Seamless migration from Bench to Finaloop

1. Ecommerce Experts: At Finaloop, we’re specialists in accounting for multichannel consumer brands. Our team understands your unique requirements. Whether you choose our Core or Premium package, you’ll work with the best accountants in the industry (all ex-BIG4). Our expertise means peace of mind for your business.
2. Real-Time & Accurate Books: Forget waiting for the following month to receive delayed, inaccurate financials. Finaloop provides as-real-time-as-possible books, keeping your financials up-to-date and accurate, including COGS and inventory!
3. No Vendor Lock-In: Unlike Bench, Finaloop offers flexible solutions to ensure your data is always accessible. Including continuous, real time sync and easy export into Gsheets or one-time sync to QBO

Learn more about how Finaloop compares to Bench here.

The migration from Bench to Finaloop is seamless and has already been done by many Bench customers.

1. Sign up here to create a Finaloop account if you haven’t already. It takes about 15 minutes to set up and connect your apps.
2. Send over your 12.31.2023 balance sheet from Bench
3. Send over your 2024 general ledger from Bench
4. Work with our team to answer specific questions about your business

That's it, then you are good to go! With free migration and free 2024 books, you will be on track for better books in no time.

‍

With Finaloop's Core bookkeeping plan, get full accounting service done by our team of ecommerce accountants, replacing your accounting software, bookkeeper, app integrations, and inventory spreadsheets. Finaloop takes full responsibility for the accuracy of your books and their closure for financial and tax purposes.

It's best for brands that want to upgrade their bookkeeping process for real-time numbers delivered by an expert team, but that have internal time resources to manage their financial operations, like structuring operational inventory processes, inputting their bills and invoices, or 1:1 financial coaching.

With Finaloop's Premium plan, you get everything you get with Core, plus financial operations support (instead of hiring internally), assistance with data entry, and controllership by a dedicated accountant on our team. With Premium, we don’t just handle your bookkeeping – we take on your financial operations too, giving you a dedicated accountant who specializes in consumer brands and reviews your financials with you monthly.

Finaloop Premium is best for brands looking for more extensive hands-on help and support with their daily financial operations, including accounts receivables and payables management, inventory & COGS guidance and support, and bill or invoice entry. It also works well for fast-growing brands who don’t need financial operations support, but are looking to speak to an accountant each month and have a more in-depth “hand-holding” review of their numbers. 

‍

Unlike QuickBooks, Xero, or NetSuite, which are all accounting DIY software/ ERPs, Finaloop's Core and Premium bookkeeping plans both include a full-service bookkeeping solution that replaces your accounting software, bookkeeper, app integrations, and even your inventory spreadsheets. If you choose Finaloop Premium, we also cover other aspects of running your back-office.

While DIY software like QuickBooks and Xero require a separate bookkeeper for accuracy and tax readiness, Finaloop is a white-glove service that takes full responsibility for your books and year-end tax closure. Our team of ecommerce accounting experts continuously reviews and supervises your books, ensuring unmatched accuracy at a fraction of the cost of QBO and a bookkeeper.

Finaloop serves as your single, reliable source of truth for your finances, offering 100% accuracy.
​
QBO is simply not designed for online brands, while Finaloop is. We offer 100% accuracy as our data is consistently validated against your apps' own data and your banks. Finaloop runs numerous reconciliation processes in the background, including 3-way order-payout-bank reconciliation, independent app validations, 'money-in-transit' reconciliation, timing difference mitigation, FX adjustments, inventory reconciliation, interest recognition, and full revenue reconciliation . It would take hours for a bookkeeper to manage this manually, and even a highly skilled bookkeeper may still make numerous errors, inaccuracies, and omissions due to the challenges of managing the volume, dependencies, and complexities of the data.

Many of our customers also sell offline to B2B and wholesale marketplaces. With Finaloop, you can issue invoices, and auto-match payments through wire or ACH. You can also collect payments online - Finaloop syncs with Shopify draft orders and B2B orders, Paypal, and Stripe. If you submit invoices through another system, just let us know!

Yes! As part of both the Core and the Premium plans you have unlimited email support from accounting and ecommerce experts, happy to answer any questions you may have. We strive to respond to your questions in 1 business day or less! 

Our Premium plan also includes a monthly financial review call with a dedicated accounting manager to provide additional help and support as needed. To learn more about which plan is right for you, click Get Started and book a call with one of our experts!

Yes! Whether you use the Core or Premium plans, Finaloop works with you to ensure you have completely accurate financials, including the inventory and COGS calculations. 

We offer 3 methods of COGS tracking so you can choose which best works for your business: (1) purchase based works for brands with little inventory (usually less than $3,000 a month), like dropshippers, (2) sales based works for brands with larger inventory values that track their COGS in an external software, like an ERP or inventory management software, and (3) unit based is for brands with larger inventory values that need a better process to track their COGS and want to use Finaloop’s native inventory management system. The first 2 methods are available at no extra cost. The unit based method is available as part of our InventoryIQ add-on service.