Usually, I have a longer newsletter on Tuesdays. However, due to a significant release last week and a severe service disruption yesterday, I didn't find the time to finish a regular newsletter. So this week's newsletter is a short story of something I've worked on recently.
I discussed external ledgers a few weeks ago. They pose a continuous challenge in accounting. External ledgers offer crucial information in the bookkeeping and, at the same time, are challenging to synchronize. At my company Moneybird, we have been fighting this challenge for years.
The more we tried to automate the synchronization and reconciliation of external ledgers, the more customers started to complain when the automation didn't work as expected. For automation to work, it should work flawlessly all the time. And with dependencies on third parties, getting something perfect is hard.
With our new product Moneybird Payments, we try to solve this. By integrating a Payment Service Provider in our accounting software, we get more control over the external ledger. Instead of partnering with many PSPs, we are now a client of one PSP. In our case, Adyen provides the payments infrastructure. And being a client changes the cooperation: both parties have a stake in making the best solution possible.
The response from our users has been overwhelming. So, we have a long waiting list of customers wanting access, and we are working long hours to fix the first bugs and improve on the first feedback. Back to work!