I have now prepared and amended accounts for an extension of a home loan of four occasions. I am dumbfounded by the blatant lack of ability and understanding of the staff working for this institution.
I got told that a credit Net Profit on an Income Statement and Balance Sheet reflects a loss?? This is surely the most basic of accounting principles. These are the people who peruse a home loan before it gets sent to credit for approval and then turn down perfectly good business because they clearly are simply incompetent. Now either these people are just simply badly trained and have no knowledge of accounting or reading financial statements or they are grosly incompetent and lazy and have had files sitting on their desks for weeks and done nothing about it. Then when the client queries, they reject so that the aplication gets put at the bottom of the pile again.
I spent three years of my life running a bond origination company before moving into practice and I am astounded by the sheer lack of basic basic accounting knowledge of the staff. I have wasted hours of my time reding annual financial statements in the hope that these get the message and I have reached the end
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