Finaloop vs. Taxomate
Which is better for ecommerce and multichannel accounting?
Trusted by thousands of consumer brands
Taxomate is an integration tool. Finaloop is that, plus your full accounting team and software.
Finaloop vs. Taxomate, a quick breakdown
Taxomate helps organize your store and marketplace payouts, but you still need to manage your books in Quickbooks, Wave or Xero, and hire a bookkeeper. Finaloop is a one-stop-shop, replacing your bookkeeper, accounting software, and your integration tools to deliver real-time financials, automated COGS and inventory tracking, and a team of ecommerce experts to handle it all for you.
Finaloop is a full-service ecommerce, multichannel and wholesale accounting service and software that includes real-time bookkeeping service, inventory and COGS tracking, tax ready books, multichannel order tracking, and unlimited native integrations to your ecommerce apps and accounts—no bookkeeper or external apps required.
Taxomate is an automation tool that transfers summarized sales data from ecommerce platforms to accounting software like QuickBooks or Xero, but still requires a bookkeeper or accountant (and accounting software).While Taxomate is a powerful bridge tool, it doesn’t offer financial reporting, reconciliation, or inventory logic —Finaloop handles all of that in one system, with expert oversight included.
Core differences
Functionality
Finaloop is a full accounting solution including ecommerce-specific Chart of Accounts, full accounting software and app integrations; Taxomate is an app integration used as a data transfer tool.
Data Flow
Finaloop generates books; Taxomate feeds raw summaries into other systems.
Support
Finaloop includes an expert accounting team taking care of your books for you; Taxomate is software-only.
Setup
Finaloop’s native integrations are automatically mapped and synced to your financials when connecting to Finaloop; Taxomate requires manual mapping to Quickbooks or Xero’s Chart of Accounts, often causing reconciliation issues, double counted transactions, and COGS issues.
Platform Coverage
Finaloop natively connects to ecommerce sales platforms, marketplaces, and payment processors providing a 3-way order-payout-bank reconciliation; Taxomate connects mainly online stores and marketplaces to accounting software, which often requires manual reconciliation.
Why leading brands choose Finaloop
 | | |
|---|---|---|
| Ecommerce Integrations |  | |
| Ecommerce finance Data Transfer | | |
| All-in-one Solution Type | End-to-end accounting service, software, and ecommerce app connector |  Ecommerce app connector |
| Real-time Inventory tracking | Real time COGS tracking with deep platform integrations | Periodic COGS entry based on SKU costs provided by user |
| Tax Ready Financials | Tax-ready P&L, Balance Sheet, Cash Flow, SKU-level dashboards | Feeds journal entries into accounting software |
| Bookkeeping support | Bookkeeping team included | None – Requires external bookkeeping |
| Full suite of App integrations | Shopify, Amazon, Walmart, eBay, Etsy, ShopPay, PayPal, Stripe, AmazonPay, AfterPay, Klarna, Gusto, Banks, Settle, Bill.com, etc. | Shopify, Amazon, eBay, Etsy → QBO/Xero |
Pricing
Alternatively, if you are looking for a white-glove, fully-managed service, try the Premium service which includes the full Core bookkeeping services plus customized financial operations, data-entry, and controllership for $955 per month.
Finaloop also offers tax filing and Fractional CFO services as add-ons.
Finaloop is the only accounting solution tailored for ecommerce.
Accurate ecommerce books, done for you.
Slash your bookkeeping costs by 60% and get better and faster financials
What you get with Finaloop
available 24/7
team, 7 days a week
accounting in one dashboard
COGS tracking
deductions left behind
FAQs
It's time to hire an accountant when you’re managing multiple sales channels, selling in various tax jurisdictions, or struggling with accounting software. An experienced accountant can streamline your bookkeeping, ensure tax compliance, and help with financial reporting to make better business decisions, especially as your eCommerce business grows.
The best eCommerce accounting services offer integrated inventory management, multi-channel sales integration, real-time financial reporting, and a user-friendly interface. These features help eCommerce businesses manage their financial data across various platforms, track profitability, and make data-driven decisions to fuel growth.
Real-time financial reporting offers instant insights into your ecommerce business's performance. By continuously updating your financial data, it helps you make informed decisions, manage cash flow effectively, and adjust strategies based on up-to-date metrics like revenue, profit margins, and inventory turnover.
Finaloop connects directly to your sales channels, banks, and payment gateways, delivers 24/7 accurate books, and shows real-time margins by SKU—freeing you from manual spreadsheets so you can focus on scaling your brand.
Finaloop Pros:
- Full-Service Accounting: Combines accounting software with ecommerce-specific features, such as real-time COGS and inventory tracking, plus a dedicated accounting team to handle everything.
- Tax-Ready Financials: Automatically generates tax-ready P&L, balance sheets, and SKU-level dashboards with continuous updates.
Finaloop Cons:
- Not for Non-ecommerce Brands: Finaloop’s services are tailored for ecommerce, multichannel, and wholesale brands, making it unsuitable for other types of businesses (e.g., SaaS).
Taxomate Pros:
- Cost-Effective Integration Tool: Provides an affordable solution for syncing sales data from ecommerce platforms to accounting software like QuickBooks or Xero.
- Simple Data Transfer: Transfers summarized sales data, helping businesses automate data entry into their accounting systems.
Taxomate Cons:
- Requires External Bookkeeping: Does not offer full bookkeeping services, so you’ll need an accountant or bookkeeper to manage your financials.
- Manual Reconciliation: Requires manual mapping of data to QuickBooks or Xero’s Chart of Accounts, often leading to reconciliation issues.
Finaloop Pros:
- Flexible, Growth-Aligned Pricing: Pricing scales based on your business size, with all-in-one services including real-time COGS, inventory tracking, and expert bookkeeping support.
- Comprehensive Accounting Solution: Provides both software and services, making it a one-stop solution for managing all aspects of ecommerce accounting.
Finaloop Cons:
- Not for Non-ecommerce Brands: Finaloop’s services are tailored specifically for ecommerce, multichannel, and wholesale brands, so it may not be the best choice for other types of businesses (e.g., SaaS).
Taxomate Pros:
- Affordable for Smaller Ecommerce Businesses: With a low entry cost, Taxomate is a budget-friendly option for businesses that already have accounting software and just need an integration tool.
- Scalable Pricing: Pricing varies based on orders and sales channels, making it a flexible option for businesses with lower transaction volumes.
Taxomate Cons:
- Additional Costs for Bookkeeping: Since Taxomate doesn’t include bookkeeping services, you’ll need to hire an accountant, adding extra costs to your overall budget.
- Manual Setup and Reconciliation: Requires manual mapping and reconciliation, which can be time-consuming and prone to errors.