DTC POD - DTC Pod x Finaloop - Lioran Pinchevski

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1️⃣ One Sentence Summary

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🎞️ Clipfinder: Quotes, Hooks, & Timestamps

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Lio Pinchevesky 00:04:12 00:07:49

"Combining Traditional and Digital Business: "My accounting tax law background got combined with the DTC ecosystem, the Ecommerce ecosystem. I was able to see the great explosion of this space even, regardless Corona, and before Corona, just so like how many great brands are created, how vibrant this ecosystem is."

Lio Pinchevesky 00:16:02 00:20:13

"The Benefits of Leveraging Final Loop for Bookkeeping: 'You have savings right there and then the CFO would actually provide you value because they have the numbers that they need in order to provide this value. So it's a win win for everybody.' "

Lio Pinchevesky 00:31:06 00:35:18

"Real Time Profit Analysis: "The difference in 2023 between roughly and exactly [knowing your business performance] is huge. The base solution of Final Loop is just to tell you how your business is doing every second. The PnL, the cash flow, the balance sheet, your liabilities, everything."

Lio Pinchevesky 00:38:37 00:44:33

"Data-Driven Decisions: "You need to ask yourself how much money I make on every skew, how much money I make as a company, and whether I have enough cash to support my growth."

Lio Pinchevesky 00:47:53 00:52:34

"Accelerate Deductions & Push Income": "I rather make hundred and pay taxes than losing and take a deduction. So that's probably a general recommendation. Then the second recommendation would be if you lose money or you pay costs, then make sure you pick them up as deductions and don't lose them."

🔑 7 Key Themes

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💬 Keywords

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financial statements, DTC companies, loans, taxes, accounting system, bookkeeper, experienced person, Tax EPA, CFO, financial health, projections, budget, fundraising strategies, financial software, Shopify dashboards, profitability, SKUs, production costs, return rates, profit margins, shipping costs, conversion rates, data analysis, inventory management, COGS, MVP, R&D, P&L, balance sheet, cash flow, KPIs, Ross, financing, taxes, entities, deductions, credits, outsourced accounting, CFO services, bookkeeping services, Finalup, deductions, bad debt, unused inventory, accountable plans.

Interview Breakdown

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DTC Pod Linkedin

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📚 Timestamped overview

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01:34 Real-time bookkeeping service tailored to DTC and ecommerce brands, replacing bookkeepers and accounting systems, providing accurate numbers for data-driven decisions and soon covering inventory management.

04:12 Started as accountant and lawyer, worked in international tax, tech and pharma industries, started DTC brand, recognized need for financial solutions, created Finalup.

08:35 Bookkeeping, taxes, and CFO needed for financial operations of a DTC brand.

12:02 Need bookkeeper with Ecommerce experience to manage books correctly.

16:02 Brands use outsourced accounting firms for bookkeeping, CFO services, and tax services, but are now using Final Loop for bookkeeping. Final Loop costs 40-50% less than traditional bookkeeping and CFOs can provide added value with real time data.

23:54 Building large MVPs with unique integration of infrastructure and SaaS; heavy investment in R&D; developing native system with accounting and inventory management.

27:47 Inventory features needed due to accounting not being integrated with inventory, resulting in new features being released to help brands.

31:06 Real-time PnL, balance sheet, cash flow, KPIs and Cogs to help brands understand their business performance, profitability and budget allocation.

38:37 Founder must understand profits and cash flow, be reasonable with financing, and take advantage of tax opportunities for savings.

47:53 Make money, take deductions, close invoices, recognize bad debt, take advantage of deductions, Accountable Plan, cap on state tax deduction, make forward-looking election.

