FinancePal Review: Features, Pricing & Alternatives 2023

FinancePal is a cloud-based bookkeeping service that provides dedicated online support for small business owners and entrepreneurs. It’s an all-in-one solution—you can select from a menu of services that includes bookkeeping, accounting, payroll, tax management and consulting, accounts payable (A/P), and accounts receivable (A/R). FinancePal also assists with entity formation and provides catch-up bookkeeping services for businesses that have fallen behind on their books.

While it has a great mix of offerings, it doesn’t have upfront pricing, which is something we frown heavily upon when rating bookkeeping services. However, you can contact the provider to receive a custom quote tailored to your business. While the cost will differ based on your needs, our telephone call revealed a starting price of $150 per month.

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Overall Score: 2.60 / 5

What We Like

• All-in-one bookkeeping and accounting solution
• User-friendly mobile and desktop apps
• Dedicated support
• Wide range of additional business services, such as bill pay and entity formation

What's Missing

• Pricing is unavailable without speaking with a rep
• Software is only compatible with QuickBooks Online
• Costs are on an à la carte basis and can add up quickly if you have complex needs
• Limited number of third-party integrations

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If you’re unsure whether assisted bookkeeping is right for you, read our guide to the best small business accounting software for great do-it-yourself (DIY) accounting software options.

FinancePal Deciding Factors

FinancePal Alternatives

FinancePal doesn’t disclose pricing on its website, earning it zero stars for this category. There are many good online bookkeepers, and most have clear, up-front prices. We contacted FinancePal and found that services start at $150 per month and can be provided either à la carte or as an all-inclusive package.

Bench offers transparent pricing, which includes both bookkeeping and tax services.

Once you sign up with FinancePal, which integrates with QuickBooks Online, you’ll be assigned your own accounting team that will take care of your financial needs, whether that’s accounting, payroll, or taxes. They can also offer you valuable insights into your daily and monthly practices. Although they’ll handle most of the work, you can use FinancePal’s intuitive dashboard to monitor your account at any time. This dashboard serves as a client portal, allowing you to send invoices, upload documentation, and review reports.

FinancePal has US-based customer support, which is available 24/7. You can also access support via live chat, email, and phone. FinancePal’s website has a frequently asked questions (FAQs) section for each of its services, along with a blog that includes articles about small business topics, such as entity formation and payroll solutions. This easy accessibility is useful if you have urgent issues or pressing tax questions. However, subscribers don’t have access to video meetings, or a mobile app, which is why its score took a hit here.

One of its most attractive features is that it gives you access to a team of accounting professionals to work with. Not only will you be assigned a primary and secondary accountant, but you’ll also have access to an invoice manager and any other team member that specializes in the services you have enrolled in.

FinancePal’s dashboard is also a bonus, allowing you access to your accounts in real time. Whether it’s bookkeeping, accounting, payroll, tax consulting, or other services like entity formation, FinancePal is a one-stop shop for your financial needs.

• Integrations: It integrates easily with QuickBooks Online to ensure that your finances are up-to-date. You can use its other integrations, such as QuickBooks Time, Gusto, and Bill to assist with time tracking, payroll, and bill pay, respectively. We ranked QuickBooks Online as the best small business accounting software, specifically for its project, class, and location tracking that can be customized for any industry.
• Dashboard: FinancePal’s dashboard is extremely user-friendly, with a clean, simple interface that’s navigable.

Example of FinancePal dashboard (Source: FinancePal)

• Billing and invoicing: FinancePal has a user-friendly online platform that allows you to invoice your clients directly online. You’ll also have access to a dedicated team of financial experts who can help you manage your A/R by streamlining your workflow. They can also handle administrative tasks, such as following up with late-paying customers.

FinancePal Bill Pay (Source: FinancePal)

• Reporting: The solution offers standard financial reports, such as profit and loss (P&L) statements, balance sheets, and A/R and A/P reports. You can access these to track your finances in real time.
• Bookkeeping services: It tailors its services to meet the needs of your specific industry, so in addition to services—such as transaction recording and financial statement preparation—you’ll receive targeted feedback to help improve business operations. Services also include catch-up bookkeeping if you have fallen behind.

FinancePal Business Summary (Source: FinancePal)

• Accountants specialize in specific industries: FinancePal has industry specialists in agriculture, ecommerce, startups, restaurants and bars, hotels and hospitality, construction, real estate brokers and agents, and real estate investments.
• Entity formation: It offers an all-in-one solution for entrepreneurs who are in the process of forming their businesses. It can assist with selecting the right business entity, applying for an employer identification number (EIN), and identifying the contracts that need to be drafted.
• Payroll: It specializes in online payroll support, and its team of experts can handle the majority of your needs. You can customize the services to fit your business, and you’ll have full access to the payroll dashboard. Your payroll expert will calculate, file, and pay taxes on your behalf.

FinancePal could have earned a perfect score in this category if it offered sales tax compliance and CFO advice. However, it does provide a variety of tax and consulting services, which include the following:

• Tax consulting and management: FinancePal can help ensure that you’re always compliant when tax season rolls around. It can assist with annual income tax, quarterly payroll tax returns, W-2s, 1099s, and other tax form preparation. It can also evaluate your liability for sales and use taxes and ensure full compliance with tax laws.
• Tax consulting: FinancePal’s experts will look at your business structure and where you’re located to determine your tax liability.
• Tax filing: Your business taxes will be filed by FinancePal, and you can rest assured they’ll be filed accurately and by the deadline.
• Tax savings: Your tax expert will maximize your credits and deductions to ensure that you save as much money as possible.

FAQs

How does FinancePal work?

FinancePal is a one-stop shop for financial services, offering bookkeeping, payroll, and tax services. You can select from a menu of services that suits your small businesses, outsourcing the work to experienced accountants and tax practitioners.

How much does FinancePal cost?

FinancePal doesn’t provide pricing information on its website. However, when we called, a representative gave us a starting price of $150 per month. Pricing is customized based on the needs of your business.

Does FinancePal have a mobile app?

No, FinancePal doesn’t currently have a mobile app.

Bottom Line

FinancePal provides customizable financial services. Depending on the needs of your business, you can utilize the services to record and organize your business transactions, calculate taxes, and receive financial statements. The expertise of your team—whether that’s in accounting, tax, or payroll—ensures that you’ll be working strictly with professionals who are familiar with your business and industry.