FinancePal Review

Sarah Badani

In a Nutshell

FinancePal is an accounting software package geared toward the SMBs of the world. Most SMBs don’t have the knowledge or resources to dedicate to accounting, which is why automated software is the best option. An all-in-one solution, FinancePal includes everything your business needs to stay on top of things.

pros

  • Dedicated accounting team handles everything
  • Full-service legal and accounting software
  • User-friendly mobile and desktop apps

cons

  • Can’t get any pricing info without talking to a rep
  • Doesn’t handle vendors directly
  • Can’t manage purchases from within the software

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FinancePal at a Glance

Best for: SMBs, tax compliance, accounting services
Price range: Custom pricing per client, monthly, annual, and a la carte plans
Key features: Bookkeeping, accounting, sales tax, online payroll, entity formation
Apps: Desktop, mobile
Integrations: Quickbooks, ADP, Gusto, T-Sheets, Bills.com, Hubdoc, bank accounts, etc.

FinancePal Ease of Setup and Use

A cloud-based software, FinancePal is very simple to set up. Send your contact details, and a rep will get back to you. Choose the plan, services, and pricing model you want, and confirm your account. FinancePal will ask you a few questions, e.g., what type of business you run, who your customers are, and how many active employees you have. 

Once signed up, you’ll be assigned your own accounting team to work with your business’s finances personally. In addition to taking care of the nitty-gritty details of financial requirements (taxes, accounting, payroll, etc.), FinancePal’s accounting team can offer you valuable insights into your daily and monthly practices. These insights can further lead to useful recommendations to help grow business and improve your ROI.

While you don’t have to do much (your accounting team will really handle most of the work), FinancePal still has an intuitive dashboard that lets businesses check in on their accounts whenever they want. You can easily upload documentation, send out invoices, and review reports. You can also view your finances in a clear and understandable format via the online dashboard.

FinancePal Pricing & Plans

FinancePal has a flexible pricing structure. Plans are tailored to fit the specific business needs of each client, based on the level of service you need. So you don’t end up paying for services you don’t need. FinancePal has flat-rate monthly pricing, annual, or a la carte services, and it’s easy to scale your plans as your business grows.

Here’s a sample pricing table we generated based on a restaurant of 20+ employees that does not need to pay sales taxes:

Bookkeeping plan
One Solution accounting plan
Price per month
$330
$700
What it includes

Accounting software

Dedicated accounting manager

Account reconciliations

Monthly and end of year financial statements

Mobile receipt tracker

More

Everything in Bookkeeping plan

Payroll services

Business tax preparation

Estimated tax payment consulting

FinancePal is a more affordable option than hiring accounting and bookkeeping services individually. Plus, you get the benefit of added services like payroll and a dedicated team to manage your finances. 

FinancePal Features

Possibly the best part of FinancePal is the fact that it gives you a team of accounting professionals to work with. So when you reach out for help, you’re not dealing with a random customer service rep. Rather, you are speaking to a member of your team. Someone who knows exactly what your financial situation is and can answer your questions with the best solutions for your situation. FinancePal accounting teams are made up of experienced accountants and experts in the field of taxes and finance management. So, you really are in good hands with this company, as everyone on board knows exactly what they’re talking about. 

In addition to the help you receive, FinancePal has some convenient features working for you, including: 

  • General Ledger and Expense Tracking

FinancePal takes care of basic expense tracking with mobile receipt services. It also can help balance your ledgers and manage the day-to-day finances of your business.

  • Billing and Invoicing

FinancePal has a dedicated payroll service that allows you to invoice your clients directly online. You can run weekly, bi-weekly, monthly, or semi-monthly payrolls, depending on your business needs. FinancePal will also detail any issues or risks that you’ll want to attend to.

  • Bookkeeping services 

FinancePal has a range of bookkeeping services, including transaction recording, income statement preparation, and balance sheet preparation. FinancePal also has full-service accounting services. This means that it will take the bookkeeping information it aggregates for you, analyze it, and create a strategy based on that information for greater profit and efficiency. FinancePal employs talented CPAs who have decades of experience in the field of accounting to do this job. 

  • Tax consulting and management

FinancePal also covers small business tax preparations to ensure that you are always compliant when tax season rolls around. Tax services include checking account reports, quarterly payroll tax returns, and W-2s, 1099s, annual income tax, and other tax form preparation.

Tax consulting services entail an evaluation of your liability for sales and use taxes, full compliance with all government taxes and laws, and Ecommerce tax obligations.

  • Reporting

FinancePal also has a convenient e-signature feature available on the mobile app. So you don’t have to waste time getting manual signatures, and this allows you to send information securely. 

FinancePal Integrations

FinancePal has partnered with some major business management apps in order to provide a more streamlined service. It’s helpful that you can integrate the system with so many popular tools that you’re probably already using, including project management software, your point of sale system, and Ecommerce platforms. FinancePal works with software such as:

  • Gusto
  • ADP
  • Hubdoc
  • Quickbooks
  • T-Sheets
  • Bills.com

And many more. FinancePal also integrates with your business bank accounts. This way, you don’t have to manually enter data, worry about missed information or redundant data, or switch from one software to another to get a job done. We like how efficiently FinancePal manages it all.

FinancePal Mobile Apps

FinancePal has a full mobile app for Android and iOS devices. The mobile app is very well-designed, making it easy to access the full dashboard from anywhere. Once logged into the app, you can do everything you can do from the desktop app on your mobile devices. This is a real benefit for most small business owners who are constantly managing their businesses on the go.

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FinancePal Customer Support

FinancePal has US-based customer support, which is very helpful, considering the fact that accounting and taxes are already a foreign language to most people. FinancePal support is also available 24 hours a day, 7 days a week, a major benefit when it comes to tax season or when you discover an issue and need it dealt with immediately. You can reach support via live chat, email, and over the phone. FinancePal also has FAQ sections for each of its services, along with a blog.

Bottom Line

FinancePal is a great solution for small businesses that simply don’t have the resources to handle their own finances in-house. A dedicated team of accountants will manage all of your books, including tax compliance, payroll services, and general bookkeeping. FinancePal offers tailored pricing, making accounting service affordable for SMBs of every industry.

Sarah Badani has extensive research and review experience in the finance industry. With a degree in psychology and education, she brings a level of depth and understanding to her writing along with her own flavor to spice up each topic in a unique and inviting way.

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30 Nov 2020

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