Open accounting APIs have enabled lenders to get access to rich accounting data on their business customers in a matter of minutes. These APIs have been beneficial in understanding SMBs, specifically, and have helped lenders create products and services to meet their lending needs. However, the application for open accounting APIs extend beyond lending and a wide range of players can leverage this technology to gain a competitive advantage.
Financial planners and analysts can leverage accounting APIs to turn unstructured data from numerous accounting platforms into structured financial statements for their customers. Investors can use these APIs to pull rich financial data on their portfolio companies and build dashboards to gauge their portfolio's performance. Investment Bankers can accurately and confidently calculate the value of a company by accessing real-time accounting data on investing opportunities. Auditors can conduct confident audits by pulling real-time financial transactions on companies to get a clear view of the health of the business.
Open accounting has a wide array of use cases and anybody who needs to access rich and contextual financial data of a company can benefit from open accounting APIs.
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