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Finally Review

Friday, September 22nd

2023 Bookkeeping Service Reviews

Finally Review 3.5 Star Rating


3.5 Star Rating
  • Automated bookkeeping at $89 per month
  • Cash or accrual accounting and bookkeeping
  • Integrations with most payment and bookkeeping software
  • Invoicing services starting at $12 per month
  • Corporate Card options

Previously Backoffice, the Miami-based Finally is making waves with its rapid growth and financing services for small businesses. Finally recently secured $85 million in series A capital, and grew their company from 12 to 100 employees in just two years. In short, investors seem sold on Finally's automated bookkeeping software, but what do they offer you?

Fully automated, adaptive books

Finally's biggest selling point is their automated bookkeeping. Here's how it works: Finally routes the transactions from all your connected accounts to their proprietary machine-learning software, organizes and categorizes all your expenses, and displays this data in real time in your "Intelligent Transaction Center." Additionally, by connecting to your bank accounts and credit cards, Finally allows you to manage them with one easy login. To facilitate its ease of use, Finally integrates with QuickBooks, Stripe, PayPal, Salesforce, Xero, Shopify, Gusto, and Square. And don't worry, it won't just be a robot managing your books, as Finally keeps a team of CPAs on staff to assist with bookkeeping and accounting needs.

Great basic services pricing

Finally's basic services start at a very reasonable $89 per month. Their "starter' plan will get you access to their automated bookkeeping software, two linked financial accounts, quarterly reports, bill pay management, cash-based accounting, a tax-calendar, expense tool, payment processing, and DIY invoice tools. Keep in mind, however, that if you're looking for payroll management, bill pay management with 1099 admin, invoice management, tax filing, custom financial reports, or cash-flow management, you'll likely be looking at their Pro or Premium plans. To our disappointment, they don't actually provide the pricing for the Pro or Premium plans - you'll have to call for a quote based on your needs.

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More robust invoicing options

If you want access to more robust invoicing software in addition to Finally's accounting services, you'll be looking at additional monthly fees: Finally offers 4 programs for these services:

  • Starter: $12/mo, 7 billable clients
  • Grow: $19/mo, 70 billable clients
  • Pro: $39/mo, 500 billable clients
  • Premium: price unlisted, dedicated account manager and custom service

So, while it appears that Finally offers some powerful software, it comes with a series of separate subscriptions, as opposed to an easily digestible upfront cost. As a side note, Finally is rolling out some intriguing corporate card and finance services, so be sure to check it out while browsing their bookkeeping and invoicing plans.

Rapid growth and a few rough edges

While Finally is growing fast, that growth is fairly apparent in their website: their software integrations include an app that integrates with their intelligent transaction center, but it doesn't actually seem to be available on the app store, in spite of links meant to lead you there. In addition, some annoying errors (like repeat copy-pasted text in their "features' boxes) are, if not indicative of, then reflective of some oversights in their rapid scaling.

Generally positive customer reviews

While there are no reviews under their new name "Finally," older customer reviews under Backoffice trend positive, especially among businesses in the tech-sector, who appreciate Backoffice's tech-focused approach to bookkeeping and accounting services. So, if you don't mind your services separated into discrete subscriptions, and appreciate a tech-focused (and very low cost) bookkeeping service, Finally might well be the cost-effective choice for you. However, if you're looking for a more traditional bookkeeper and a dedicated CPA, you may be better served by looking elsewhere.

What's the Best Online Bookkeeping Service on the Market?

The answer to that question is going to depend on your specific needs. There is no one-size-fits-all bookkeeping service. Online bookkeeping companies will often specialize in services for a particular type of company. Some companies on our list specialize in startups, with strategic cash-burn analysis, Series A-C funding guidance, and tax strategies to boot. Other companies offer attractive budget bookkeeping support, but little in the way of CFO guidance, while yet others cater to businesses that utilize a wide-variety of payment and payroll software integrations.

Online bookkeeping services offer several advantages to businesses looking to manage their financial records efficiently. One of the most significant benefits of online bookkeeping is accessibility. With online bookkeeping services, businesses can access their financial records from anywhere, at any time, and through any device with an internet connection. This allows business owners and their accountants to stay up-to-date on their finances and make informed decisions on the go.

