Recently GoDaddy Online Bookkeeping customers received a shock. GoDaddy announced that they would be discontinuing and retiring their bookkeeping services within a month. As a GoDaddy customer, you now are left searching for a new bookkeeping alternative to migrate your books.
In our blog post on alternatives for GoDaddy Bookkeeping we mentioned that an option for managing your bookkeeping is to offload your bookkeeping management by using an automated full-service ecommerce solution or using a more generic DIY bookkeeping software like Quickbooks, Xero, FreshBooks, and others. DIY software requires time and attention- either from you or from a hired bookkeeper- to manage your books for you.
Finding the right automated service for your business is an important step in streamlining your books and your administrative tasks. It allows you to have real-time, up-to-date books which are useful in making business decisions and are accurate for tax filing.
Choosing the best automated bookkeeping system for your ecommerce business
If you are ready to start migrating your books to an automated, SaaS bookkeeping system, we're here to help you decide which automated accounting service is best for you and your ecommerce business.
Let’s compare, 2 popular choices - Finaloop and Craftybase - in order to help determine which best fits your needs.
There are several processes to keep in mind when deciding on which bookkeeping service is right for you:
- Store/payment gateway automations
- Bank and credit card integrations
- Transaction classifications
- Tax ready financials
- Full-service bookkeeping vs DIY components
Craftybase primarily serves the niche community of handmade craft sellers and has integrations with several stores and payment gateways commonly used by handmade sellers. One point to keep in mind is that if you also use stores or gateways not targeted to handmade sellers, the integrations may be more limited.
For example, Craftybase has an integration to “Amazon Handmade”, but, to the best of our knowledge, has no integration with traditional Amazon stores.
Craftybase offers detailed reporting on the profit and loss of a business related to sales and the cost of goods sold (COGS). However, a function that is not currently available is the integrations with banks and credit cards.
This means that instead of those transactions flowing into the Craftybase system automatically, you would need to either manually enter in the transactions or, alternatively, import them by CSV. Both options require a bit more admin work to add your different transactions, as well as the additional step of the customer classifying the transactions after they are added/imported.
An advantage of using Finaloop is our bank and credit card integrations which pull in all business transactions from those sources. Additionally, Finaloop’s propriety technology classifies the transactions to their proper accounts (based on best practices for ecommerce businesses).
Since all transactions are captured this way, the full financial cycle of the business is accurately represented in the books, all in real-time. This is crucial to having accurate figures which are needed for tax reporting. Finaloop has a group of tax experts to ensure that your books will be organized and ready for tax preparation by either you or your tax preparer.
In a nutshell, Finaloop provides full-service bookkeeping powered by advanced technology at a competitive price. Based on the points above, Finaloop is best suited for ecommerce businesses and multi-channel sellers who prefer a more hands-off approach to their bookkeeping.
GoDaddy Bookkeeping may have been a good solution for your business, but since it is no longer available, now is the time to explore the best alternative for you.
Finaloop is the best solution for business owners who use multiple sales channels. It allows you to offload their bookkeeping, so you can spend more time optimizing your listings and marketing budget, cutting expenses, and growing your business. With robust integrations to stores, payment gateways, banks, and credit cards, Finaloop ensures that all business transactions are taken into account and properly recorded. This process produces clear reports that are tax prep ready.
Currently, Finaloop has a special offer for GoDaddy customers. Try Finaloop for free for 30 days by clicking on this link. No commitment and no credit card are required.
Finaloop is a technology company providing automated end-to-end accounting service to ecommerce businesses. Our system connects to your apps, syncs all your data, and reconciles your books in real-time, replacing your bookkeeper. We offer reconciled books available 24/7, tax-saving insights, and a single place for all your financial data.
The information provided on this website does not, and is not intended to, constitute legal advice. All information, content, and materials available on this site are for general informational purposes only. Readers are advised to consult with their attorney or accountant with any questions or concerns.