In this report, we’ll explain what accounting APIs (application programming interfaces) are, how they work, and what value they deliver in the world of AP automation and financial management. We’ll also explain why they’re indispensable for boosting your business.
You’ll also learn how they’re used widely as competitive differentiators and gain an appreciation of the extent of their usage now and going forward.
What are accounting software APIs?
Used in finance, accounting and many other industries, accounting software APIs unlock data within software-based computer applications. They facilitate data transfers, connectivity and integration between software, applications and computer systems. They make it possible for software-based technologies to “talk to” each other.
APIs will help convert your accounting software system into a higher-performing financial management platform and help your business grow.
They’re the connective tissues you’ll need to generate more business, drive productivity, deliver faster payments and improve customer experiences. They make data exchange and functions, such as payment and invoice transfers between businesses, easier, faster, smoother and more reliable.
Think of an accounting software API as a plug you insert in your wall at home to turn on a light. You are empowered when you insert the plug.
Or imagine you’re at a restaurant and a waiter comes to your table and takes your order. The waiter goes back to the kitchen, communicates the order and delivers you what you asked for on time.
An API is like the waiter. It takes orders and then delivers what you requested without you having to see what happened in the kitchen or how the dinner got to your table.
Perhaps your company wants to automate its invoices and payments. To send and receive data from your accounting system, you need an API that plugs your AP software into the accounting software.
Successfully integrating more accounting software APIs opens more revenue-generating business opportunities. These companies become more attractive to do business with. The more API integrations you establish, the more valuable you are to do business with. You now have greater versatility to accelerate efficient financial transactions at affordable costs.