October 2022 – Product Updates

This October, we rolled out new features and integrations, enabled more use cases for more integrations, and made many quality-of-life improvements. As ever, you can see Codat’s platform data coverage in the coverage explorer and refer to our public roadmap to view and vote on what we’re building next.

Reduce underwriting risk with the new Audit Report

Lenders use Assess to underwrite loans to small businesses more effectively by looking at the applicant’s up-to-date financials rather than relying on outdated credit reports or other external data.

Accounting data is a crucial part of this. To make accounting data even more reliable for underwriting, Assess now provides an Audit Report, which checks for signs of poorly-kept or fraudulent books. This provides lenders with additional risk mitigation and further enhances the benefits of using consented accounting data in underwriting.

Pull banking data via Basiq

Banking API now supports Basiq, the leading Open Banking provider in Australia and New Zealand. Codat clients can now gain consented access to their customers’ transaction data from more than 20 of Australia’s leading banks.

Banking data is important for small business lenders as it offers an up-to-date and reliable picture of cash flow. Lenders using Codat can bring together banking with accounting, commerce, and payments data for a holistic view of their small business customers. This increases revenue by expanding the scope of businesses that can be approved for loans, while also reducing overall risk exposure.

Use Sync for Commerce to let merchants push journal entries grouped by product category

Sync for Commerce allows Point-of-Sale (POS) systems to provide accounting integrations that automate bookkeeping for merchants. These merchants now have more choices in how they sync their sales with their accounting software. They can either represent sales as aggregated daily sales invoices or as journal entries. 

These journal entries can be grouped by product category, a key part of accounting for sales taxes. By giving merchants more flexibility in how they automate their books, POS platforms can increase adoption of accounting integrations and further reduce their churn rate.

PUT bills in Microsoft Dynamics 365 

Bills can now be updated in Microsoft Dynamics 365. This is a critical feature for software products that deal with accounts payable (AP) processes, where bills may pass through various stages, such as draft, approved, partially paid, and void. B2B payments products can now use Codat to sync with Microsoft Dynamics 365 throughout the AP lifecycle. Dynamics 365 is a powerful platform with customizability and a wide range of features that can make integration a challenge. However, by adding support for Dynamics 365, B2B payment products can expand their market with access to a high-value cohort of medium-sized businesses.

GET and POST transfers to and from Oracle NetSuite

Transfers can now be pulled from and created in Oracle NetSuite. Transfers are a type of account transaction that represents the movement of money between accounts. Pushing and pulling transfers to and from NetSuite is useful when building more complex forms of accounting automation. Building deeper and more powerful integrations will save your users more time and give them more flexibility, allowing your product to serve the more advanced needs of larger organizations.

POST journal entries and PUT suppliers and invoices in Sage 50

Journal entries can now be created in Sage 50. Suppliers and invoices can also be updated. With these features, you can build integrations with Sage 50 that automate more business-to-business payments processes, both on the payables and receivables sides of the ledger. Sage 50 is a desktop application still used by thousands of businesses and their accountants. Adding support for Sage 50 can be a competitive differentiator and unlock a new market for your product.

POST items to Xero

Items can now be created in Xero. Items can be used to represent products that a small business buys or sells. Creating items in Xero is an essential feature for applications that automate bookkeeping processes for merchants, who likely work with their accountant on granular analyses of how different products perform. In a world where Xero connects to over 1000 different applications, making your integration stand out with advanced and detailed features like this is key to growing within the Xero customer base.