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Integrations
Financica's draw will be the extensive amount of integrations it supports, which allows Financica to gather data for our customers.
An accounting system benefits from integrating with APIs of other services because it allows for automation and streamlining of tasks, such as data entry and data retrieval. By integrating with other services, an accounting system can access and share information with other software, such as e-commerce platforms, inventory management systems, and banks, which can lead to increased efficiency, accuracy and real-time data availability. This allows Financica to automate away the manual and tedious part of accounting. The challenge is supporting the integrations that our customers need, while
The more integrations we support, the bigger the pool of customers who would be interested in using Financica. However, adding a new integration potentially adds nothing for some users. It broadens our reach across more people, but prevents us adding features for our current users. As well, the more integrations we support, the more complex our codebase gets.
Wise (formerly TransferWise) is a financial technology company that provides online money transfer services. The company's platform allows individuals and businesses to send money internationally at a lower cost than traditional banks. Wise also offer multi-currency accounts and debit card that allow customers to hold and spend money in multiple currencies.
Wise was the first integration implemented. Financica has targeted Wise first as there is a small base of customers who use it for their business banking, eschewing a traditional bank.
Financica has already implemented support for Wise, which is considered complete.
Our users will have many Wise 'accounts', which correspond to one account per currency. This simplifies the actual importing of transactions, as we can be reasonably sure what at least one side of the transaction will be.
Plaid is a financial technology company that provides a platform for users to connect and manage their bank and credit accounts. The platform enables users to view their transaction history, account balances, and other financial data from multiple accounts in one place. Plaid's API allows developers to access financial data from various institutions and use it in their own applications. This allows for various financial services such as budgeting, financial management, and investment advice to be built on top of it.
To be implemented.
Plaid, while superficially similar to Wise, actually has a significant amount of additional complexity from a business perspective. Wise has one account per currency. Plaid has many accounts for many different purposes, as it corresponds to the actual business setup.
Plaid accounts may be either assets (bank accounts) or liabilities (loan accounts, credit cards, etc.), potentially all from different institutions. The API may be providing both at the same time. These decisions are not individually difficult, but we need to sort through the data and make decisions about how to categorize the legs. What we expect defaults to be for bank accounts is different than for credit cards.
To be implemented