💼 LinkedIN - 6 Reasons Post

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❇️ Key topics and bullets

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Summary of the podcast episode:
- Financial statements are crucial for DTC companies to borrow loans, raise money, and file taxes. - An accounting system and a bookkeeper are necessary to produce financial statements, and founders shouldn't do bookkeeping on their own. - Tax EPA helps in filing taxes, and CFO manages financial health, projections, budget, and fundraising strategies. - Bookkeeping involves choosing financial software and hiring a trustworthy bookkeeper, and relying only on Shopify dashboards may not provide a complete picture of business profitability. - SKUs differ in terms of production costs, return rates, profit margins, and shipping costs, which all contribute to the overall profitability of a business. - It's important to focus on driving conversion on the most profitable items, rather than just trying to drive conversion for everything, and combining data from different sources can help business owners identify which inputs lead to the most profitability. - Final Loop initially aimed to be a full-service accounting solution without inventory features but decided to build them due to the importance of COGS for ecommerce brands. - Final Loop provides real-time updates on PnL, balance sheet, cash flow, and KPIs for businesses as well as determining Ross based on net profit and subtracting the founder's salary. - Understanding profits and cash flow is essential to managing a data-driven business, and choosing the right entity and understanding deductions and credits specific to the ecommerce space are key to optimizing tax savings. - Final loop can serve as the accounting software and bookkeeper for brands who don't have an outsourced firm, and they can bring on a CFO and tax person separately. - The speaker has a background in accounting and law, and Finalup was created to address their own pain point in running their DTC brand.

🎬 Reel script

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Hey guys, if you're a DTC business owner or thinking about starting one, this episode is a must-listen. We're talking all about the importance of financial statements and how to manage your bookkeeping, taxes and profitability. One of the biggest takeaways: avoid doing your own bookkeeping and hire an experienced person who understands Ecommerce. We also discuss the new inventory features from Final Loop that can help you manage your COGS and determine which products are most profitable. Plus, we cover optimization tips for tax savings and how Final Loop can save you 40-50% compared to traditional bookkeeping services. Tune in to get all the insights you need to succeed as a DTC business owner! #DTCbusiness #financialstatements #bookkeeping #taxes #profitability #FinalLoop #inventorymanagement #taxsavings #successTips

✏️ Custom Newsletter

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🐦 Business Lesson Tweet Thread

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🧵 Ecommerce accounting is broken. Most bookkeepers don't get how ecom works. Generic software like QuickBooks isn't built for it. I talked to Lio from Final Loop who's fixing this. A must-listen for DTC founders: As an ecom brand, you need to know your numbers. But stitching together sales data from Shopify, inventory, returns, promos is a huge pain. Makes it impossible to know true profitability. Final Loop combines accounting & inventory mgmt into one platform. Gives you real-time COGS, P&L, and cash flow. Down to the SKU level. Game changer. Many ecom founders can't tell you how much cash or profit they made yesterday. FL solves this. Splits out numbers by product line too. Critical to know which products/lines are actually profitable. Want to scale your brand? You need to dig into the data. FL helps ID most profitable products to focus your marketing $$ on. Combines data from many sources to give a complete picture. Clean books are key for ecom brands to get financing, do taxes, raise $. But most founders suck at accounting. FL removes that friction. Turns out optimizing taxes is huge for ecom brands. Most are leaving big $$ on the table with deductions & credits. Get an ecom tax expert! There's a huge unmet need here. Even accounting firms are losing $$ on ecom clients. FL can save brands 40-50% on bookkeeping while providing way better data. No brainer. Lio is eating his own dog food. Built FL after experiencing these probs with his own DTC brand. Impressive they've raised $20M to tackle this. If you run an ecom brand, get your accounting & inventory dialed. Unlock the power of your data. Thank me later.

🎓 Lessons Learned

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💎 Maxims

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Here is my attempt at turning the key concepts from the Finaloop podcast episode into a set of maxims for ecommerce brands to live by: 1. Invest in an integrated accounting and inventory management system early on. It will save you major headaches as you scale. 2. Hire bookkeepers and accountants who specialize in ecommerce. Generic providers won't understand your business model. 3. Don't rely solely on top-line sales numbers. Dig into profitability by SKU to make data-driven decisions. 4. Monitor cash flow closely, not just profits. Running out of cash sinks even profitable businesses. 5. Work with tax experts to take advantage of all possible deductions and credits available to ecommerce brands. 6. Focus on making real profits rather than relying on tax loopholes. Deduct legitimate losses but aim to be solidly profitable. 7. Use real-time financial data to empower your CFO to provide maximum strategic value, not just bookkeeping. 8. Outsource bookkeeping to specialists using ecommerce-tailored software. It's more cost-effective than doing it in-house. 9. Prioritize developing a minimum viable product that integrates all core features, even if each isn't fully built out. 10. As a founder, relentlessly ask questions to understand exactly how and where you make money. Use data to drive every decision. Let me know if you would like me to modify or expand on any of these maxims based on the content covered in the podcast interview!

