Looking for a quick overview on how Finaloop works? This article will give you some quick basics on who we are and what we do.

Here is what you need to know about the team working on your books:

Does anything else really matter?

We use a combination of technology and ecommerce experts - accountants, bookkeepers, and tax experts - to reduce the undeniable pain of dealing with ecommerce bookkeeping.

If you have any questions at all, send us an email or chat. You get unlimited email support from one of the awesome and knowledgable experts on our team (yes, a real human!)

We want you to have all the data you need to run your business in real-time.

No matter how you have dealt with your books until now, whether DIY in Excel, GoDaddy, Quickbooks, or with a bookkeeper, we're here to help you get your books up and running.

We create fully accurate, real-time financials based on ecommerce best practices. This allows you to have consistent financials all year so you can compare your growth month over month, be ready for an easy tax filing at year-end, and have reliable data to make better decisions every day.

We can support both cash basis and accrual basis books so you have the flexibility you need for your business.

We connect to your sales channels and payment gateways, pull in your data in real-time, and automatically map them to your P&L and balance sheet based on tax rules and best accounting practices.

We sync with Shopify, Amazon, Walmart, eBay, Etsy, Stripe, Shop Pay, Paypal, and Afterpay, to name a few.

We have a 3-way-reconciliation process where we sync your sales channel data to your payment gateway data and then we sync those to the actual payout in your bank account. The result is very granular breakdowns and real-time data thats completely reconciled with your sources of truth.

Here is what you will see in your financials for each sales channel (each broken down by channel):

In your balance sheet, you will also see undeposited funds which is the balance left in your sales channel or payment gateway that hasn't yet been deposited into your account. This allows you to have a better idea of expected cash flow.

Just so you know, we have a read-only integration so we will never make any changes to your accounts.

We connect to your banks, credit cards, and digital banks (like Paypal) and bring all of your transactions to your books in real-time.

We use advanced machine-learning technology to automatically categorize your transactions and if we can't recognize something, we'll ask you for help. You can see the uncategorized transactions in your Transactions screen by checking the Waiting for input only box:

If you want to recategorize a transaction, you can do all of that from the Transactions page. Just click on the category and search for the correct description. You can also use the toggle to 'Mark as personal' so it doesn't impact your business results.

Your initial P&L is ready for you just a couple of working days after you connect your banks and apps and it includes all of your business data, such as:

No matter what accounting system you used before Finaloop and whether or not you already have a prepared balance sheet, we can help you get a handle on all of the assets, liabilities, and equity of your company.

After your free trial, we'll ask you for some further information to make sure we get you an up-to-date and accurate balance sheet to use for your business.

Finaloop provides you with real-time cash flow reports so you can make sure you always have enough cash to run your business. Having this data at your finger tips is a game changer when it comes to better planning and cash flow management.