Business lender Sonovate secures Xero certification in latest boost to reporting and reconciliation capabilities
- This certification recognises Sonovate’s strong financial reporting practices and is the latest development of the fintech’s tech capabilities.
- Follows recent launch of a new platform to help recruitment firms, consultancies, and online labour marketplaces to access state of the art automation, reconciliation and funding capabilities, empowering them to better manage working capital and respond to market demands.
- This new API-first platform ushers in a new range of embedded finance, unrivalled by banks.
London & Cardiff, 2 October 2023 – Sonovate, the fintech provider of funding and technology services to recruitment businesses, consultancies and online freelancer platforms, has secured certification from Xero, a global leader in cloud accounting software allowing it to streamline financial management for its customers and recognising its strong technology integration capabilities.
Over 40% of Sonovate’s SME customers use Xero as their accounting software. This integration greatly enhances customer experience by facilitating the automatic synchronisation of client lists, invoices, and credit notes between both vendors’ systems ensuring that funding transactions made through the Sonovate platform are accurately recorded in Xero users’ accounting software. It also provides users with accurate insights into their invoice funding status, availability, liabilities, and cash allocations in real-time, with easy reporting, a streamlined reconciliation process, and instant payment and debt updates.
This demonstrates Sonovate’s commitment to enhancing its funding platform’s integration capabilities with leading providers of accountancy solutions and recognises the continued high performance of Sonovate’s team in developing its reporting and financial reconciliation capabilities over the last 12 months.
It is the latest improvement to Sonovate’s customer offering and follows the recent launch of a new platform which enhances efficiencies and streamlines processes, helping businesses of all sizes with improved integration across their suite of tech tools, timesheet automation, enhanced financial visibility and reporting. Other benefits of the new platform include improved user experience, faster onboarding, and more flexible, on-demand withdrawal of funds as Sonovate continues to invest in its operations.
Sonovate has also recently expanded its offering with the addition of a new solution to automate back and middle office tasks for recruitment agencies of all sizes. Boosting efficiencies, these new capabilities integrate timesheet management and financing to offer a complete solution, eliminating the need for agencies to use different vendors and disjointed systems and further strengthening Sonovate’s position as a disruptor in the recruitment sector, and a leading provider of technology and financing services.
Tim Edwards, Head of Product at Sonovate, said: “This advancement in our financial reporting and reconciliation capabilities offers customers complete confidence in accounting for all transactions associated with our financing. Enabling customers to view accurate liabilities in real-time, and to reconcile with ease, is vital in empowering them to continue to pursue growth plans in the current challenging economic landscape.
“Alongside other enhancements to our platform, we continue to balance our roadmap with features that target a frictionless experience in the servicing of financing and managing cashflow.”
This announcement follows the opening of a new European hub in Amsterdam as part of Sonovate’s international expansion strategy and a period of significant technology investment, buoyed by consistently positive financial and operational performance.
NOTES TO EDITORS
Kitty Guillaume, Sean Cope, Carmen Dixon, or Sophia Houston at Seven Consultancy
Sonovate is the leading provider of embedded finance and payment solutions for the workforce. Its finance and technology services cater to recruitment businesses, consultancies, and labour marketplaces who place permanent employees, contractors and freelancers around the world. Sonovate’s platform and expert service deliver swift credit decisions, same-day funding, credit insurance and collection services as well as timesheet and workflow automation, empowering companies to concentrate on expanding their business, confident that processes and funds are in place to help meet payment deadlines.
Since it started funding in 2014, Sonovate has lent over £4 billion to 3,300 businesses and 40,000 workers in 44 countries. It is backed by institutional giants BNPP, Lloyds and M&G.