Codat launches new and improved portal

Our new portal uses real-time accounting data to expose the key credit risk trends and performance indicators of a business, in a simple and easy to consume format.

These insights allow you to quickly identify opportunities or problem areas and are available alongside the existing tabular views.

It is now faster and easier than ever for clients to consume the contributed financial data of their small business customers in order to gain an accurate and up-to-date view of their financial health. 

With the ongoing pandemic continuing to severely impact the SME economy, understanding the financial stability of your customers is vital. 

These new insights can help you to understand at a glance, the full history of a business, the impact it has felt over recent months and early indicators as to whether the business is bouncing back or likely to experience a challenging period moving forward.

This latest release marks a major step towards achieving our public commitments attached to the £2.5 million award we received from the BCR Capability and Innovation Fund earlier this year. As part of the funding, Codat committed to building a no-code web interface for clients to request, review and understand small business financial data in real-time. 

Key Features

1. Our new Company Summary page provides an overview of a business’ financial statements and key metrics relating to both customers and suppliers, including:

  • Average payment terms
  • Average days to pay
  • Concentration % of each customer & supplier
  • Paid vs. outstanding costs
  • Average invoice/ bill value

2. Clients can also drill down into the details of the Profit & Loss and Balance Sheet, compare periods and monitor trends over time. 

3. View the history of a trading relationship with a particular customer or supplier, including the length of the relationship and full line item detail on invoices and bills. 

For instance, a lender will be able drill down into the debtors ledger to gain a better understanding of the concentration of their receivables ledger, when debtors typically pay and identify red flags which may indicate impending bad debt, enabling the lender to adopt a proactive approach to minimise losses. 

4. Auto-link and confirm business details from Companies House.

Who will stand to benefit?

This latest release aims to provide a useful, no code solution for clients that recognise the value of the data and are looking to get up and running quickly, without the need to devote significant resources to development work. 

All metrics are produced using our public API and formulas are published within the portal, making it possible for clients to easily reproduce these metrics in their own systems.

We want to ensure that small businesses continue to be able to access the full suite of financial services despite the current economic downturn, which will likely place them under greater financial strain. 

The new portal features will enable lenders to enhance operational efficiency and reduce costs by minimising the manual processes of requesting, collecting and processing data into easily understandable formats. This will speed up the time it takes them to confidently approve or reject applications and highlight key areas that require further investigation.

Trended views will enable lenders to easily and accurately assess the financial position of a business at any point in time, in order to identify early warning signs through negative trends in the data and ultimately reduce default risk. Lenders will be able to adopt a more proactive approach to managing their portfolio by easily identifying businesses that are bouncing back and those that are facing a more challenging period.

Streamlining this process will leave Relationship Managers free to focus on providing a more bespoke service whereby they can utilise a deeper understanding of their customers to enhance their cross-sell and up-sell opportunities.

What’s next?

In the future, we plan to add additional contributed data sources including banking and commerce in order to provide a holistic view across all platforms SMEs use to run their businesses. 

Visit our Product Roadmap for more information about our future plans or to request additional portal functionality.

Get Started

To find out more about the new and improved Portal or to request early access, please contact [email protected].