Question 1

Can I use a bookkeeper instead of a CPA for my P&L statement?

Accepted Answer

No. Lenders require a licensed CPA to prepare and certify your profit and loss statement. Bookkeeper-prepared financials do not meet program guidelines.

Question 2

How far back do my P&L statements need to go?

Accepted Answer

Most lenders require 12-24 months of consecutive statements. Longer history strengthens your application and may improve pricing.

Question 3

What if my business is seasonal like agriculture?

Accepted Answer

Lenders average your income across the full P&L period to account for seasonal swings. Two years of history shows the complete cycle.

Question 4

Do I need business tax returns in addition to P&L statements?

Accepted Answer

No. P&L statement loans specifically avoid tax return requirements. Your CPA-prepared statements replace tax documentation entirely.

Question 5

How does net profit differ from qualifying income?

Accepted Answer

Lenders use net profit from your P&L as qualifying income. Depreciation and some non-cash expenses may be added back to increase approval amounts.

P&L Statement Loans in Sanger: Financing for Entrepreneurs Without Tax Returns