Connecting with your accounting software

We are working towards letting customers connect their Credicorp loan with the accounting software they already use. The idea is straightforward: your loan and its repayments should be easy to reflect in your books, without re-keying figures or chasing statements. This article sets out what we are planning, the benefits we are aiming for, and the principles we will hold to, including keeping you in control of any connection. We are being upfront that this is a direction of travel rather than something every customer can switch on today.

What we are planning

Most well-run companies keep their books in accounting software, whether that is a cloud package or a desktop tool. When you borrow, the loan, the repayments and the cost of credit all need to land accurately in those records. Our aim is to make that connection cleaner, so the right figures flow into your bookkeeping rather than being copied across by hand. We are keeping the plan deliberately generic at this stage because the detail will depend on which tools we connect with and how, and we would rather under-promise than over-claim.

The benefits we are aiming for

• Accurate record-keeping. Loan balances and repayments reflected correctly in your accounts, reducing the chance of manual error.
• Less admin. Fewer statements to download and figures to re-enter, freeing time for actually running the business.
• Cleaner reconciliation. Repayments that are easier to match against your bank activity at month end.
• A clearer picture for your accountant. Tidy, consistent records that make conversations with your bookkeeper or accountant simpler.

Good records are not just tidiness for its own sake. They help you see what borrowing is actually costing the business, which is exactly the kind of clarity we want our customers to have before and during a loan.

You stay in control

Any connection to your accounting software will be something you choose and can turn off. We will not link to your systems without your say-so, and you will be able to disconnect a link if you change your mind. The principle is the same one that runs through our technology: data connections are customer-controlled, used for a clear purpose, and never more intrusive than they need to be. Where a connection involves your data, we will explain what is shared and why, in line with our privacy notice.

What it will not do

Connecting your accounting software is about record-keeping, not about how we make lending decisions. We assess the company’s affordability using its bank activity and a business credit check on the company, plus an identity check on the director; an accounting-software link is a convenience for your books, not a new input into approval. It also will not change the product or its cost. Our live product is a short-term Business Bridging Loan of £50 to £500 over 14 to 84 days, and your figures, the amount, term, total cost of credit and full repayment schedule, are always on your Key Information Sheet (KIS) and in your Business Loan Agreement. You can see current amounts, terms and costs on our business loans page.

The regulatory position is unchanged

A bookkeeping connection does not alter the nature of the borrowing. We lend to companies for business purposes, so the loan sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS. Connecting your accounts simply helps you keep clean records of a loan whose terms are unchanged.

The honest summary

We think loan records belong neatly inside the tools you already use, so we are working towards connections with common accounting software, with you in control of any link and clarity about what is shared. It is a plan we are building carefully rather than a finished feature for everyone, and we will say so plainly as it develops. In the meantime, your statements and figures remain available, and you can always check current amounts, terms and costs on our business loans page before you borrow.