Skip to main content

Full-Service Bookkeeping Service Guide

See exactly what to send your Finaloop accounting team on the Full-Service plan for bills, invoices, payroll, COGS and payouts, so your books stay up to date without back-and-forth.

Written by Emily Burrows

About

With Finaloop Full-Service, we don’t just handle your bookkeeping – we manage your financial operations too, providing you with a dedicated accounting expert who reviews your books monthly.

This article covers preferred request formats, required roles and access, as well as tips to streamline collaboration with our bookkeeping team, making it a breeze to keep your books as up-to-date as possible.

1. Bills Creation

We will create bills for you and keep your account payables accurate. Send your bills to [email protected] and include the following details:

  1. Bill Number: Unique identifier for the bill.

  2. Vendor Name: Name of the vendor providing the goods/services.

  3. Bill Date: The date the bill is issued.

  4. Due Date: The date by which payment is due.

  5. Expense Category: Category of expense (e.g., inventory, marketing, etc.).

  6. Amount: Total amount due on the bill.

  7. Description/memo: Note this is optional.

2. Invoices Creation

We will create invoices for you, send them to your customers, and keep your account receivables accurate. Send your invoices to [email protected] with the following details:

  1. Invoice Number: Unique identifier for the invoice.

  2. Invoice Date: The date the invoice is issued.

  3. Payment Terms: The timeline for when payment is expected.

  4. Due Date: The date by which payment is expected.

  5. Payment Method: Specify the payment method

    1. ACH/Wire Transfer

    2. Check

    3. PayPal Link

    4. Stripe Link

  6. Type of Income: Specify the type of income related to the invoice:

    • Wholesale

    • Retail

    • Service/Consulting

    • Other Income

  7. Invoicer Information: Provide the invoicer’s email and billing address.

    • Full Name

    • Email

    • Billing Address

  8. SKU Details: For retail/wholesale invoices, list the:

    • SKU Number

    • Quantity Sold

    • Selling Price per SKU

  9. Amount: Total amount due.

  10. Discounts & Deductions: Any discounts or deductions applied.

  11. Shipping: Shipping charges if applicable.

  12. Taxes: Tax amount applicable to the invoice.

3. Payroll Breakdowns

We will reconcile all your payroll data, including employer taxes, benefits, and salaries. If you are not using Gusto, you will need to give us access to one of the following providers as relevant:

ADP

To grant Finaloop access to your account, please share required info with [email protected] by following these steps:

  1. Log in to your ADP account.

  2. Navigate to the Overview tab.

  3. Copy the Client ID number and Product type.

  4. Provide your company's FEIN (Federal Employer Identification Number).

Once we receive all the required information, you will get a notification to authorize our access to your account. The access level will include Reports & Tax Forms and General Ledger.

Intuit

To grant Finaloop access to your account, please follow these steps:

  1. Login to your QuickBooks account.

  2. From the Gear Icon, choose manage users and tap on Accounting firms.

  3. Click Invite, enter "Finaloop Team" as the name and [email protected] as the email, then click Save (the status will update to active once we accept).

  4. Hit Next and click on Finish.

Other Providers

You can send a report of your payroll classification to [email protected] on a monthly basis in the following format:

  • Date of transactions

  • Total Payments for Payroll taxes

  • Employee Tax

  • Employer Tax

  • Officer Compensation Amounts (for S-Corps & C-Corps only)

4. Cost of Goods Sold (COGS)

We will perform a high-level inventory & COGS review to ensure your numbers are accurate. We will also help you add in COGS for channels outside of Amazon, TikTok Shop, Walmart & Shopify.

Share all required files listed below with [email protected].

Using a Sales-Based Method to sell on Amazon, TikTok Shop or Walmart

Using a Sales-Based Method to sell on Amazon, TikTok Shop or Walmart, please provide:

  1. CSV file of all SKUs with landed costs per unit. If needed, we can provide a spreadsheet to help calculate these costs.

Using a Sales-Based Method to sell on Shopify

Using a Sales-Based Method to sell on Shopify:

  • If you update landing costs on Shopify, they will automatically sync into Finaloop.

  • If you do not update landing costs on Shopify, please provide:

    • CSV file of all SKUs with landed costs per unit. If needed, we can provide a spreadsheet to help calculate these costs.

Using a Sales-Based Method to sell on other platforms

Using a Sales-Based Method to sell on other platforms:

  • CSV file of all SKUs with landed costs per unit. If needed, we can provide a spreadsheet to help calculate these costs.

  • Provide the monthly COGS amounts for each of those other sales channels (e.g., Etsy, eBay).

5. Undeposited Funds (UDF) Breakdowns

Undeposited Funds (UDF) are funds you already earned from sales but haven't yet been deposited into your account from your payment processor or PSP. Tracking this amount is important for understanding your expected cash flow and for making sure your income is correct for tax purposes.

If you have specific UDF requirements, we will update your monthly fees accordingly with the information from the following sources:

Klarna, Sezzle, Affirm, Braintree

Please go to your missions page on Finaloop and follow the instructions to provide us with a role.

Global-E

Please send the monthly reconciliation statements from Global-e (typically sent to your account's email) to [email protected]. Alternatively, you can download them from the Global-e Merchant Portal. Here's how:

  1. Log in to the Global-e Merchant Portal.

  2. Select Account Management from the main menu.

  3. Go to the Statements section.

  4. Choose the desired time period and click Apply.

Truemed

Please provide payment reports from the Truemed dashboard and send it to [email protected].

Faire

Please send your Faire statements to [email protected] by following these steps:

  1. Open the left-side menu tab

  2. Click Payouts

  3. Click All

  4. Click Export

  5. Select Data Range

6. FAQs

Can I schedule a call with my account manager?

Yes. The Full-Service plan includes a monthly finance review with your dedicated account manager. To schedule a call, email [email protected].

Do I need to email my bills if I use Bill.com or Settle?

No. Bills you manage in Bill.com or Settle sync into Finaloop automatically. Only send [email protected] the bills that aren't in those tools.

I use Gusto. Do I need to send payroll reports?

No. Once you connect Gusto, your payroll data syncs automatically. See Connecting Payroll apps - Gusto.

Do I need to send landed costs if I keep product costs in Shopify?

No. If you keep your costs up to date in Shopify, they sync into Finaloop automatically.

I sell on a channel that isn't listed. What do I send?

Send a CSV of all your SKUs with landed costs per unit, plus the monthly COGS amounts for each channel (for example Etsy or eBay), to [email protected].

Who do I contact with questions about my Full-Service plan?

Email [email protected].

Related articles

Did this answer your question?