FinancePal Reviews

FinancePal isn’t a software solution. Instead, it acts as the middleman between your business and everything finance-related by offering a team of accounting professionals to partner with. Its experts get to know the ins and outs of your company to provide the best possible solutions for each situation. These valuable insights are essential for growing your business and improving your return on investment (ROI). Rather than relying on a program or app of some kind, owners can rest assured that their business is in safe hands.

One of FinancePal’s biggest strengths is how it molds itself to each business – the company’s representatives will advise you and then let you choose which services you want to incorporate. So, to better understand what FinancePal has to offer, we’ll break down the primary and most used features by small business owners.

Bookkeeping and accounting

Business owners know exactly how time-consuming bookkeeping can be. On top of that, it’s essential to have a great deal of expertise to avoid mistakes that can lead to surplus inventory or financial shortfalls. This way, FinancePal‘s team of professionals keeps track of all your financial transactions and centralizes all data for easy access whenever necessary. Knowing what to do with this information is a crucial aspect of accounting, so FinancePal also analyzes it and creates a strategy for significantly increased profit and efficiency. In addition to this guidance, the service handles other tasks such as preparing balance sheets, earnings statements, and tax preparation.

Sales tax

Whether you sell products or services, staying compliant with obligatory state and local taxes is always a challenge – especially considering the different laws for ecommerce and traditional retail. But FinancePal has your back and organizes your records to simplify the high volume of online transactions and transnational data, making sure you aren’t left adrift with ambiguous tax obligations. Naturally, you’ll want to avoid fines and keep your business in good standing, so working directly with a team of tax specialists and attorneys may be the best way to demystify confusing regulations and ensure correct tax filings.

Payroll services

Another convenient service offered by FinancePal is dedicated online payroll support. Due to the automated nature of data collection, the service delivers faster-than-average payroll processing while creating automatic schedules to avoid late payments. As an employer, you’re also responsible for reporting and paying federal-state income taxes by ensuring the correct forms – namely W2s and 1099s – are completed. Again, FinancePal’s Community Tax team can do all the hard work for you, providing tax-saving opportunities to significantly decrease the overall tax bill. This is especially important once your business starts growing – the importance of tax minimization increases with the amount of money your company makes.

As well as being your right-hand man when it comes to business maintenance, FinancePal can also help with formation procedures. Choosing which entity suits you best is one of the most important long-lasting decisions concerning your company’s success – naturally, making the right call is crucial. Luckily, FinancePal’s experts are there to simplify the process. By guiding you through a few questions, they can advise you on the best options in just a matter of minutes. This means you can then open a bank account, acquire an Employer Identification Number (EIN), register with local agencies, and begin your business journey to success.

As previously mentioned, FinancePal isn’t technically software but instead a team of trained professionals. Consequently, it has to rely solely on third-party integrations to create a usable and streamlined platform. Many businesses are already familiar with many of these industry-leading apps and will have an easier time grasping the whole process. But even if it’s your first time, using them is very intuitive – be that Quickbooks, TSheets, ADP, Gusto, Hubdoc, or Bill.com. If you were already using different software, existing data can be transferred to this new platform.

Furthermore, FinancePal can also link to your business’s bank accounts, saving you the time of entering data manually and from worrying about missing information. On another note, this integration-based way of operating ensures coverage of almost all industries. From agriculture, restoration, and construction to hotel management and even real estate, FinancePal can adapt and provide the best resources no matter your industry.

FinancePal doesn’t provide information about prices, nor does it have fixed plans. This is not a downside, as the company believes in custom quotes that adapt to each business’s needs – you only pay for the services you choose to incorporate. To get this custom quote, fill out your name, phone number, and email in the website’s contact form, and a FinancePal representative will set up a meeting at your convenience. During the 30-minute phone call, you’ll discuss prices and services, which vary according to your business type and size.

As there is a lack of up-front information about prices, we contacted FinancePal to get an estimate. For many small businesses, getting the most basic services – such as bookkeeping and accounting – is often enough and costs around $150 per month. Of course, this number tends to rise if more services are added to the mix. Still, it proves to be a cost-effective service, especially when considering the level of expertise of FinancePal’s team. Although there are no free trials or money-back guarantees, the company provides customers with a free consult of Quickbooks’ console before committing to a monthly or annual subscription. Fortunately, there are also no cancellation fees when terminating a contract.