🌟 3 Fun Facts

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Here are 3 interesting facts revealed in the podcast episode: 1. Final Loop was originally going to be an accounting solution without inventory features, but they pivoted after realizing how critical integrated inventory management is for ecommerce brands. 2. The founder of Final Loop had a DTC brand in the fertility space that combined a physical product with a service, which led to him discovering the need for better financial tools for ecommerce. 3. By using Final Loop for bookkeeping, ecommerce brands can save 40-50% compared to traditional bookkeeping services while getting real-time financial data.

📓 Blog Post

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Title: Mastering Ecommerce Financials: Insights from Finaloop's Lioran Pinchevski Subheader: Discover the importance of real-time financial data, integrated inventory management, and expert bookkeeping for your DTC brand's success. Introduction: In the fast-paced world of ecommerce, having a clear understanding of your financials is crucial for making informed decisions and driving growth. Lioran Pinchevski, the founder of Finaloop, recently shared valuable insights on the DTC POD podcast about the challenges faced by DTC brands in managing their finances and how Finaloop aims to solve these issues. The Need for Integrated Inventory Management: Finaloop initially set out to be a full-service accounting solution without inventory features. However, they quickly realized that the lack of integrated inventory management caused significant problems for brands, even when using external inventory management systems. Recognizing the importance of Cost of Goods Sold (COGS) for ecommerce brands, Finaloop decided to build inventory features into their platform. With the beta version of the inventory feature already available and integrations with Shopify Real Time COGS and Amazon on the horizon, Finaloop is poised to provide a comprehensive solution that combines inventory management and accounting within a single platform. This addition will be a game-changer for ecommerce brands, enabling them to streamline their operations and gain better insights into their financials. The Importance of Ecommerce-Savvy Bookkeepers: Pinchevski shared his personal experience with bookkeepers who lacked an understanding of how ecommerce businesses operate. He encountered delays and mistakes in his books, highlighting the need for bookkeepers who work quickly, understand ecommerce, and can process a high volume of transactions accurately. Ecommerce businesses face unique challenges when it comes to managing financial information, with numerous integrations and apps complicating the process. Generic ledgers like QuickBooks, Xero, and Netsuite are not built specifically for ecommerce and require additional integrations. Finaloop offers a tailor-made solution designed to meet the specific needs of ecommerce businesses. Real-Time Financial Insights for Better Decision Making: One of the key benefits of Finaloop is its ability to provide real-time updates on PnL, balance sheet, cash flow, and KPIs. Many brand owners struggle to accurately determine their cash and profit from the previous day, but Finaloop aims to change that. By offering real-time updates on COGS for SKUs, businesses can determine the exact profit on specific products. Finaloop's system allows for the splitting of PnL into lines of business and per SKU, enabling businesses to identify profitable products and areas that need improvement or elimination. By determining ROAS based on net profit and subtracting the founder's salary, businesses can plan their marketing budgets more effectively. Focusing on Profitable SKUs: While many business owners rely on Shopify dashboards to track sales, there are numerous other factors that contribute to overall profitability. SKUs differ in terms of production costs, return rates, profit margins, and shipping costs, all of which impact a business's bottom line. Pinchevski emphasizes the importance of focusing on driving conversion for the most profitable items rather than trying to drive conversion for everything. By combining data from various sources, business owners can identify which inputs lead to the highest profitability and make data-driven decisions accordingly. Conclusion: Lioran Pinchevski's insights highlight the critical role that real-time financial data, integrated inventory management, and expert bookkeeping play in the success of DTC brands. By leveraging solutions like Finaloop, ecommerce businesses can gain a better understanding of their financials, optimize their operations, and make data-driven decisions to drive growth and profitability.

