Sonovate, a financial technology service provider catering specifically to recruitment businesses, consultancies, and online freelancer platforms, has recently marked a significant milestone by securing a certification from Xero, a renowned player in the realm of cloud accounting software.
This accolade not only underscores Sonovate’s proficient financial reporting practices but also fortifies its technological prowess, particularly in financial management and reconciliation.
The achievement is juxtaposed with the launch of Sonovate’s new API-first platform, devised to be a conduit for recruitment entities and online labour markets to tap into state-of-the-art automation, reconciliation, and funding capabilities. The platform epitomises the advent of a new echelon in embedded finance, offering an array that is currently unparalleled by conventional banking systems.
The integration with Xero, which is utilised by over 40% of Sonovate’s SME customers, is poised to significantly elevate customer experiences. It provides an automated conduit for synchronising client lists, invoices, and credit notes between the systems of both vendors. This ensures that funding transactions executed through the Sonovate platform are accurately mirrored in the accounting software of Xero users, providing them with precise insights into various financial metrics and facilitating instant updates on payments and debts.
Sonovate’s commendation by Xero is a testament to the FinTech firm’s dedication to amplify its platform’s integration capabilities with esteemed accountancy solutions providers. It’s a nod to the team’s sterling performance in evolving its reporting and financial reconciliation capabilities over the past year, bringing to the fore the company’s relentless pursuit of operational excellence and enhanced customer offerings.
On another note, the company has broadened its horizons with the introduction of a new solution intended to streamline back and middle office tasks for recruitment agencies across the board. This strives to augment efficiencies and integrates timesheet management and financing to provide a holistic solution, mitigating the need for agencies to liaise with multiple vendors and navigate through disparate systems. Thus, Sonovate continues to cement its reputation as a disruptor in the recruitment sector, establishing itself as a premier 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 significant development aligns seamlessly with the recent inauguration of Sonovate’s new European hub situated in Amsterdam, evidencing a methodical international expansion strategy. This is amidst a period of substantive technological investment, propelled by a consistently robust financial and operational performance.
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