We are excited to share an important update around integrations: we have moved the calculation of cash in bank from banking to accounting integrations.
If you link your bank account, you will still be able to see your latest cash in bank updated daily on your financial dashboard. This information will not be shared with your investors.
For all reporting purposes, your end-of-month cash in bank values will only be pulled from your accounting system. If you would like to automate your investor reporting process through Standard Metrics, we encourage you to link your accounting system if you haven't already.
Over the last year, we’ve heard feedback from customers on what they consider to be the source of truth when sharing financial data. Time and time again, we’ve been pointed to accounting systems as the ultimate home for financial reporting data. As a result, we’re pleased to share that our coverage from accounting systems now includes cash in bank.
Why did we make this change?
International bank accounts, certain treasury and clearing accounts, and systems with Multi-Factor Authentication were not covered by our banking integration provider Plaid. By linking to your accounting system, we will be able to track all of your bank accounts regardless of location, account type, or provider.
Accounting integrations are more frequently used than banking integrations. With this change, more companies will be able to automatically pull cash in bank data.
Accounting integrations tend to have significantly better uptime compared to banking systems. This will reduce how often you need to re-link your accounts.