🎤 Voiceover Script

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🔘 Best Practices Guide

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Best Practices for DTC Financial Management 1. Implement an integrated accounting and inventory management system for accurate, real-time financial data. 2. Focus on profitability by analyzing SKU-level data, considering factors like production costs, return rates, and shipping expenses. 3. Hire an experienced bookkeeper who understands ecommerce to ensure accurate and timely financial statements. 4. Work with a tax professional specializing in ecommerce to optimize deductions and credits, and choose the right business entity. 5. Engage a CFO to manage financial health, projections, budgeting, and fundraising strategies. 6. Be cautious with financing options, understanding cash flow implications and loan terms. 7. Leverage outsourced accounting firms for high-value services while using integrated software for bookkeeping to save costs. 8. Make data-driven decisions based on real-time insights into profits, cash flow, and SKU performance. 9. Prioritize making money over relying on deductions, but ensure all legitimate deductions are captured.

🎆 Social Carousel: Do's/Don'ts

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10 Ecommerce Accounting Tips from Finaloop's Founder Slide 1: Don't: Wing it Do: Hire an experienced ecommerce bookkeeper to manage your financials accurately. Slide 2: Don't: Use generic software Do: Choose an accounting platform tailored for ecommerce, like Finaloop. Slide 3: Don't: Focus only on sales Do: Analyze profitability per SKU, considering costs, returns, and margins. Slide 4: Don't: Neglect statements Do: Maintain financial statements for loans, fundraising, and taxes. Slide 5: Don't: DIY bookkeeping Do: Let professionals handle it while you focus on growth. Slide 6: Don't: Ignore cash flow Do: Monitor cash flow to avoid financing pitfalls. Slide 7: Don't: Overspend on financing Do: Be reasonable with financing and understand the terms. Slide 8: Don't: Miss tax savings Do: Optimize your entity and deductions with ecommerce tax expertise. Slide 9: Don't: Lose deductions Do: Accelerate deductions and push income when possible. Slide 10: Don't: Rely on deductions Do: Focus on profitability, but claim all legitimate deductions.

🎠 Social Carousel

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Here is a 10-slide LinkedIn/Instagram carousel based on lessons from the episode: Slide 1: 10 Essential Lessons for Ecommerce Brands Slide 2: Integrate Inventory Management Combine inventory with accounting for full financial visibility and to accurately calculate COGS. Slide 3: Find Ecommerce-Savvy Bookkeepers Partner with bookkeepers who understand ecommerce, work quickly, and handle high transaction volumes. Slide 4: Use Tailored Software Generic accounting tools aren't built for ecommerce. Use a platform designed for your needs. Slide 5: Monitor Real-Time Metrics Track daily cash flow, profit, and KPIs by SKU to make informed decisions. Slide 6: Optimize Profitable SKUs Drive conversion on your most profitable items, not just your bestsellers. Slide 7: Hire Financial Experts Avoid DIY bookkeeping. Hire pros for bookkeeping, CFO strategy, and tax optimization. Slide 8: Manage Cash Flow Profitable doesn't always mean cash flow positive. Monitor cash and be smart with financing. Slide 9: Maximize Tax Savings Choose the right entity and take ecommerce-specific deductions with expert guidance. Slide 10: Level up your ecommerce finances. Switch to an all-in-one accounting solution at finaloop.com.

