I. Why whooing

I. Why whooing

This page explains why whooing was created and its advantages and disadvantages before a full-fledged how-to guide. The biggest characteristic of whooing is double-entry bookkeeping, persistence, safety, and accessibility. If you already know II. Go straight to understanding your account.

Elegant double-entry

whooing is a double-entry household account book. When I hear something very unusual, I start with fear. But don't worry. We don't even have to deeply understand doubles bookkeeping. You just need to understand the level you can use. It's the same as driving a car and you don't need to know all the characteristics of the engine/drive system/fuel.

The household account books we generally use are singles bookkeeping. The word singles bookkeeping itself is not used well, but to explain it, it is a simple structure in which the money earned and spent are recorded, and all that is spent becomes cash for our household. If you go to a bookstore in the New Year, it is such a ledger that can record the year's worth on the newsstand.

Singles bookkeeping is the most common because you don't need to learn anything and just keep recording it, but it has a fatal drawback. With singles bookkeeping, I cannot manage my financial assets dispersed in various tangible/intangible forms like in modern society. Even if I just think of it, I have a few bankbooks, a card, some payloads, There are mileage, credit card charges, real estate (?), and many other valuable items that can be sold for secondhand. Can these things be managed as a traditional household account book?

Doubles bookkeeping can solve these problems. Doubles bookkeeping can be managed by converting all tangible and intangible assets/liabilities into value. So, for 500 years, companies have used this double-entry bookkeeping method to manage companies. Imagine how great it would be if you could apply this methodology to your household account book.

Assets/liabilities are explained on the next page. It doesn't matter if you don't know now.

The problem is that this double-entry bookkeeping (or accounting) is too difficult. I found it difficult to manage my assets with singles bookkeeping, but trying to do it again with doubles bookkeeping can suddenly be too choking. Whooing was created to find a suitable method that is as comfortable as singles bookkeeping and takes advantage of doubles bookkeeping.

An important point in double entry bookkeeping is that you can manage scattered assets/liabilities, and you can record all the money flows tightly. These two points are the most important part of doubles bookkeeping.

whooing is a web service made for personal use by borrowing only the advantages of double entry bookkeeping. All concepts and functions that are difficult and complex for individuals to use have been drastically removed (or hidden). Still, the usefulness of double entry bookkeeping was maintained. It is an elegant doubles bookkeeping.

Thin and continuous operation

whooing aims for a thin and continuous operation.

It is natural that the company continues and the service continues. But if you just think about it, IT services (apps) do not last longer than you think. This is because the web or app environment is changing too quickly, and if the business is not recoverable after proceeding with the initial investment, or if the volume is not created as expected even though it was started as a free service, or if the business feasibility is not found, service interruption can be easily accomplished. Loses.

Actually, there are many people who have experienced exhaustion due to frequent termination of the existing household account book web (app). In this case, it usually provides data backup, but it is not useful as the web (app) that can view the data disappears. And for a while until an alternative appears, the recording will stop.

The household account book is also important to the present being used, but in general, it predicts the future based on the past to present records. In addition, past records are themselves useful information as records. Therefore, more than all other services, Household account book and asset management is more important to the continuity of operation.

whooing aims to continuously operate the service to alleviate the worries of these users. In addition, the following principles are applied to development and operation. Adhering to these principles, whooing has been in service for over 10 years without interruption.

-We do not do excessive business. -We are wary of externally dependent functions and partnerships for major values ​​only. -Based on standard web (desktop/mobile/hybrid app, etc.). -Eliminate predictability and other risks by simplifying the revenue model to usage fees. -Progressive changes are made according to No Grand Open and No Surprise.

Valuable data management

In an era where everything is online, I am at a point where I do not know where my data is and how far it is used. In particular, personal consumption data is more anxious because it is data that companies will like to sell financial products. Whooing sympathizes with these anxiety and concerns.

-Whooing's goal is to collect and process transaction data and provide each user with a more fruitful analysis and plan, and the data is used only for this purpose. -Access to data is in charge of one operator in the development/operation situation, and is managed only through a designated area and computer. -Since the user has the control over the data, when using a third-party app for use in a different environment, the use is allowed only with the personal approval of the person (and can revoke permission at any time). -Information that is considered particularly sensitive (e-mail address, message, post-it, etc.) is recorded and viewed through two-way encryption. -We do not require users to enter account information / payment information and sensitive information. Payment for the service fee is processed through a payment agency, and whooing does not (cannot) access the payment information.

Disadvantages of whooing

As with all tools, whooing also focuses on some of the inconvenient parts. Most of these are optimization issues that can be tolerated to some extent, but if you are a user who focuses on this feature, it may not suit you. The main disadvantages are as follows.

Concept of double entry bookkeeping required

The word double entry bookkeeping is not a common concept we use. As explained in the account, each term is used in everyday life, but it is not used as a concept to refer to the flow of money in relation to each other. Whooing is based on this double-entry bookkeeping method. Therefore, some understanding of double entry bookkeeping is required. If you have difficulty in doubles bookkeeping, please refer to external data on doubles bookkeeping.

Fully automatic input not supported

Today's fintechs are putting its strength in automatically collecting and analyzing data without the user entering a transaction. This level of analysis may be useful to understand roughly how much your total income and expenses are, and how much you spend in each category.

There are two reasons why whooing doesn't support automatic typing.

One is the real difficulty of collecting. There are still administrative/economic barriers to collecting banknote transaction data in Korea. Fintech companies are also faced with obstacles to collection from time to time and are changing to workforce to solve them. This problem is showing signs of gradually being solved, and if direct collection is not possible, it will be possible to solve it by supplementing with methods such as indirect collection.

The second is the difficulty in classifying the collected data. Currently, automatic apps are classified based on affiliate information. It is the same method as a credit card company For example, if the place where the card payment was made is a coffee shop operator, it is classified as food expenses. However, whooing is useful because it is not simply classified based on business information. This is because, in the case of coffee, it is useful information to classify whether you drank coffee with a book for cultural life or whether you drank coffee for company work. And these still lack information that can be estimated outside of the user himself. Payment information is being collected more and more, starting with PayApp and Fintech apps, but even if all the information is collected, it is judged that classification by this purpose is not easy.

For this part, whooing is not completely out of hand and is providing a way around. It is divided into two parts: [collecting transaction data] (/help/tips/outside) and a part that allows users to [easy classify and complete input] (/help/tips/outside) collected data. .

Native app lacks

You can use whooing in full by accessing https://whooing.com, whether on desktop or mobile. However, there are no official iOS or Android apps yet. This is not because it has a special purpose, and because whooing specializes in web development, it is not possible to fully develop native apps optimized for each platform. This is also the result of the web standard strategy, which attempts to provide as much accessibility as possible with minimal force in its current state. We are thinking of developing an optimized app if native capabilities are reinforced in the future.

There are still several native apps. There are third-party apps developed by individual developers through whooing's Open API and registered in the market. A full list of these can be found in [Third Party Native Apps] (/help/tips/thirdparty). Where the official website focuses on providing overall functionality, third-party apps differ in that they provide platform-optimized environments for individual developer preferences or specific purposes.

Paid Service

whooing is a paid service. You may not understand that you have to pay more to use your household account book to save money. However, we who manage money should look at the utility of the investment rather than the unconditional cost control. If you can earn 30,000 won by spending 3,000 won, it is not a loss. You can also think of the opportunity cost of free and paid. If it's free, you can think of the opportunity cost of not knowing how your data will be used, advertisements that hinder usability, and anxiety about when the data that adds value will disappear over time.