FinancePal Review

FinancePal Review

flag Accounting, bookkeeping, payroll, and tax prep
  • Work with a dedicated financial team
  • Custom pricing to fit your business needs
  • Useful reports with actionable insights
  • Both desktop and mobile access
Support
9 /10
Good For
Tax compliance
Free Trial
Available
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  • author: Daniel Ndukwu
  • 25.06.20
  • Comments

Rating

  • "Price"
    10 /10
  • "Features"
    8 /10
  • "Ease of USe"
    8 /10
  • "Help and Support"
    9 /10

Overview

FinancePal – a division of CommunityTax – was founded in 2019 and draws on the extensive experience it established in the consumer tax markets. It’s a fully managed bookkeeping and accounting service that merges technology and real accounting professionals to meet the needs of small and medium businesses.

Plans & Pricing

FinancePal offers completely custom pricing. Each feature is a-la-carte and they will work with you to build exactly the right package to fit your company’s needs. Most basic packages come with the core features of the service which include bookkeeping & accounting, regular financial statements, a monthly reconciliation service, and tax planning & consulting. It offers a free trial which you can use to get a feel for the product.

 

Features and Functionality

FinancePal has many of the features you’d expect in an accounting solution such as a general ledger, income and expense tracking, various financial reporting tools, inventory tracking, and more. It’s accessible online as well as through mobile apps for Android and iOS. As mentioned before, it goes above and beyond the standard features by utilizing CPAs to manage your books. Some of the services include:

Income Tax Preparation

The tax code is a labyrinth for many business owners and the IRS is only too happy to audit you if a mistake occurs. FinancePal works with you to keep accurate records throughout the year and advise on the best tax strategy for your specific situation. It specializes in all types of businesses such as S-corps, C-Corps, partnerships and more. The online portal ensures all your data is easily accessible and you’re able to follow up on the progress of your tax returns.

Sales & Use Tax

Sales tax and use tax are different from the standard income tax you pay. Use tax applies when you sell goods to customers in different states and each authority has its own guidelines and fees. Its team will work with you so you have a clear understanding of all your tax liability whether you’re doing business locally, nationally, or internationally. This is especially useful service businesses that are taxed in some areas but not others.

Payroll

FinancePal handles all your payroll needs from beginning to end. It’ll help you get set up, work with your payment schedule, make sure you’re withholding the proper amount of tax for the federal and state levels, and keep accurate reports for when you’re issuing W-2 and 1099 reports. If you choose it, FinancePal will fill your taxes and properly prepare forms 940 and 941.

Ease of Use

According to many user reviews, FinancePal has a hands on onboarding process and helps you get everything set up. The software is straightforward and gives you the information you need to make decisions but it’s the service that sets FinancePal apart. The account managers are knowledgeable and patient enough to answer all of your questions. If you’ve used accounting software in the past then you should be familiar with many of the features and how they work.

Add-ons and Integrations

Many of the aspects that would be considered an add-on with other products are part of FinancePal’s core offering. The platform connects with other major accounting tools and platforms where you may have your transactions stored like payment processors and bank accounts. It then pulls a lot of that data into a single system so you get a holistic view of your finances.

A few of the partners it works with include Gusto, Tsheets, Quickbooks, and more. Apart from integration partners, It does offer a few extras if you have a unique situation which includes:

Entity formation

FinancePal offers one-on-one consultations to its clients that leads them through the entire company formation process. Once you know the right kind of company to set up, they’ll take you by the hand and make sure you fill all the right paperwork, get the proper documentation, and even open a business bank account for your new company.

Recovery & Catch-up

If you’ve been struggling to stay on top of your bookkeeping in the past then FinancePal has an additional service that will make sure you’re up to date. In addition to getting your internal caught up, it’ll help you file taxes you may have missed and possibly prevent an audit by government agencies.

Pros & Cons

  • Handles income tax preparation and filing for you
  • Mobile and cloud based applications that can be accessed from anywhere
  • Knowledgeable and responsive account managers that are willing to educate you
  • Manage your inventory right in the platform
  • You have to speak to a sales rep before starting a free trial
  • Doesn’t have support for managing vendors directly
  • Can’t handle purchase orders from within the application

Customer support

FinancePal is a bit different from most accounting software when it comes to support. Instead of reaching out and interacting with a random person, you’re paired with someone from the organization at the beginning of your working relationship. They learn about your peculiar situation, business, and needs. From there, they’re able to take a hands-on approach to assisting you with your bookkeeping or tax needs. Support is responsive, knowledgeable, and empathetic.

  • Phone Support
    It offers phone support to all customers during normal business hours.
  • Email
    The company also offers email support irrespective of the plan chosen.
  • FAQ
    There’s a basic FAQ that answers questions about the service and the way billing is handled.
  • Blog
    It has a company blog that touches on different aspects of bookkeeping and taxation for small businesses.

Final Word

FinancePal is a complete solution that’s geared towards helping small businesses stay on top of their taxes and bookkeeping. It’s a combination of online accounting software and human bookkeepers that works together seamlessly to keep you up to date on your financial situation. It has the standard features you’d expect such as inventory management, financial reporting, and managing accounts payable/receivable.

In addition to those core features, you have access to income tax preparation, payroll preparation, entity formation, and more. The team is knowledgeable, responsive, and ready to assist you to put your organization in a sound financial position. If you’re looking for a complete accounting software and bookkeeping solution rolled into one then FinancePal is a great choice.

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Daniel Ndukwu>
Daniel Ndukwu
author

Daniel is a small business owner at large helping his peers navigate the challenges they experience on a day to day basis. His philosophy is simple, if it isn’t broken you can still make it better.

This review is based on the writer's personal opinion.

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