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What to Know About Bank Advisory Services

by | Mar 22, 2021 | PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Matt Goldston, a director in our entrepreneurial advisory services group, as well as one of the faces of the PKF Texas bank advisory team. Matt, welcome back to the playbook.

Matt: Thank you, Jen. I appreciate it.

Jen: So, last time you were here we talked a little bit about, you know, being on the CFO side and what banks are requesting for field examinations. Let’s flip the switch a little bit. What types of services are banks requesting that we work with them on?

Matt: Certainly. Well, in bank advisory services, we partner with banks, and we deal with a lot of the concerns that they have. So, oftentimes I’m called to help triage concerns that they have. We only engage and work with their clients on cashflow reporting and assist them in implementing a very simple process, but a thirteen-week cashflow forecast. We’ll come in and we’ll help them and with the bank; the bank often finds a lot of confidence in having an outside group come in to do that. So, we’re happy to do it. And while we’re there, we take our approach that we traditionally do from a consulting standpoint.

Jen: Perfect. Now, is there anything that we tend to find that the bank likes us to find?

Matt: Certainly. Well, you know, in this COVID world, cash is tight, and compliance is oftentimes in question. So, us being engaged by a bank is often timely where we can step in and help clients prepare themselves for what’s coming down the pipe or make adjustments, you know, pivot and adapt. So, we’ll traditionally work with the bank and partner with them to determine what’s the best approach and how do we really get in and mitigate both concern while helping the ultimate client in compliance.

Jen: Perfect. Yeah, because if the client is in compliance, and the bank, it’s ultimately better for the bank as well, right?

Matt: That’s correct. You know, and in this time, PPP is a big deal and banks engage PKF. We work on substantiation of their clients’ reporting for PPP loan forgiveness has been a terrific place for us to provide some services. The SBA made the money available, and we want to help clients to achieve forgiveness on it.

Jen: All right, sounds good. We’ll get you back to talk about PPP soon.

Matt: That sounds great. Thank you.

Jen: This has been another thought leadership production brought to you by PKF Texas – The Entrepreneurs Playbook®. For more information about this topic, visit www.PKFTexas.com/FieldExamination. Tune in next week for another chapter.

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