Codat announced the launch of Sync for Commerce which will automatically synchronize sales data with accounting platforms. Codat is the universal API for small business data. According to Codat data, most US retailers utilize several commerce platforms, which complicates reconciliation. Payment providers will use Sync for Commerce to dramatically simplify and accelerate the development of automatic reconciliation tools, allowing merchants to focus on developing their businesses.
Accounting for different commerce platforms falls on small business owners, who spend an estimated 40 hours each month on administration. Codat's integrations streamline this process, allowing business owners and employees to focus on growth.
"Everyone in the payments stack is looking to do more for their merchants. Automatically syncing data with accounting systems has long been a sought-after feature by merchants and providers in this equation because of its potential for time-saving. But because of the technical complexity to implement, integrations that exist today are often low quality, poorly reviewed, with patchy coverage and disjointed user experiences. Sync for Commerce changes this. It's about enabling providers to deliver high quality, native integrations as a competitive feature in days or weeks not months and years."
Pete Lord, Codat's CEO
The new tool streamlines the process by which payment processors and commerce platforms enable their users to sync their data with the two most popular accounting platforms: Intuit QuickBooks and Xero. Real-time data on sales and payments are delivered to Codat's new API, converting it to comprehensive sales invoices and sending them to the merchant's accounting platform. Merchants may configure their connection in minutes and specify when and how they want their data to sync.
Mollie, one of the fastest-growing payment service providers in Europe, will be among the first to use Codat's new offering.