Automated Spreading

Codat enables automated spreading of real-time accounting data using machine learning

Business lending is changing

  • Financial statement spreading is a time-consuming and expensive process due to the manual nature of data collection and standardisation.
  • Some banks are improving this process by replacing filed accounts with real-time, high-integrity data and replacing repetitive tasks with automation - approving more loans, more quickly and at lower cost.
  • Other less tech-enabled banks are about to spend the next few years watching their business loan book wither away.
  • Businesses will borrow from competitors who deliver cash quickly and hassle-free, up to 90 days faster and without asking for manually prepared accounts.
How it works

Categories

Rich Data
Categories takes raw accounting data and maps to a standard chart of accounts.

Machine learning
The Categories data model is trained on over 70,000 businesses across territories and sectors.

Flexible categorisation
Categories makes suggestions from a list of over 60 standard categories. Users can review and recategorise. Underlying raw data is never lost.

Data accuracy

Automation improves data accuracy by eliminating manual rekeying errors or failures of optical character recognition.

Time-to-cash

Spending less time spreading gets cash to your customers faster.

RM productivity

Relationship managers are free to do higher-value work when they spend less time on manual process.

Customer experience

Connecting directly to your customers’ data brings an end to their repeatedly preparing and providing up-to-date files.

Frequently Asked Questions

What is automated spreading?

Automated spreading is a process by which financial services businesses can get data from their customers' accounting records into their own analysis tools without requiring manual data entry.

Spreading is an important part of the process of providing a business loan. It is increasingly being automated to enable lenders to provide decisions in less time and focus on making better loan decisions and providing more relevant products.

How does Codat help lenders automate spreading?

Codat lets lenders access their borrowers' business data in real-time. With a single API, lenders can access standardised business data from a broad range of sources, including accounting, banking and commerce tools.

On top of this, either via the API or the Codat Portal, lenders can access Codat's Categories feature, which is trained on an extensive data set to match accounting entries with any of over 60 standard categories.

How does Codat help software businesses build automated spreading tools?

Codat provides a single API for standardised, real-time business data from a broad range of sources, including accounting, banking and commerce tools. Software tools for automated spreading can rely on Codat under the hood to use real-time data rather than OCR data extraction from PDFs and spreadsheets.