Open Accounting

Once your customer clicks the link, they’ll be taken to this screen where they’ll be asked to enter their company name.

This screen provides them with information around why we’re asking for their data, what they need to do, and which data we’ll receive. It also links them to our Privacy Policy should they need more information on how we use data. If they have any questions you can’t answer, simply ask them to contact us at codatqueries@atombank.co.uk.

After the customer has entered their business name, they’ll be asked to select their accounting package. If their package isn’t listed here, it means it isn’t supported by Codat. In that case, please just ask your customer to provide their management accounts as normal either via secure mail, or by uploading them to the portal.

If your customer uses more than one accounting package, they’ll need to complete the journey for every package they use.

If your customer has a cloud accounting package (such as Xero), they’ll be redirected to enter their accounting package log in details. This step of the journey can vary depending on the provider and Atom will never see your customer’s log in details.

Once your customer has entered their details, they’ll then be able to grant Atom access to view their financial data.

If your customer uses Quickbooks Desktop they’ll be prompted to download a connector:

• The connector must be downloaded on the same device the accounting package is installed on;
• Before downloading the connector, your customer must log into their accounting package. This means the connector will know which account to connect to;
• Once the connector has downloaded, they need to enter the licence key displayed in the link journey;
• Your customer will then be asked to grant Atom access to view their financial data and will be provided several access options. These may vary between versions, however we recommend your customer allows access even when Quickbooks is not running to ensure the data is available to our underwriters without any delays.

Please note: your customer will need to wait for the connector to link to their accounting package, and once it has a message will pop up to let them know.

If your customer uses Sage50 they’ll be prompted to download a connector:

• The connector must be downloaded on the same device the accounting package is installed on;
• If they have anti-virus software on their computer, they may be asked to confirm they trust the source of the file;
• Once the connector has downloaded, they’ll need to enter the licence key displayed in the link journey;
• A Sage50 configuration screen will ask the customer to select their Company Name from a drop down list and enter their Sage50 login details;
• Your customer will then be asked to ‘Link company and perform sync’ and a box will pop up asking them to confirm they’re linking the correct company data;
• The initial synchronisation will take a few minutes to complete, however larger files can take up to 30 minutes. Once complete a box will pop up to confirm it’s been successful.

Once the customer has successfully linked their accounts, they’ll be redirected to the Atom bank homepage. At this point, Atom will receive a notification that your customer’s data is ready for our underwriters to review.

We don’t need ongoing access to your customer’s accounting package data, in fact, we only require one-off access.

The data we retrieve will be used by our underwriters when assessing the application to support our lending decision. Once the data has been pulled by Codat, it’ll be populated in a dashboard similar to the one shown here.

This allows our underwriters to view the same type of data we’d receive from paper accounts, but in a much simpler and more transparent way. In turn they can make a lending decision on the most up to date, relevant information about your customer’s business.

Once your customer has linked their accounting package, our underwriters can access a series of dashboards displaying their business data:

• Company overview – a snapshot of the financial health of an individual company;
• Profit and loss – the revenue, costs, and expenses of the company for a specified period;
• Balance sheet – the assets, liabilities, and equity of the company for a specified period;
• Customer overview – key metrics for the company’s top customers, including revenue earned and outstanding invoices;
• Supplier overview – key metrics for the company’s top suppliers, including expenditure and outstanding bills.

This allows our underwriters to calculate the essentials, such as Earnings Before Interest, Taxes, Depreciation, and Amortization, providing them with a comprehensive set of data to base their lending decision on.

Balance sheet data

Profit and Loss data