Codat expands its coverage to support Wave!
Codat’s new integration means that financial service providers can now better serve smaller businesses, startups and the self employed.
As part of our BCR commitments, we now support an additional accounting integration, bringing the total number of integrations to 14 since we started Codat.
This release will allow for the pulling of receivables data such as a businesses customers and invoices, as well as key financial statements such as Profit & Loss and the Balance Sheet.
For an up-to-date list of what software Codat supports see our docs.
Wave have an estimated 3.5 million users with the majority coming from the UK and North America.
Users belong to the smaller end of the small businesses spectrum, often sole proprietors and or self employed who choose Wave as it is free (with paid-for elements), easy to use and simplifies accounting for those who may have little to no experience.
What data are we pulling?
Codat’s new integration with Wave will allow financial service providers to pull receivables data, giving them an up-to-date picture of the financial health of their small business customers.
In the case of lenders, this would allow for faster and more accurate lending decisions.
To gain a full understanding of exactly which data sets will now be available to pull please visit our docs. For more information on our future plans for our Wave integration, keep an eye on our public roadmap here.
Who will stand to benefit?
Historically, lenders have found that there has been a lack of financial data on their small business customers, but this is particularly true of those micro businesses or businesses at a startup level. By having a white-labelled and seamless integration with Wave, this has now changed.
The Codat API can pull financial statements that provide a snapshot of a young business that would not have been possible otherwise. Lenders are able to get a true picture of the financial health and changing needs of businesses at this smaller end of the spectrum.
This in turn means that those smaller businesses are benefiting, as they can more easily access credit by quickly contributing their accounting data.
Codat’s aim is to work with Wave in order to continually add to the integrations's capabilities, pushing and pulling more data sets as we go along.
We want to ensure that small businesses that use Wave are able to access the full suite of financial services through their ability to quickly and accurately contribute their financial data to all of their providers.