Leveraging Real-Time Data for Financial Modelling through data-as-a service APIs
Spreadsheets have been a tried and tested tool for building out financial models that play an integral part in running a business, helping get a sense of its growth trajectory. Financial models need to constantly be updated with data to get a clear and accurate picture of a business.
While spreadsheets are a commonly used tool, they require the user to manually enter data to get a clear picture. While this may have been a viable option in the past, in today’s ever-changing business landscape, analyzing one’s business through real-time data can give a company its competitive edge. Luckily, there are tools available to build intuitive and easy-to-use financial models with real-time data.
For instance, Causal is a great tool to build financial models with this real-time data. Causal integrates with all major POS solutions, cloud accounting platforms and analytics services to capture real-time data. With this real-time data, causal regularly updates financial models so that one can get a true and clear picture of their business.
Leveraging their open accounting API, Railz helps companies like Causal who need real-time data from alternate sources to power up their services and deliver greater value to their customers with more accurate and timely financial models. They’re able to do this by taking a company’s unstructured customer data from cloud accounting platforms and synthesizing this data into financial ratios and cash flow statements based on up-to-date and reliable information.
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