Finaloop vs Novat ‑ Tax Exemptfor Shopify (2026)
Finaloop and Novat ‑ Tax Exempt address entirely different financial needs for Shopify merchants. Finaloop is a comprehensive accounting solution, offering full-service bookkeeping, real-time financial reporting, and inventory management, targeting e-commerce and multi-channel businesses needing accurate, tax-ready financials and COGS calculation. It combines software with expert accounting services. Novat, on the other hand, focuses solely on managing VAT exemptions for specific customers, allowing merchants to automate the process of granting exemptions based on VAT numbers, customer tags, or submitted forms. The critical distinction lies in their scope. Finaloop is a broad accounting solution handling P&L, cash flow, and balance sheets, while Novat is a niche app addressing a specific tax-related requirement. This difference is reflected in their ratings and reviews. Finaloop has a strong 5/5 rating with 60 reviews, indicating high user satisfaction with its comprehensive service. Novat's 1.7/5 rating with only 2 reviews suggests potential usability issues or unmet expectations among its users. Businesses should choose based on whether they need full-scale accounting support or a focused VAT exemption management tool.
At a Glance
Finaloop
60 reviews
Novat ‑ Tax Exempt
2 reviews
Detailed Overview
Finaloop
Accounting software + service for ecommerce. Get real-time fully accurate bookkeeping & inventory
Key Features
- Tax-ready P&L, Cash Flow, Balance Sheet, and payable and receivable tracking
- Inventory sync & management (FIFO unit tracking) for ecommerce & retail
- Real-time financial dashboard built for founders
- Full history catch up - whether your books are messy or non-existent
Novat ‑ Tax Exempt
A complete tax exemption system for merchants to remove VAT for tax exempted customers.
Key Features
- Allow customers to submit customizable tax form to claim VAT exemption
- Automatically grant tax exemption based on customers' EU VAT number.
- Allow only specific customers by tags to submit tax form
- Manually tax exempt specific customers by tags
- Email notification for both customer and admin to tax exemptions efficiently
Feature Comparison
| Rating | 5/5 | 1.7/5 |
Rating Finaloop5/5 Novat ‑ Tax Exempt1.7/5 | ||
| Reviews | 60 | 2 |
Reviews Finaloop60 Novat ‑ Tax Exempt2 | ||
| Core Functionality | Full-service accounting & inventory management | VAT Exemption Management |
Core Functionality FinaloopFull-service accounting & inventory management Novat ‑ Tax ExemptVAT Exemption Management | ||
| Target Merchant | E-commerce & multi-channel businesses needing accurate financials | Merchants needing to handle VAT exemptions for specific customers |
Target Merchant FinaloopE-commerce & multi-channel businesses needing accurate financials Novat ‑ Tax ExemptMerchants needing to handle VAT exemptions for specific customers | ||
| Ease of Use | Likely requires onboarding due to service component, may have steeper learning curve. | Potentially simpler setup, focusing on VAT exemption workflows. |
Ease of Use FinaloopLikely requires onboarding due to service component, may have steeper learning curve. Novat ‑ Tax ExemptPotentially simpler setup, focusing on VAT exemption workflows. | ||
| Value Proposition | Clean, tax-ready financials with expert support, real-time visibility. | Automated VAT exemption process, saves time on manual validation. |
Value Proposition FinaloopClean, tax-ready financials with expert support, real-time visibility. Novat ‑ Tax ExemptAutomated VAT exemption process, saves time on manual validation. | ||
| Inventory Management | Yes, with FIFO unit tracking | No |
Inventory Management FinaloopYes, with FIFO unit tracking Novat ‑ Tax ExemptNo | ||
| Accounting Expertise | Provides expert accounting services | None. Self-service App |
Accounting Expertise FinaloopProvides expert accounting services Novat ‑ Tax ExemptNone. Self-service App | ||
Our Verdict
For merchants needing a comprehensive accounting solution with real-time insights and expert support, Finaloop is the clear choice. Its focus on full-service bookkeeping, inventory management, and tax-ready financials provides a significant advantage, especially for growing e-commerce businesses struggling with accounting complexities.
Novat ‑ Tax Exempt is only suitable for merchants specifically requiring a solution to manage VAT exemptions. Given its low rating and limited reviews, thoroughly investigate alternatives or carefully test the app before committing to it. Merchants should prioritize based on whether they require general accounting or only tax exemption functionalities.
Common Questions
What type of business is Finaloop best for?
Finaloop is designed for e-commerce and multi-channel brands needing comprehensive accounting services, including bookkeeping, inventory management, and tax preparation. It's ideal for businesses that require accurate financials and insights into their profitability and cash flow.
When should I choose Novat ‑ Tax Exempt?
Novat ‑ Tax Exempt is best suited for businesses that need to manage VAT exemptions for specific customers. For example, businesses selling to other businesses within the EU that are VAT registered.
Does Finaloop handle taxes beyond VAT?
Yes, Finaloop provides tax-ready financials, which include P&L, cash flow, and balance sheets necessary for tax preparation. Its full-service offering encompasses a broad range of tax-related considerations.
Is Novat ‑ Tax Exempt easy to set up and use?
The low rating (1.7/5) and limited reviews (2) suggest that Novat ‑ Tax Exempt may not be particularly user-friendly, or that users have encountered issues with its functionality. Investigate further before deploying.
Does Finaloop replace my need for an accountant?
Finaloop is positioned as an accounting software *and service*. While it automates many accounting tasks, it provides expert accountants so may not replace need to consult accountants for specific advice.
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