FISKL introduces modern API-driven accounting for small businesses With Open Finance bi-directional data flow to simplify SMB lending
Original article on PRWEB.
Fiskl, the mobile-first financial management solution for small businesses, announces the launch of modern, API-driven accounting on its platform, now available worldwide.
The classic cloud accounting platforms are now facing technology legacy issues, as they were all built when you had to reconcile paper to digital entries, digital entries to bank accounts and then finally reconcile banking entries with accounting. This complex, time consuming and error-prone process still makes managing daily finances difficult for small business owners.
Fiskl’s modern accounting introduces full API-based automation. It removes the steps in this process, by dynamically syncing customers’ banking, payments and other transaction information, auto-categorizing and reconciling it, before directly displaying all data in accounting.
Not only does Fiskl save time on reconciliation steps, it also simplifies and demystifies accounting for small business owners. By doing away with debit and credit terminology, intelligently detecting when a transaction is an internal transfer and dynamically managing foreign exchange entries, Fiskl empowers small business owners to manage their own day to day finances and cash flow.
Additionally, Fiskl’s revolutionary dynamic ledger architecture allows API-ed data sync directly into accounting from any other ledgers, such as e-wallets, mobile payments, e-commerce, and blockchains.
Fiskl Accounting is fully accessible on mobile, along with all other platform features, which include invoicing, product & service catalogs, expense and time management, banking sync in more than 60 countries, along with a large selection of payment providers.
Fiskl also provides bi-directional financial data exchange via secure APIs with financial institutions, banks and lenders.
In order to lend to small businesses, financial institutions need ongoing access to real-time, consolidated financial data to constantly monitor and anticipate working capital needs while reducing the time and admin of loan onboarding and decreasing default risk.
Fiskl offers permission-based access to customers’ financial data via secure API reporting, and dashboards set to each partner’s preferred financial parameters.
With Fiskl, financial lenders and banks have access to a business’s clients and vendor lists, aggregated banking data, standardized financial reports and KPIs as well as insight on hundreds of relevant data points, allowing them to make high quality, data-driven credit decisions.
The process of lending for both the small business and the lending company truly becomes seamless when API data is exchanged bi-directionally. Financial institutions can display lending offers automatically in Fiskl or in the customer’s banking app, with the benefit of automated onboarding, ongoing monitoring and dynamic risk management.
Alina Lapusneanu, CEO and Co-founder of Fiskl stated, “Our long term vision is to build an Open Finance ecosystem and democratize financial management tools and credit access for millions of small business owners globally”.
The Fiskl platform powers day-to-day financial management and accounting for small businesses in over 150 countries. Our partners include some of the world’s largest financial institutions, global payment providers, mobile operators and financial services providers. A London based company, Fiskl is the 2021 winner of the Visa Everywhere Europe competition.Get started