May 2022 – Product Updates
This May, we rolled out new features, enabled more use cases for more integrations, and made many quality-of-life improvements. As ever you can refer to our public roadmap to view and vote on forthcoming features.
Deeper integrations with Oracle NetSuite and Sage Intacct to transform B2B payments
We continue to enable new features for products that integrate with Oracle NetSuite and Sage Intacct. Business payments often involve complex workflows for sign-off, procurement processes, refunds, credit, and much more. This complexity is one of the reasons that B2B payments lag behind consumer payments in digitization.
To further aid the transformation of business payments, Codat now supports: GET, POST, and PUT purchase orders; GET and POST direct costs; and GET direct incomes from and to Oracle NetSuite as well as POST credit notes and bill credit notes to Sage Intacct.
Marketing Metrics to improve SMB lending
Marketing Metrics are now available via Assess. Assess already provides financial metrics and risk ratios out-of-the-box on any company which shares accounting data via Codat.
Marketing Metrics, such as the ratio of Marketing to other expenditures, provide another level of precision that can be particularly useful for specific types of financial products. For example, lenders who offer short-to-medium-term growth capital to eCommerce businesses need to access a range of detailed insights about marketing efficiency and effectiveness, as the capital they provide is usually used for new marketing spend.
Payment methods data for smarter financial reporting
Our Commerce API now provides a new Payment Methods endpoint. This exposes all the payment methods that a customer has available in their Amazon Seller Central, Clover, Mollie, Square, SumUp, or WooCommerce account and whether that payment method is currently active.
This is useful for building detailed financial reporting and bookkeeping tools. Payment methods can also be an important dataset in risk assessment. Smart underwriting models increasingly incorporate questions such as “how much of this business is cash-based?” or “how much of this business’s revenue is exposed to consumer credit and Buy-Now-Pay-Later?”
A fresh new look for the Companies table to improve understanding of SMB customers
We’ve made some UX improvements to the Portal’s “Companies” table, which provides an overview of your linked customers.
One feature to highlight is the addition of a new column entitled “last pulled data.” Whether it’s supply chain disruption, inflation, or continued COVID-19 restrictions, small businesses are experiencing turbulent economic conditions. For anyone seeking to understand small businesses, it’s important to have as near to real-time data as possible. Codat now displays per company data freshness at a glance in the “Companies” table.
Optimized integrations with QuickBooks Online, Xero, Zoho Books, Sage 50, MS Dynamics to make life easier for developers
Our Product and Client Solutions teams continue to work closely with developers building on Codat to give them everything they need to develop great products for small businesses. Some of May’s other notable improvements to existing integrations include:
- QuickBooks Online now provides better support for working with sales taxes, as well as for pushing tracking categories and retrieving nominal accounts as part of direct incomes.
- Xero now supports GET direct incomes attachments.
- Zoho Books now supports GET items.
- Microsoft Dynamics 365 now supports POST bill payments with a reference to a specific bank account.