Codat’s new integration means that financial service providers can now better serve the smaller end of the small business segment.
As part of our BCR commitment, we now support an additional accounting integration, bringing the total number of integrations to 13 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 the pushing and pulling of data to and from, see our docs.
Coverage
Zoho Books cover a sizable chunk of the small business market. The total estimated number of Zoho Books businesses sits at around 1m worldwide, of which an estimated 6% of those are in the UK, 42% in the USA and around 12% in India, as well as being widely used globally in other regions such as Australia and South Africa.
The small businesses who tend to use Zoho Books as their accounting platform are at the smaller end of the small business bracket, start -ups, sole proprietors or micro businesses, who are traditionally woefully underserved by banks.
Zoho Books is also suited to businesses that want to grow with their accounting package. Zoho Books is designed to help businesses scale, so that businesses don’t feel forced to switch accounting packages.
What data are we pulling?
Codat’s new integration with Zoho Books 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 Zoho Books integration, keep an eye on our public roadmap here.
Who will stand to benefit?
Historically, there has been a significant lack of financial data available on very small businesses/ start ups. As Zoho Books tend to cover businesses of this size – this integration will mean that this underserved segment will now benefit from access to fairer and faster finance via accounting integrations much like their slightly larger counterparts.
Providers can now feel confident when offering this segment of financial services as they now have access to a true picture of how these smaller businesses are performing and stand to perform in the future.
What’s next?
Like with all of our accounting integrations, Codat’s aim is to continually add to its capabilities, pushing and pulling more data sets as we go along.
We want to ensure that small businesses that use Zoho books are able to access the full suit of financial services through their ability to quickly and accurately contribute their financial data to all of their providers.