Data Lending Product |
4 mins read
The accounting data accessed from the accounting tools and applications used by small businesses can help financial service providers better understand their customer’s finances and gain insights that can help build better products for these small businesses. API integrations for accounting data have made it convenient for financial service providers to access such accounting information of their customers, allowing them to make smarter, real-time data-driven decisions.
However, the accounting data of customers is fragmented across different platforms that are used by businesses to record their transactions and manage their accounts better. To help financial service providers leverage such fragmented accounting data without the hassle of managing multiple integrations internally, PowerCred offers seamless access to real-time accounting data from multiple accounting platforms using a single API integration. PowerCred ethically sources the accounting data of customers with their prior informed consent and shares it with financial service providers in a structured and summarised format for ease of analysis. Accessing real-time data using PowerCred’s API integration thus helps financial service providers make real-time, smarter decisions with insights that help them better understand the health of their customer’s business.
At PowerCred, we are consistently working to expand our data coverage with the right data partnerships across categories. For accounting, we currently offer integrations for Accurate, Jurnal, Xero and QuickBooks which are commonly used by small businesses to manage their accounts.
Accurate: Accurate is one of the most popular accounting softwares for small businesses in Indonesia since 2000. Users prefer Accurate for its features and flexibility in operation that allows them to have full control over every accounting-related aspect of their business.
Available data includes Bank Transfers, Customer information, Expenses, Purchase and Sales Invoices, Tax, Vendor information, and Warehouse information.
Jurnal: Jurnal is a popular integrated accounting software in Indonesia that helps businesses simplify their book-keeping, finances and operational accounting needs.
Available data includes Sales, Cash Flow, Ledger, Inventory Summary, Customer information, Vendor information, Payments, Product information, Taxes, Withdrawals, Transfers, Deposits, Purchases information, Sales Summary, Payables, Receivables and P&L.
Xero: Xero is an easy-to-use accounting software designed for small and growing businesses that allow users to view their cash flows, transactions and account details and share the same with trusted stakeholders for instant visibility of their financial position.
Available data includes Bank transactions, Transfers, Invoices, Credit notes, Purchase Orders, Pre Payments, P&L, Balance Sheet, Bank summary, Payments, Receipts, Repeat Invoices and Tax Rates.
QuickBooks: QuickBooks is an online accounting software for small businesses to create invoices, manage expenses and track the cash flow for organized book-keeping.
Available data includes Payables, Receivables, Balance sheet, Cash Flow, Sales, Income, Ledger, P&L, Bills, Vendor information, Customer information, Inventory Valuation, Discounts and Transactions.
Financial Analysis: Financial service providers can gain a comprehensive overview of the small business’s health and understand the cash flows of the business to conduct a financial analysis of their customer’s accounting information. Such analysis can help identify trends in the finances, expenses and overall accounts of the small business.
Credit Underwriting: Access to authenticated, real-time accounting data can help financial service providers gain insights into the repayment capacity and creditworthiness of their small business customers, allowing them to make smarter credit decisions while underwriting these businesses.
Reconciliation: Accounting data accessed with PowerCred’s APIs can be reconciled with data from bank accounts, eCommerce platforms, PoS and others. This can help confirm the uniformity of accounting data across different tools and applications used by small businesses.
Identify fraud: Identifying fraudulent entries and data discrepancies during the reconciliation of accounting data can help detect fraud and minimise losses associated with such fraud.
New Product Development: An overview of small business transactions and overall business health can help financial service providers identify gaps that can be bridged with new and more relevant financial products for their small business customers.