Market leaders build on Codat
Business lending is changing
- Financial statement spreading is a time-consuming and expensive process due to the manual nature of data collection and standardization.
- 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.
Categories takes raw accounting data and maps to a standard chart of accounts.
The Categories data model is trained on over 70,000 businesses across territories and sectors.
Categories makes suggestions from a list of over 60 standard categories. Users can review and recategorize. Underlying raw data is never lost.
Automation improves data accuracy by eliminating manual rekeying errors or failures of optical character recognition.
Spending less time spreading gets cash to your customers faster.
Relationship managers are free to do higher-value work when they spend less time on manual process.
Connecting directly to your customers’ data brings an end to their repeatedly preparing and providing up-to-date files.