Sharing Accounting & Banking Data
You might think of accounting software and your bank account as a way to monitor cash flow in your business. But it is also a great way to strengthen your funding application. Business owners that share accounting data and bank statements with funding providers provide a much clearer picture of their finances than those that don’t.
Check out the information below to learn how you are able to control the data you share with Finpoint.
Share Accounting Data for Better Access to Finance
Our business finance platform is compatible with a wide range of accounting software packages such as FreeAgent, Sage, or QuickBooks. We have integrated with these software providers to make it simple for you to share data such as Profit & Loss statements, Balance Sheet data, and Management Accounts.
Sharing data not only saves you time, but also it is a great credibility booster for your funding application. If you have reached the Finpoint business finance finder from one of our partner websites, you can be sure that your data is in good hands. Finpoint will playback on screen an exact copy of the data we retrieve from your selected accounting software package. And due to our ‘privacy first’ approach, you are always in control of who can access this data.
Make Your Bank Statements Useful
Adding bank statements to your business finance application is a no-brainer. Almost all funding providers will ask to see them eventually, and there is no safer way to share your bank statements than by connecting your bank in “read-only”-mode with the Finpoint platform.
If you have borrowed before, then you will be aware that lenders ask to see bank statements for a variety of purposes, not least as evidence of how your business is performing financially. And there is no need to be concerned about one-of or unexpected costs in your statements. Sharing this type of data signals to the lender that you are transparent and are addressing any financial matters promptly, which is a great way to demonstrate to lenders that you can trade your way out of difficult patches because you have a good grasp of your finances.
Because it is relatively new, you might not have heard of Open Banking. But rest assured it is a new and secure way to share banking data about your business. So say goodbye to the days when you had to email bank statements around.