One Off Tweets

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Tweet 1 Finaloop didn't initially offer inventory features for ecommerce brands. But they listened to customer pain points and pivoted. Now inventory is a core part of their accounting solution. Adapt to solve real problems. Tweet 2 Many ecommerce bookkeepers don't understand the unique complexities of the business model. Brands often struggle to find someone who works fast and processes high transaction volumes accurately. An ecommerce-specific solution is key. Tweet 3 Ecommerce brands need real-time visibility into PnL, balance sheet, cash flow and KPIs. Generic accounting tools require complex integrations. Purpose-built software is the answer. Make data-driven decisions with confidence. Tweet 4 Many brand owners focus only on top-line Shopify sales numbers. But true profitability lies in understanding granular SKU economics. Factor in costs, returns, margins & shipping for each product. Drive growth where it matters most. Tweet 5 Clean books and financial statements are essential for ecommerce funding and taxes. Don't try to DIY as a founder. Invest in an experienced ecommerce bookkeeper to protect your business. Numbers you can bank on. Tweet 6 Building software that bridges infrastructure and SaaS is a unique challenge. Heavy R&D investment is needed to create a broad MVP with core accounting and value-add features. $20M raised to build the first integrated ledger and inventory solution. Tweet 7 Cash flow can make or break an ecommerce brand. Profitable companies can still be cash flow negative if not managed proactively. Understand your financing terms in detail. Don't get buried in debt buying inventory you can't sell through. Tweet 8 Ecommerce brands leave millions on the table in tax savings every year. Entity selection, deductions and credits are key levers. Work with an expert CPA who understands your business model. Keep more $ to fuel your growth. Tweet 9 Outsourced accounting firms embrace Finaloop even as they lose bookkeeping business. It was low margin work that distracted from higher value services. Real-time data access enables them to offer enhanced CFO support. A win-win for everyone. Tweet 10 The best products solve the founder's own pain points. Finaloop's CEO struggled with accounting in his own DTC brand. He combined deep financial expertise with ecommerce experience to build a tailored solution. Necessity is the mother of invention.

Twitter Post 1

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Here's a fun fact alluded to in the transcript, matching the tone and format of your example: DTC brands can save 40-50% on bookkeeping by using Finaloop vs traditional bookkeeping services.

Mindsets

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Here are 3 mindset shifts a listener could make based on the recording: 🌟 Recognize the importance of real-time financial data for making informed decisions. Instead of relying solely on sales numbers, shift your focus to understanding the true profitability of your business by analyzing factors like production costs, return rates, and shipping expenses for each SKU. 🌟 Embrace the value of specialized software tailored for ecommerce businesses. Rather than trying to adapt generic accounting tools to fit your needs, consider adopting a purpose-built solution that integrates seamlessly with your existing systems and provides the insights you need to optimize your operations. 🌟 Prioritize working with experts who deeply understand the ecommerce industry. When it comes to bookkeeping, taxes, and financial management, seek out professionals with experience in the unique challenges and opportunities of running an online business. This mindset shift can help you avoid costly mistakes and take advantage of often-overlooked deductions and credits. By making these mindset shifts, ecommerce entrepreneurs can gain a clearer picture of their financial health, make data-driven decisions, and ultimately build more profitable and sustainable businesses.

Tactics

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🎙️ 5 Strategies to Enhance Your Ecommerce Business Based on the DTC POD x Finaloop Episode 🎙️ 1. 📊 Embrace real-time financial data: Leverage tools like Final Loop to access up-to-date information on your PnL, balance sheet, cash flow, and KPIs. This empowers you to make data-driven decisions and quickly identify areas for improvement. 2. 🛍️ Analyze SKU-level profitability: Don't just focus on overall sales numbers. Dive deep into the profitability of each SKU by considering factors like production costs, return rates, and shipping expenses. Double down on your most profitable products and optimize or eliminate underperforming ones. 3. 💸 Prioritize cash flow management: While profitability is crucial, don't overlook the importance of cash flow. Be strategic with financing and thoroughly understand the terms and conditions of any loans or credit lines you take on to avoid pitfalls. 4. 🧾 Maximize tax savings: Partner with an ecommerce-specific tax expert to ensure you're taking advantage of all available deductions and credits. Choose the right business entity and stay informed about rule changes, such as the new federal-level deduction for LLCs and S-corps. 5. 🤝 Collaborate with specialized partners: Outsource bookkeeping to a platform like Final Loop to save money and receive real-time data. Work with a CFO who can provide high-value insights based on this data and bring on a tax professional with ecommerce expertise to optimize your tax strategy. By implementing these tactics, you'll gain a clearer understanding of your business's financial health, make more informed decisions, and ultimately drive growth and profitability. 📈💰

