We’re excited to announce a significant new feature on the Capitaliz platform: 3rd Party Integration. This innovative functionality is designed to streamline the process of collecting crucial client information, making it easier than ever to create comprehensive Business Insights Reports.
What is 3rd Party Integration?
3rd Party Integration allows advisors to connect Capitaliz directly with popular bookkeeping packages, which for now includes QuickBooks and Xero.
This integration simplifies the collection of essential financial documents, such as income statements and balance sheets, ensuring you have the information you need at your fingertips within the Capitaliz system.
The Genesis of 3rd Party Integration
As many advisors know, collecting necessary documents from clients can sometimes feel like a teeth-pulling exercise. Clients vary in their willingness and ability to provide the required information, which is why we developed 3rd Party Integration.
This feature allows you to request permission from your clients to access their bookkeeping software, making the document collection process far more efficient.
Further, by eliminating the need for manual input or incorrect calculations, there is less chance of bias or user error, as well as an increased likelihood of accurate valuations and appropriate recommendations on the platform.
How to Set Up 3rd Party Integration
Client Permission
Before you can connect to your client’s bookkeeping package, it’s essential to obtain their consent and be granted access. This step ensures that you’re complying with privacy protocols while accessing their financial data. It also is important for you to make sure that their account settings are set to the accrual accounting method with the desired end month of the fiscal year.
Step-by-Step Setup Process
To help you get started, we have created a comprehensive 8-page guide and a 2-minute training video available within Capitaliz Academy.
For a very brief overview of the setup process:
- Create a New Company File: Start by setting up a new company file in Capitaliz.
- Manage Third-Party Integration: Navigate to the company settings and select “Manage Third Party Integration.”
- Connect to QuickBooks or Xero: Follow the prompts (and the integration guide in the Academy) to establish a connection to your client’s chosen bookkeeping software.
Importing Financial Information
Once connected, you can easily import financial data and reports including financial and operations balance sheets to profit & loss reports and more.
Note that the data transfer may take around 30 to 60 seconds, sometimes longer.
After the handshake is complete, you’ll be able to classify the imported data into standard categories used in your Capitaliz Business Insights Reports and within the platform.
Benefits of the 3rd Party Integration
This new feature not only speeds up the information collection process but also enhances the overall efficiency of generating reports and deliverables for your clients.
With quicker access to necessary data, clients can receive their insights in a timely manner, improving their overall experience with your advisory services.
Future Enhancements
We’re continuously working on enhancements to the 3rd Party Integration feature, as well as existing features and added improvements within our development roadmap.
Your feedback is invaluable, and we encourage you to share your thoughts as you explore this new functionality, as well as other areas of the platform.
Our development roadmap is driven from direct feedback from our users. Advisor conversations about features and integrations that would be helpful are crucial to us as we continue to improve various aspects of the software.
After all, the software itself and the greater Capitaliz platform was designed for advisors by veteran exit and succession planning advisors seeking solutions for systemized processes and streamlined planning.
Software Solutions to Scale Your Advisory
In summary, the 3rd party integration feature is designed to make your life easier by simplifying the client information collection process.
As we continue through the calendar year, there will be more to come on tech updates and platform developments so be sure to stay tuned. Check out the resources available in the Academy to get started today and experience the benefits firsthand!
For those not yet on the Capitaliz platform, set up an intro call with us to see all the features of the Capitaliz platform that you may be missing out on!
