Product Update, September 2023: Open Accounting, Data Extraction & eSync
We’ve put Open Accounting at the heart of our vision for the complete, connecting commercial finance lending OS – and banks and lenders worldwide are realising the power of enhanced automation and data transparency for their businesses and borrowers.
You can read more about why we’ve chosen to invest in Open Accounting here. In the meantime, here’s what we’ve delivered in the last quarter, across our Open Accounting technology, Data Extraction features and eSync facility type.
Until now, you will have heard us refer to Data ‘Extraction’ when we talk about accounting system connectivity across our systems. From now, however, you’ll hear us talk about ‘Open Accounting’. There’s a good reason for that.
Until today – in ours and others’ commercial finance lending systems – data has flowed one way: from borrowers’ accounting systems to client portal systems to lenders.
Our new Xero Writeback feature changes the game. Now, lenders can post payments and collections to their borrowers’ accounting systen from their Dancerace c3 Backoffice Control system, thereby saving their clients time, efforts and mistakes.
Ours is the first integration of this type worldwide, and exclusive to Dancerace. Today, Writeback is available for clients using Xero accounting systems, but we plan to open up the functionality to other accounting systems soon.
If you’re a lender using the Dancerace OS and want to find out more about our Writeback feature, please contact email@example.com.
Investing in Success
Over the last twelve months, we’ve invested heavily to build our Customer Success teams in Europe and Australasia – with a focus on bringing industry expertise into our business.
In the last quarter, we’ve reworked how we implement Open Accounting for our lenders, to help them to understand how the technology will affect and improve their systems and processes. And we’ve turned our efforts to documenting our knowledge to make it easier for our lending teams to use our systems, starting with our Open Accounting features.
We want to make our lending OS the best-supported of its kind, by training our users in the way that suits them. To do that, we’ve launched two new systems:
- First, the Dancerace Knowledgebase – an extensive wiki to help management teams and system users to implement and learn to use our systems.
- Second, our Learning Management System, or LMS. The Dancerace LMS is a unique online library of 200+ videos, guide and interactive exams to train users in all aspects of our systems. Managers can even create custom learning pathways for their teams. We’re expanding the our LMS library constantly. Find out about our LMS here.
Access to our Knowledgebase and LMS is free to all Dancerace lenders. If you’ve not yet access the system, please contact firstname.lastname@example.org.
Nearly two decades ago, Dancerace pioneered intelligent invoice discounting with the launch of our eShadow facility type. In 2021, we brought eShadow into the future with the launch of our eSync facility type for lenders.
eSync delivers invoice discounting efficiency with the visibility of a factoring facility – a potent pairing that’s seen our lenders achieve 1:70 ratios between client managers and clients.
In the last quarter, we’ve continued to improve our eSync features across c3 and supported lenders to adopt eSync via enhanced training and support. To understand how eSync processing works and the benefits the facility type offers lenders and borrowers, click here.
To find out more about our Open Accounting features or any aspect of our complete, connected lending OS, request a call from our expert lending team today.