Bank lines & lenders
Greywood CPA audits and reviews financial statements for manufacturers and distributors with revolving lines of credit, term loans and asset-based loans. Your loan agreement usually requires annual CPA statements by a set deadline, often 90 to 120 days after year-end, plus covenant compliance certificates. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
Asset-based lenders lend against your receivables and inventory, so they care most about how those are valued. A clean audit with well-supported inventory and receivables makes renewals easier and can support a larger borrowing base.
Last reviewed: November 2026
Missing the delivery date can be a default even if the business is healthy, so the audit timeline should be set by the loan agreement.
| Covenant | What it measures |
|---|---|
| Fixed charge coverage | Cash flow available to cover debt payments, rent and other fixed charges |
| Leverage (debt to EBITDA) | Debt relative to earnings |
| Minimum net worth or tangible net worth | Equity cushion |
| Capital expenditure limits | How much you can spend on equipment |
| Current ratio | Liquidity |
Each agreement defines these terms its own way. We read the definitions and flag year-end items, like inventory reserves or one-time costs, that could move a covenant.
Asset-based lenders advance a percentage of eligible receivables and inventory. Ineligible items typically include receivables over 90 days, related-party and foreign receivables, and slow-moving or obsolete inventory. Your lender's field exams test the borrowing base; your audit tests the same assets at year-end. When both agree, renewals go smoothly.
Smaller lines are often satisfied with a review; larger lines, asset-based loans and term debt usually require an audit. Upgrading to an audit is a common condition of a larger line, so plan for it before you ask for more credit.
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
Your loan agreement sets the deadline, commonly 90 to 120 days after fiscal year-end. Missing it can be a technical default.
It depends on the loan size and type. Smaller lines often accept a review; larger lines, asset-based loans and term debt usually require an audit.
The amount an asset-based lender will advance, calculated as a percentage of eligible receivables and inventory. Old, related-party and foreign receivables and slow-moving inventory are often ineligible.
Yes. Inventory reserves, write-offs and accruals can change EBITDA or net worth. We flag these early so you can talk to your lender before the statements are final.
We quote one fixed fee in writing before any work starts, based on your size, inventory, locations and the report your lender requires.
Send us your loan agreement. A senior CPA will send a fixed-fee proposal within 1–3 business days.