The Best Bookkeeping Services Compare Bookkeeping Services Compare Bookkeeping Service Reviews What are the best Bookkeeping Services Best Bookkeeping Service Reviews

Bookkeeping Service FAQ

The two terms are sometimes used interchangeably. Keep in mind that bookkeeping generally refers to the tracking and management of your financial data, while accounting analyzes and expands on the data bookkeeping to provide insights into your company's performance. Accounting is best done by a CPA (certified public accountant), so be sure to check the credentials of your service provider.
Cash accounting doesn't actually handle cash, but it only counts when you receive revenue and pay expenses. Accrual accounting on the other-hand takes into account expenses and revenue that have yet to process, giving you a much better picture of the overall financial health of your business. Because cash accounting is generally cheaper than accrual accounting, and not all companies will need the insights of accrual accounting, it can be a great choice for a freelancer or small businesses.
CFO stands for Chief Financial Officer, and if you're looking for some outside advice on growth, expense management, or anything in between, then it could be quite beneficial. However, CFO services can come at a decided premium (depending on who you choose), and many higher-quality platforms will offer CFO services as part of their top-tier packages.
This is going to depend on your budget, and the size of your business. Many accounting services are going to price their services based on your monthly expenses. In general, a business with under $50,000 dollars per month in monthly expenses will qualify for budget options anywhere from $200 to $399 per month depending on the service. Anything more than that, and it will probably qualify as a premium service. In short, keep in mind that your bookkeeping costs are largely going to depend on your expenses or annual gross revenue, which gives you a good heuristic for comparing prices across companies.
Don't worry if you're behind on your books: that's a common thing, and no one is going to bat an eye (and if they do, take your business somewhere else). In fact, many companies specialize in budget-friendly catch-up bookkeeping and can get you up-to-date with little to no hassle.
While some bookkeeping services include accounting, that isn't the case for all of them. Often, tax filing is billed as extra, or as part of a premium package. Keep that in mind as you browse your options.
Any business looking to catch up on their books, receive professional CFO guidance, or just free up some valuable time will benefit from an online bookkeeping service. Keep in mind that certain services specialize in different industries, so be sure to look for one that responds to your unique needs.
Not at all. Many bookkeeping services proudly incorporate low-stress software integrations into their services. Additionally, many services specialize in more tech-forward bookkeeping support. So whatever you're bringing to the table, you'll be sure to find a service that will meet you there.
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Continued from above...

Another advantage of online bookkeeping services is that they offer real-time data tracking and reporting. This means that businesses can monitor their financial performance as it happens - and quickly identify any issues or opportunities for growth. Online bookkeeping services can also automate certain tasks, such as reconciling bank statements, generating financial reports, and tracking expenses. All this can save businesses valuable time and resources.

Online bookkeeping services can also be more cost-effective than traditional bookkeeping methods. They eliminate the need for businesses to invest in expensive accounting software or hire in-house accountants, since all the necessary tools and expertise are available online. This can be particularly beneficial for small businesses and startups with limited budgets.

While almost all of the companies in our review offer a variety of bookkeeping, tax, back-office, and advisory solutions, the extent to which those are included in base plans - or priced as premium services - is going to depend on the specializations of the provider you choose. With such a diversity of offerings, it can be difficult to parse the good from the bad. The best on our list is what we think is best for most, not for everyone. As such, identify your specific needs while reviewing our list, and you'll be sure to find the ideal fit from our top-rated services.

Before you jump right into our top bookkeeping providers, here are some important tips to keep in mind:

  • Cash vs. accrual accounting: accrual accounting records all revenue and expenses based on when invoices and bills are received, and is much more accurate. Cash accounting is much simpler, and only tracks when money changes hands. Most small businesses are well served by cash accounting; however, that may not be the case for you. Keep this in mind when you notice the price differences between cash and accrual accounting.
  • Type of service: Is it a single bookkeeper working with you one-on-one, or does a team manage your books? Do they offer proprietary software services, if so, do they integrate with your current software? Are they CPA certified? Whatever their services offer, just remember that - even though they may often sound similar - the type and quality of service varies greatly across our list.
  • Cost: Full costs are rarely upfront. Oftentimes, the actual costs of any bookkeeping or accounting service are hidden behind a phone call or consultation. Compare the prices of competitors-and what you're willing to spend - before you make that call.

At Top Consumer Reviews, we've done the work of comparing (and even interrogating) our listed bookkeeping services - and analyzing their user reviews - to make sure that whatever your needs, you'll find the right range of cost, service, and support for your small business.

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