/The Modern Financial Stack for Sellers

The Modern Financial Stack for Sellers
Apr 22, 2024 3 min read

The Modern Financial Stack for Sellers

Dillon Carter
Dillon Carter
Co-Founder, COO at Aura

Your stack can either enable you or hold you back—it’s that simple.

One stack that I rarely hear sellers discuss online is their financial stack—banking, credit, accounting, etc. So, I thought it would be fitting to share some amazing software tools to simplify your life.

Let’s start with everyone’s least favorite: accounting software. Yes, I know, ew.

Accounting software is a must-have. While many default to QuickBooks for their CPA or Accountant, I suggest considering Finaloop. It’s a newer software designed to automate much of the work. Sign me up!

What makes Finaloop special is its design for e-commerce companies. It integrates directly with Amazon, Walmart, Shopify, and more. It essentially works with every platform you sell on, along with companies like Chase, American Express, Mercury, TaxJar, and QuickBooks.

With Finaloop, you can centralize everything and start automating your monthly books. You can even opt for them to manage your books as a service.

Next, let's talk about something that might actually excite you—banking. Yes, banking can be sexy, and I will stand by that claim. Most banks are terrible, but a few are not. I love Charles Schwab for personal banking, but Mercury is unmatched for business banking. They've even launched personal banking, so I'll be switching immediately.

What happens when a tech company builds a bank? You get an incredible product. It's FDIC-insured, facilitates easy ACH and wire payments, offers interest on idle cash, and automates the busy work. You can even implement and automate the Profit First methodology.

As I mentioned earlier, Mercury integrates seamlessly with Finaloop.

Now, onto the grim topic of state taxes—yes, ew again.

While we may disdain state taxes, they are a reality for online sellers. But services like TaxJar and Numeral do more than just collect your money; they help you stay compliant, which can save you a lot in the long run. These services automate the sales tax calculations for each transaction—a lifesaver in navigating the complex web of tax jurisdictions.

Most sellers know about TaxJar, but fewer have heard of Numeral, a modern alternative that integrates with Finaloop. Numeral acts like a mini-accountant, managing this part of the business for you.

To conclude, adopting the right financial tools isn't just about convenience—it’s a strategic choice that frees up time and enables you to scale effectively. Whether it’s simplifying accounting with Finaloop, managing finances with Mercury, or handling taxes with Numeral, each tool plays a crucial role. They can all integrate to streamline your operations further.

So, don’t just settle for the tools everyone else recommends because they’ve always been used. Choose tools that address your needs in a modern way and ideally work well together with your other financial tools.

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