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Friday, September 22nd
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.
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:
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.
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.
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:
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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