The future of accounting: Advancing digitalization and automation with finAPI

Digitalisation in accounting is on the rise: a comprehensive study by auditing firm KPMG shows significant progress in the digitalisation of accounting, particularly in the area of paperless accounting. 23% of companies have already fully implemented this, with a further 42% having done so in some areas. The study also confirms that the majority of companies consider a clear digitalisation strategy to be important, but very few have implemented one for their accounting. However, the results show that the coronavirus pandemic has been a catalyst for digitalisation by significantly increasing the need for and acceptance of digital processes, especially in accounting.

In this context, finAPI is positioning itself as a leading provider that enables companies to digitalise and automate their financial processes more efficiently. By connecting accounts to accounting software, invoicing programs and ERP systems via finAPI, the Munich-based Fintech supports the trend towards digitalisation and automation in the accounting departments of companies and self-employed professionals.

Automated payment reconciliation and more: solutions with finAPI

Automated payment reconciliation and the initiation of payments are particularly important for efficient accounting processes – as the results of the study also show. XS2A and API banking are particularly powerful in these areas: Companies integrate their accounts into their accounting software via finAPI’s interfaces in order to automatically and efficiently reconcile transactions with generated invoices. This automation not only saves valuable time, but also reduces the risk of errors that can occur in manual processes.

When initiating payments, finAPI enables direct debits and credit transfers as well as collective transfers, collective direct debits, standing orders, scheduled transfers and instant payments – a range of payment options that is currently unique on the market.

Companies of all sizes can save valuable resources and harmonise workflows through automation, especially in accounting. The basis for this is a seamless and perfect connection of business accounts in order to receive account information and initiate payments. In this area, finAPI's API solutions are market leading in Germany.
Peter Hiekmann, VP Sales bei finAPI
Peter Hiekmann
VP Sales at finAPI

A number of advantages distinguish finAPI from other providers:

Become a digital CFO with finAPI through liquidity planning and cash flow management

In addition to these important aspects, finAPI also enables in-house liquidity planning and cash flow management with the help of data intelligence functions. By categorising and labelling account turnover and various cash flow and risk reports, companies can better understand and plan their financial situation. This enables efficient and streamlined liquidity planning, especially for small and medium-sized companies that do not have a dedicated finance department.

  • Contract detection

    We identify insurance contracts in the account transactions. With the help of this information, you can easily detect insurance gaps or make your customers targeted offers to switch.

  • Demand analysis for the optimisation of insurance policies

    We are also able to recognise insurance-relevant changes in the account transactions, so-called “life-changing events”. This makes it possible to provide tailored advice and optimise insurance policies – another advantage for insurance companies and their customers.

  • Identifying customers

    In some cases, insurance companies need to identify their customers. We offer various product solutions for identifying customers online via their bank account within seconds: from simple identification for a customer portal to an AMLA-compliant solution.

Further use cases: Credit check and identity check

The finAPI solutions can also be used for credit checks (e.g. for e-commerce shops) and for the legally compliant identification of individuals (e.g. for users of WISO tax software for identification in the ELSTER tax portal). Take a look at the world of finAPI solutions in the area of financial accounting HERE.


A free test account is also available for extensive testing purposes – click here to register for a free trial.


Success stories and references

The digitalisation of accounting is in full swing. So it’s no wonder that numerous companies are already using finAPI’s services thanks to the excellent overall offering. Providers such as Scopevisio, Easybill, Cisbox, Billomat, Millio (a Salesforce add-on), Commitly and Manubu have seen significant improvements in their accounting and payment processes thanks to the integration of finAPI. Furthermore, finAPI is integrated with the market-leading software houses and IT service providers for tax consultants, auditors, and lawyers in Germany and Austria.

More information and contact

Find out more about our product solutions and how finAPI can help you digitalise and optimise your accounting processes. Contact us now for more information and a personal consultation.

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