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.
A number of advantages distinguish finAPI from other providers:
- High bank coverage: over 99% in Germany and over 95% in Austria, as well as European roll-out in the Czech Republic, Romania, Slovakia, Hungary, the Netherlands, Belgium and France and soon also Italy and Spain.
- Connection of current accounts, business accounts, savings accounts, securities accounts, loans, credit cards and even PayPal via XS2A, FinTS etc.
- High-quality payment functions and high quality (QoS)
- TÜV-certified data protection and data security
- Excellent support that is appreciated by customers.
- Numerous satisfied customers, including market-leading software houses and IT service providers for tax consultants, auditors and lawyers in Germany and Austria.
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.
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.
Contact us
finAPI GmbH
Adams-Lehmann-Str. 44
80797 München
BaFin
Officially licensed and supervised by the German Federal Financial Supervisory Authority (BaFin).