In Depth Thread

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Here is a post leveraging the strategy from the recording in the format and style you requested: Underrated: Using an integrated accounting and inventory platform for ecommerce. Most ecomm founders are flying blind when it comes to their financials. Overrated: Trying to stitch together generic solutions like Quickbooks. You need a platform tailor-made for DTC. I'm using Finaloop for my brand and here's why: 5 Finger List 1. Real-time COGS and profitability by SKU 2. Integrates directly with Shopify and Amazon 3. Splits P&L by product line 4. Calculates marketing budget based on net profit 5. Saves 40-50% vs traditional bookkeeping DTC Financial Stack Most brands rely on: • Quickbooks/Xero/Netsuite as the "ledger" • Inventory management system • Bookkeeper to reconcile it all • CFO for financial strategy • CPA firm for taxes Finaloop combines the ledger, inventory system, and bookkeeping into one platform purpose-built for ecommerce. Hire a CFO and ecommerce tax expert separately. Follow the Money Ask yourself: • How much do I make on each SKU after all costs? • What's my overall profit? • Do I have enough cash to fuel growth? Many ecomm brands are profitable but cash flow negative. Avoid the pitfalls of merchant cash advances and understand financing terms. Leave No Money on the Table DTC brands often miss out on millions in potential tax savings. Pick the right entity structure and take advantage of ecommerce-specific deductions and credits. Use a tax expert who knows the ins and outs of online retail. Ecommerce Accounting Essentials • Choose an integrated financial platform • Hire an ecommerce bookkeeper • Get a DTC tax specialist • Bring on a CFO for strategy • Use real-time data to drive decisions Follow this stack to maximize profitability and growth. Generic solutions won't cut it.

New Idea

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Idea #1: Importance of Integrated Inventory Management for Ecommerce Final Loop recognized the critical need for integrated inventory management features in their ecommerce accounting solution, as evidenced by: 1. Challenges Faced by Brands: Even when using external inventory management systems, brands faced difficulties due to the lack of integration with Final Loop's initial accounting-only platform. This highlighted the importance of having inventory features within the same solution. 2. Centrality of COGS for Ecommerce: Cost of Goods Sold (COGS) is a crucial metric for ecommerce businesses. Final Loop's decision to prioritize building inventory features underscores how essential accurate COGS tracking is for these brands. 3. User Demand and Reception: The upcoming release of inventory features, including integrations with Shopify and Amazon, is eagerly awaited by Final Loop's users who have been requesting this functionality daily. This strong user demand validates the significance of integrated inventory management for ecommerce accounting.

Tweet thread on learnings

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Tweet 1: 🎙️ Just listened to an insightful episode of the DTC POD with @liopinchevesky from Finaloop! 🚀 Key takeaways on the importance of real-time financial data for ecommerce brands: 👇 Tweet 2: 1. Integrated Inventory Management is Crucial 📦 Initially, Finaloop didn't have inventory features, causing problems for brands. They realized the importance of COGS and built an integrated solution. Real-time COGS updates from Shopify and Amazon are game-changers! 🙌 Tweet 3: 2. Ecommerce Needs Tailor-Made Financial Software 💻 Generic ledgers like QuickBooks and Xero aren't built for ecommerce. Additional integrations make it difficult for humans to manage financial data. Finaloop provides a tailor-made solution with real-time updates on PnL, balance sheet, cash flow, and KPIs. 📈 Tweet 4: 3. Profitability Goes Beyond Sales Numbers 💰 Many brand owners rely on Shopify dashboards to track sales, but there's more to profitability. SKUs differ in production costs, return rates, profit margins, and shipping costs. Focus on driving conversion on the most profitable items, not just overall conversion. 🎯 Tweet 5: 4. Combining Data is Key to Identifying Profitability 🔍 Finaloop splits PnL into line of businesses and per SKU. This helps determine which products are profitable and which need improvement or discontinuation. Combining data from different sources reveals the most profitable inputs. 📊 Tweet 6: 5. Outsourcing Bookkeeping Can Save Time and Money ⏰💸 Finaloop attracts brands previously using outsourced accounting firms. These firms are happy to lose the loss-making bookkeeping work and focus on high-value services. Brands save 40-50% on bookkeeping and get real-time data for their CFO to provide more value. 🤝 Tweet 7: The main takeaway? Real-time financial data is essential for ecommerce brands to make data-driven decisions and maximize profitability. 📈💡 Finaloop's integrated solution combines accounting and inventory management, providing the insights needed to succeed in the competitive DTC space. 🚀

