This further demonstrates Codat’s commitment to building integrations which serve medium sized businesses, following the release of Microsoft Dynamics 365 Business Central last month.
Codat has further expanded its coverage to support Sage 200cloud Standard.
The new integration will bring our total number of supported accounting data sources to 18 and will increase our global coverage by 3.5%, with a potential 80,000 small businesses now benefiting from seamless integrations with their financial service providers.
With a primary user base in the UK, the new integration will further support Codat’s BCR funding commitment of at least 100,000 UK SMEs benefiting from new integrated products and services developed on the Codat platform.
This highly anticipated integration will provide new and existing clients with a fully managed service integration in which Codat will handle the standardisation of data pulled from Sage 200cloud Standard and offer a completely whitelabelled linking process.
Existing clients will be able to easily add Sage 200cloud Standard as an additional supported package to further bolster their existing offering.
For an up-to-date list of what software Codat supports see our docs.
Coverage
Sage 200cloud Standard has an estimated 80,000 users across the UK, Ireland, US, Canada, Spain and South Africa. The package is ideal for growing companies with a turnover of £1 million to £50 million, or typically 10 to 200 employees across all business sectors.
What data are we pulling?
The Codat API can pull all essential data sets required for the effective risk assessment of any business. This can be used to onboard a new customer prior to providing financing and also for the ongoing monitoring of that customer after they have received their funds.
Codat’s new integration with Sage 200cloud Standard allows financial service providers to pull an array of useful business data, such as:
- Company Info
- Chart of Accounts
- Profit and Loss
- Balance Sheet
- Customers
- Invoices
- Credit Notes
- Suppliers
- Bills
- Bill Credit Notes
- Bill Payments
- Tax Rates
- Items
- Bank Accounts
- Bank Transactions
- Tracking Categories
To gain a full understanding of exactly which data sets are available to pull, please visit our docs.
Who will stand to benefit?
Historically, lenders and their customers have been restricted by a prolonged and risky lending cycle which regularly exceeds 90 days.
Oftentimes, this begins with an arduous application journey in which small businesses are required to manually input data, a process that is particularly prone to human error.
This integration will significantly improve the application process by allowing customers to seamlessly connect their accounting software.
Once approved, lenders will also benefit from crucial insights into the financial health and changing needs of their small business customers on an ongoing basis, allowing them to monitor key default indicators in real time.
Codat provides integrations-as-a-service, offering ongoing support and getting providers set up in a matter of days, saving them from the significant cost and time required to build directly to Sage 200cloud Standard.
What’s next?
Codat will continue to work closely with Sage 200cloud Standard to further enhance the capabilities of the integration. In the near future, we’ll be adding cashflow statements to the list of datasets financial service providers will be able to pull from the Sage 200cloud Standard package.
Visit our Product Board for more information on our future plans or to request additional data types for existing integrations.