Goodbye bookkeeper, accounting tool, and inventory sheets.
‍Hello Finaloop.

Yes! As part of both the Core and the Plus plan 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! 

If you feel you need more one-on-one support, you can opt to work with one of our dedicated experts who are CFO-level experts that can manage your financial data for you in Finaloop. The dedicated expert support is at an additional cost to be determined based on your specific business needs. To get a customized quote, contact us or book a demo.

Yes! Whether you use the Core or Plus 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 as part of our Core plan. The unit based method is available as part of our InventoryIQ module included in the Plus plan. 

No matter the size of your business, you get a 14-day free trial.

BOOKKEEPING SERVICE FEES

Getting Started

When you subscribe to our service, your monthly bookkeeping fee is based on your projected annualized gross receipts. We calculate this number based on your gross receipts earned in the months available in Finaloop during your free trial - i.e., your onboarding month plus the previous month.

For example, if you onboard on June 14, your projected annualized gross receipts will be based on the gross receipts earned from May 1. If your gross receipts for May 1 to June 14 are $45,000, then your monthly fee is based on projected annualized gross receipts of $365,000 (= $45,000 divided by 45 days available in Finaloop during the free trial period multiplied by 365 days in a year).

Ongoing Services

After you subscribe, your monthly fee is recalculated at the beginning of each quarter, based on the last 12-month period (LTM), if available. If not, your annualized receipts are based on the longest available period in Finaloop.

For example, on September 30, if your actual gross receipts for the last 12 months are $450,000 and are available in Finaloop, your monthly fee is based on projected gross receipts of $450,000. If gross receipts for the last 12 months are not available in Finaloop, but only available from January 1, we’ll annualize your available data. In other words, if your January 1 until September 30 gross receipts are $300,000, your monthly fee is based on projected annualized gross receipts of $405,000 (= $300K divided by 270 days available in Finaloop in the current year multiplied by 365 days in a year).

Since the calculation of the monthly subscription fee is based on a projection, we update your fee quarterly, if needed, to ensure it’s up-to-date and fairly reflects your income over time. This way, if in one quarter the fee is higher, it will be lowered in the following quarter to reflect your actual income, and vice versa.

TAX SERVICE FEES

You can also add our Tax Plan and get all your accounting in one place!

The monthly tax service fee is also based on your projected annualized gross receipts determined the same way as your monthly bookkeeping fee. Since our tax services always cover the full taxable year (for example, 1099-NEC filing services and Federal and State income tax filing services cover the full taxable year), the monthly tax service fee applies to all 12 months of the tax year. In other words, if you subscribe during the year, you'll be charged for previous months starting January.

Finaloop's real-time bookkeeping solution includes the technology and app integrations needed to bring your financial data directly from your sources of truth into our ecommerce-tailored accounting software as well as the bookkeeping team to provide the actual bookkeeping services - including reviewing your financials for missed opportunities or unusual transactions and answering any questions you have about your books. For more information about our software, check out our Product page. To learn more about our services and how to create the best financial stack for your business, check out our Services page.

During your free trial, you can integrate your apps, view your financial dashboard, orders, and inventory, and access your real-time Profit and Loss report (P&L) and Cash Flow statement. The reports and the app are open for the onboarding month and for the previous month.

For example, if you onboard on June 15, your free period is May 1 to June 15, plus the free trial. The reports are based on our ecommerce-specific Chart of Accounts. To view your completed Balance Sheet or file your taxes, you’ll need to subscribe to our service (trust us, you’ll want to 😉).

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!

Nope! No need to pay for any accounting or bookkeeping software, such as QuickBooks. Finaloop replaces both your bookkeeper and your accounting software. Your subscription includes access to Finaloop’s proprietary software where you can integrate with your banks and credit cards, payment gateways, selling platforms and POS, payroll service, and more, access your financial reports, and view your most critical financial and tax data, in real time in a delightful dashboard.

You can cancel your subscription at any time. No hidden fees. You are the sole owner of your information. If you ever decide to leave Finaloop, you can take all your data with you and use it with any other bookkeeping or accounting firm. Super simple.

Note that, the year-end close of your books, which includes all the documentation required by the IRS to make them tax-ready and optimized, is a separate task from the ongoing management of your books. This is done by a separate team fully dedicated to this process. Therefore, if you're looking to cancel your account after December 31 but still want to complete the year-end close of your books with Finaloop, you need to have an active subscription during the book-closing process. Please note that if you are subscribed to the Finaloop tax plan, you will also need an active subscription during the tax preparation and filing process.

The timeline for this process depends on the velocity of your feedback and availability to provide the required information. To help you accelerate this process, we prioritize the year-end closing (and tax filing, as relevant) of your books over other accounts, so you're never paying for any value you aren't receiving.

Finaloop subscription fees paid monthly or annually are non-refundable (including if you decide to cancel the tax services before the tax year is complete).

We’re happy to catch up your books from the beginning of the year! We may even be able to provide you with books from previous years, depending on the apps you use for your business.

Your books for the onboarding month and the previous month are free. For example, if you onboard on June 15, your free period is May 1 to June 15, plus the free trial. Catch-up for your books for earlier months is with an additional charge based on your monthly subscription fee. In other words, if you onboard with Finaloop on June 15, your May and almost the entire June books would be free (a welcome gift)! If you want January to April books included as well, you'll be charged the monthly subscription fee for each of these months.

Finaloop often runs special promotions for catch-up work. If you have several months to catch up, feel free to chat with us.

By the way, to avoid year-end challenges and major tax issues, it's strongly recommended to catch up your books in Finaloop from January 1. If not, you may end up spending tax season dealing with multiple data sources, inconsistencies, and reconciliation gaps from your apps and banks. This is crucial to ensure a smooth financial transition without unnecessary complications.

1. Your business’s federal income tax prep. For details on specific forms, check out this article.

2. Up to 1 State income tax return. Each additional State tax return, if required, is subject to an additional fee of $380 at the time of filing.

3. Up to 10 Form 1099-NECs. Each additional form, if required, is $25 at the time of filing. You are responsible for collecting Form W-9s from your vendors and providing them to us by Jan 5 of the following year. We’re responsible for filing the 1099-NEC forms and emailing them to each of your vendors.

4. Tax optimization. We'll work to get you all the tax benefits and deductions available.

5. Tax support. Our team of CPAs, specializing in ecommerce, will help you answer all your burning tax questions.

Tax fees listed above do not include any applicable taxes and e-filing fees.

Our fees are pretty straightforward, but when you have non-straightforward activities, we'll need to charge a bit more for the expert time and investment needed to make sure we get it right.

These fees include the following unusual activities:

1. An entity conversion that requires closing a short tax year - 1 month of additional fees will be charged.

2. Acquisition of an activity, business, or company that requires a purchase price allocation - 1 month of additional fees will be charged.

3. Disposition or sale of an activity, business, or company - 2 months of additional fees will be charged.

No, you don't need a Fractional CFO to work with Finaloop. As your brand grows, you may choose to bring one on. You can read more about our services and how many brands set up their financial stack here.

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