Finaloop Review: eCommerce Accounting Software
In e-commerce, staying on top of financial management is paramount for success. It’s incredibly important to understand your financial metrics and business performance in real time to create the most value in your business.
Enter Finaloop – an innovative bookkeeping solution tailor-made for e-commerce and direct-to-consumer (DTC) companies.
In this review of Finaloop, I personally review my experience with Finaloop, discuss the features and benefits, go over the pros and cons of the platform and show you how to get 3 months of free P&L reporting.
Table of Contents:
- Finaloop Overview
- Key Features and Benefits of Finaloop
- Finaloop Pricing
- Finaloop Pros and Cons
- How To Get 3 Months Free
What Is Finaloop?
Finaloop is a new and exciting bookkeeping solution designed specifically for e-commerce and direct-to-consumer businesses.Harnessing real-time financial reconciliation, Finaloop facilitates the provisioning of impeccable records, finely-tuned tax submissions, and invaluable insights 24/7 to e-commerce and DTC brands.
Finaloop fulfills the roles of a bookkeeper, integration hub, accounting software, and tax CPA simultaneously. By making informed decisions and ensuring timely tax payments, the platform mitigates the risk of wasting valuable time and resources for e-commerce businesses.
Through Finaloop, you can seamlessly link your bank accounts, business applications, credit cards, and loans, harmonizing all your data within a unified repository. Finaloop empowers you to effectively oversee your company's financial operations and attain genuine transparency. Finaloop’s core features and functionalities are: Profit and Loss (P&L) and balance sheet tracking, vigilant inventory supervision, efficient management of multi-channel orders, streamlined handling of invoices and bills, Key Performance Indicators (KPIs) tracking, tax optimization strategies, and expert guidance.
Additionally, Finaloop grants you access to comprehensive insights into federal and state tax regulations, as well as holistic tax planning guidance.
What Are The Key Features of Finaloop?
Upon enrolling in Finaloop's services, you not only gain access to the software's potent accounting and automation capabilities but also receive the backing of their seasoned experts proficient in both bookkeeping and e-commerce intricacies. Finaloop equips you comprehensively to make astute financial choices, bolster revenue, and excel within your industry.
Effortless Tax Administration
Navigating the tax season becomes effortless with Finaloop. The platform offers preparation for your annual federal business income tax return, form 1099-NEC completion, and state income tax filing (for up to 1 state), all primed for swift e-filing.
Moreover, you'll gain insights into both state and federal tax returns, along with guidance on tax planning and optimizing deductions. Finaloop's adept professionals will assess your tax-related data and provide necessary guidance, ensuring your peace of mind regarding compliance and accuracy.
Seamless Integration with Business Apps
In a mere 15 minutes, you can establish a seamless connection between your business applications and Finaloop.
The platform seamlessly integrates with an extensive range of business apps, including prominent e-commerce platforms like Shopify, Amazon, Walmart, and WooCommerce, as well as diverse payment gateways such as Shopify Payments, Authorize.net, PayPal, Stripe, AmazonPay, and Afterpay.
Furthermore, Finaloop facilitates connections with various banks and cards, including but not limited to Wells Fargo, Capital One, Chase, and Bank of America.
How Does Finaloop Work?
There are 3 key steps behind Finaloop and their software functioning effectively and efficiently. Here they are:
Connect your business apps
With Finaloop, it takes you less than 15 minutes to connect your apps and set up your account.
Finaloop automatically builds your books
Our human experts know accounting & ecommerce. Our automation technology knows speed & accuracy. Together, they build you perfect, always-ready books.
You get lawless books, tax returns, & actionable data
After connecting and allowing Finaloop to build your books, you’ll be fully armed with everything you need to make decisions, grow your sales, and beat the competition.
Who Does Finaloop Serve Best?
Finaloop is perfect for eCommerce businesses doing $1-50M in annual sales.
How Much Does Finaloop Cost?
Finaloop's enterprise pricing structure is tailored to your projected annual revenue. The pricing commences at $65 per month for revenue amounts of $100,000 and scales to accommodate custom pricing solutions for businesses generating over $10 million in annual revenue.
For those seeking comprehensive tax services, the option to include full-service tax solutions is available, which adjusts the monthly cost accordingly. As a testament to its offerings, a 14-day trial period is at your disposal.
Finaloop Subscription - Starting at $65/month
- Seamless integration capabilities with diverse banks and platforms
- Choice between accrual and cash basis accounting flexibility
- Constantly updated Profit and Loss (P&L) statements and balance sheets
- Insights into cash flow projections
- Real-time categorization of transactions
- Year-end financials primed for tax compliance
- Robust inventory tracking functionality
- Automated reconciliation of accounts
- Comprehensive visibility into multi-channel orders and their status
- Streamlined issuance and reconciliation of invoices and bills
- Monitoring of sales tax liabilities
- Access to a dedicated and responsive bookkeeping team
- Optional synchronization with QuickBooks Online (QBO)
- State income tax preparation (up to 1 state), ready for e-filing
- Preparation and e-filing of Form 1099-NEC
- Optimization of tax deductions
- Expert review and ongoing support
What Are The Pros and Cons of Finaloop?
While there are many pros to the Finaloop platform, it is important to consider all of the benefits and drawbacks Finaloop might have for your eCommerce business.
Here are a few of the pros and cons of Finaloop:
- Organizes all of your financial data and accounting reports in a single dashboard
- 1:1 onboarding support from expert eCommerce CPAs
- Unlimited accounting integrations with Quickbooks, Amazon, Stripe, Paypal, Gusto, and Etsy
- Financial data can be synced at any time to a Quickbooks account
- First ever offering of real-time integration with both Shopify and Amazon, with no 2-week delay
- Moving old financial data can take some extra time
Get 3 Months of P/L Reporting For Free From Finaloop
When you sign up for Finaloop through 1-800-D2C, you receive the following benefits:
- 3 Months of Free P&L Reporting
- 1:1 Onboarding With an eCommerce CPA
- Premium Support From Finaloop
- Unlimited User Seats
To get access to this special deal from Finaloop, simply start your 14-day free trial here.