enterprises with limited credit history. Thankfully, stock statement financing, also known as inventory financing, is a type of working capital finance that is based on a company’s stock or inventory.
But the process isn’t without its wrinkles. Does manual stock statement upload? It’s a paper pile nightmare, riddled with time constraints, tedious calculations, and human error. Enter the knights in shining armor: automation and AI.
Industry Pain Points
Manually uploading stock statements comes with its share of challenges and some of these are –
- Time-Consuming: Manually uploading statements is tedious and prone to errors, taking up valuable time for both customers and bank staff.
- Accuracy Issues: Manual data entry can lead to errors and discrepancies, impacting investment tracking and portfolio analysis.
- Security Concerns: Sending sensitive financial documents through email or unsecured channels poses security risks.
- Limited Accessibility: Not all customers have access to scanners or the technical knowledge to upload statements electronically.
- Complex Calculations: The banking operational team has to do multiple calculations of the current account receivables, payables, and stock levels. Even a single error in the calculation can lead to multiple discrepancies.