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Future State, 6 reasons post

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In 12 months, ecommerce brands can have real-time visibility into their financial health, optimize profitability per SKU, and make data-driven decisions. Finaloop is on a mission to make this a reality. But many brands are still stuck with outdated accounting practices that hold them back. Here are 6 ways Finaloop is revolutionizing ecommerce accounting to help brands thrive: BACKGROUND: Generic accounting software like QuickBooks and Xero weren't built for the complexities of ecommerce. Bookkeepers often don't understand how ecommerce works. This leads to inaccurate, delayed financials that leave founders in the dark. Old Ecommerce Accounting: - Delayed, inaccurate financials - No real-time COGS or inventory data - Can't analyze profitability per SKU - Reactive decision making - High bookkeeping costs New Ecommerce Accounting: - Real-time, accurate financials - Integrated COGS & inventory mgmt - Granular profitability analysis - Data-driven, proactive decisions - 40-50% bookkeeping cost savings Finaloop combines a robust accounting ledger with ecommerce-specific features brands need to take control of their finances and drive profitable growth. Early adopters are already reaping the benefits. HOWEVER... Many brands are still unaware that a better way exists. They're tolerating subpar bookkeeping, paying too much, and missing out on critical real-time data and insights. Finaloop is on a mission to change that. Here's how: 1. Real-Time COGS: Shopify and Amazon COGS data integrated directly into your ledger for an always up-to-date, accurate picture of profitability. No more manual entry or delays. 2. Integrated Inventory Management: Robust inventory features enable real-time COGS and eliminate the need for separate IMS systems that don't talk to your accounting software. 3. Profitability by SKU: Analyze revenue, costs and profitability at the SKU level to identify winners, losers and opportunities to optimize. Make data-driven restocking decisions. 4. Save on Bookkeeping: Automate away manual tasks and reduce your bookkeeping costs by 40-50% while getting faster, more accurate financials. Reinvest the savings into growth. 5. Mobile-Friendly Dashboards: Check your real-time cash position, sales and profitability from anywhere. Always know where your business stands financially. 6. Tax Savings: Capture every ecommerce deduction and credit you're eligible for. Finaloop's ecommerce tax experts ensure you never leave money on the table. The future of ecommerce accounting is real-time, automated and intelligent. Ambitious brands are already making the shift from reactive to proactive financial management with Finaloop. P.S. How well do you understand the current profitability of each SKU in your store? Are you still tolerating bookkeeping delays and inaccuracies that keep you from making fast, data-driven decisions?

About the Episode

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In this episode, Lioran Pinchevski, the founder of Finaloop, shares valuable insights on optimizing financial management for ecommerce brands. One key strategy he emphasizes is the importance of integrating inventory management with accounting software. By providing real-time updates on COGS for SKUs, Finaloop enables businesses to accurately determine the profitability of individual products. This granular level of analysis allows brand owners to make data-driven decisions on which products to prioritize, improve, or discontinue. Another crucial aspect Pinchevski discusses is the significance of working with experienced bookkeepers and tax professionals who understand the intricacies of the ecommerce industry. He highlights the challenges many brand owners face when relying on generic accounting software and inexperienced bookkeepers, which can lead to delays, mistakes, and missed opportunities for tax savings. By partnering with ecommerce-specific financial experts, businesses can ensure accurate financial statements, optimize tax deductions, and make informed decisions based on real-time data. Lastly, Pinchevski stresses the importance of understanding cash flow and profitability for DTC companies. He advises founders to ask critical questions about the profitability of each SKU, overall company profit, and the availability of cash to support growth. By maintaining a clear picture of their financial health, brand owners can make reasonable financing decisions and avoid pitfalls associated with merchant cash advances and line of credit providers. Pinchevski's insights underscore the need for a comprehensive, ecommerce-specific financial management approach to drive success in the DTC space.

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