Financly Bookkeeping Solutions: Company Profile

Background

Overview

Financly Bookkeeping Solutions, established in 2014 by Teresa Slack and Connie Smith, specializes in providing professional bookkeeping, consulting, and training services tailored for small to mid-sized e-commerce businesses. With over 35 years of combined experience in accounting and business management, the founders have built a firm dedicated to helping e-commerce entrepreneurs achieve financial clarity and operational efficiency.

Mission and Vision

The firm's mission is to be the leading provider of innovative solutions for e-commerce accounting, offering services that create peace of mind and enhance business operations for e-commerce owners. Their vision is to be the "go-to" company for e-commerce businesses and sole proprietorships seeking sincere, professional bookkeeping and business services.

Industry Significance

Financly has been recognized for its excellence in the accounting services industry, earning accolades such as the Firm of the Year in 2020 by the Certified Professional Bookkeepers of Canada and placement on the Top 100 ProAdvisor list multiple times. In 2023, they were honored with the Woodard®️ Top 50 Client Accounting Services Practice Award, highlighting their commitment to innovation and client success.

Key Strategic Focus

Core Objectives

Financly aims to provide high-quality, cloud-based bookkeeping and business development services that allow e-commerce business owners to focus on their passion while ensuring accurate and timely financial records.

Areas of Specialization

The firm specializes in bookkeeping for e-commerce platforms, particularly Shopify and Amazon, offering services such as:

• Integration of e-commerce stores into bookkeeping software for seamless data entry.

• Software analysis and workflow recommendations to streamline bookkeeping processes.

• Training and ongoing support programs for business owners and accounting professionals.

• Consulting on inventory management and applications to support business needs.

Key Technologies Utilized

Financly leverages cloud-based accounting software and integrates with various e-commerce platforms to provide efficient and accurate bookkeeping services. They have partnered with Intuit, Shopify, A2X, Receipt Bank, TSheets, and Wagepoint to offer comprehensive business solutions.

Primary Markets Targeted

The firm primarily serves small to mid-sized e-commerce businesses operating on platforms like Shopify and Amazon, focusing on those seeking professional bookkeeping and business development solutions.

Financials and Funding

Specific details regarding Financly's funding history, total funds raised, recent funding rounds, and notable investors are not publicly disclosed. The firm operates as a privately held company, focusing on providing specialized services to its clients without publicly available financial information.

Pipeline Development

As a service-oriented firm, Financly does not have a product pipeline or clinical trials. Instead, they continually develop and refine their service offerings to meet the evolving needs of e-commerce businesses, ensuring they provide up-to-date and effective solutions.

Technological Platform and Innovation

Proprietary Technologies

Financly utilizes cloud-based accounting software and integrates with various e-commerce platforms to provide efficient and accurate bookkeeping services. They have partnered with Intuit, Shopify, A2X, Receipt Bank, TSheets, and Wagepoint to offer comprehensive business solutions.

Significant Scientific Methods

The firm employs standardized processes and workflows to ensure efficiency and accuracy in their bookkeeping services. They also provide training and support to help clients understand and manage their financials effectively.

Leadership Team

Teresa Slack, CEO and Co-Owner

Teresa offers clients the benefit of 35 years of experience in bookkeeping, accounting, system setup, business management, sales and marketing, customer service, staff training, policy and procedure development, forecasting, staff leadership, and mentorship. She has a passion for Shopify and Amazon accounting and loves to empower business owners and the accounting professionals that support them to solve their Shopify and Amazon accounting challenges.

Connie Smith, CFO and Co-Owner

Connie has 38 years of experience in bookkeeping, payroll, tax preparation, and extensive experience with purchasing and inventory control. She loves to solve problems and sort out messy books, creating processes that solve complex Shopify and Amazon accounting challenges. Having run her own business for the past 20 years, Connie offers an intimate knowledge of the joys and challenges faced by small business owners in the pursuit of success and work-life balance.

Anita, Lead Bookkeeper

Anita is a Payroll Compliance Practitioner and has been recognized as one of the Top 50 Women in Accounting in 2021. She works collaboratively with the Financly team to ensure financials are clean, informative, and make sense for business owners.

Chris, Certified Bookkeeper Technician

With experience since 2002, Chris finds bookkeeping akin to solving a puzzle, enjoying the clarity that comes when all pieces fit together. She is a QuickBooks Advanced Certified ProAdvisor Online.

Jessie Manuel, Certified Professional Bookkeeper

Jessie graduated with honors from Sheridan College and pursued a CPA (CGA) designation. She has experience in both public and private accounting and has found her passion in bookkeeping, working closely with clients to build relationships and assist them in understanding their business and reaching their goals.

Mae, Administrative Assistant

Mae is a part-time administrative assistant at Financly and also a freelance ballet teacher, poet, and intersectional feminist. In their spare time, they enjoy reading and spending time outdoors.

Marina Rimec, Bookkeeper

Marina's bookkeeping skills stem from her love of organizing. She enjoys connecting with clients and easing their workload. Outside of work, Marina loves spending time outdoors with her family or reading a good book.

Uyi Edivri, Advanced Certified QuickBooks Online ProAdvisor

Uyi is passionate about helping business owners gain financial clarity and make confident business decisions that drive profitability and positive cash flows. She is an avid learner and loves to share knowledge and motivate others.

Competitor Profile

Market Insights and Dynamics

The e-commerce bookkeeping industry is experiencing significant growth, driven by the increasing number of online businesses and the complexity of managing finances across multiple platforms. Businesses require specialized services to ensure accurate financial records, tax compliance, and strategic financial planning.

Competitor Analysis

Key competitors in the e-commerce bookkeeping space include:

• Bench Accounting: A North American financial technology company that offers automated bookkeeping and financial statements for small business owners. Bench employs approximately 650 people and was acquired by Employer.com in December 2024.

• FINSYNC: Provides bookkeeping and accounting services with a focus on small to mid-sized businesses. FINSYNC has a market share of approximately 0.08% in the bookkeeping and accounting category.

• Pilot: Offers bookkeeping and financial services for growing businesses, using a combination of software automation and human expertise. Pilot supports accrual basis accounting and provides dedicated bookkeepers.

Strategic Collaborations and Partnerships

Financly has established strategic partnerships with several key players in the e-commerce and accounting sectors, including:

• A2X: A platform that automates the process of reconciling e-commerce sales data with accounting systems. Financly became A2X's first Canadian partner in August 2019, enhancing their ability to provide seamless integration between e-commerce platforms and accounting software.

• Intuit: The developer of QuickBooks Online, a leading accounting software. Financly is a QuickBooks Online Specialist, offering clients expertise in utilizing this platform for their bookkeeping needs.

• Shopify: A prominent e-commerce platform. Financly specializes in bookkeeping services for Shopify merchants, ensuring accurate financial records and tax compliance.

Operational Insights