Bench doesn’t offer bill payments, invoicing, or inventory management — all things that you’d find with most self-service software. You’ll also miss out on the integrations with business apps and software that you’d find with QuickBooks or Xero. And while Bench does have several important financial reports, its offerings are pretty basic compared to most accounting software. At the same time, the company offers access to their team of real-life experts. Every customer who signs up for Bench is matched through their online app, following a phone call consultation. The system integrates with the client’s bank, merchant processor, and credit card company so transactions are generated automatically. Xero makes accounting easy with a cloud-based system accessible from any device that can access the internet.
Bench Core is available to customers for $249 per month and Bench Flex is $349 per month. Bench is the online bookkeeping platform for small business owners. Each month, Bench automatically gathers transaction data from all connected business accounts. Then, a dedicated team of bookkeepers ensures books are tax-ready. With books up-to-date, users can access the Bench iPhone or desktop app to monitor cash-flow and financial health with intuitive expense reports, income statements, and more.
Interestingly, Bench.co claims to be the largest small business bookkeeping service in the US. In our Bench.co review you will learn more about Bench.co features, pros, cons, and factors to consider when choosing your accounting software. Sunrise by Lendio offers a free, easy-to-use accounting and invoicing solution for small businesses.
What Services Does Bench Provide?
Bench is secured using 256-bit SSL/TLS encryption to protect your data. Additionally, all Bench professionals complete a background check and are rigorously vetted to ensure safety and professionalism. An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. Erica’s insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader’s Digest.
The customer service team did a great job selling it and they’ve kept their promises over the course of our time. We appreciate a vendor who actually delivers what they promise and Bench does just this. From the same Upload Document menu, you’ll find an email below the Upload Documents button, such as receipts+ You can send your documents to this email address.
While Bench allows you to be hands-on with your accounts and bookkeeping tasks it’s very appealing for people who want to get help from professional advisors. As a result, every package variant comes with your very own bookkeeper, which is a compliment to the software that builds up a dynamic month-by-month picture of your business activities. BenchTax will take over your entire filing process from start to finish, which should save you a great deal of time and energy. If you’re using anyone other than Bench to manage your books, you can still avail of its tax services. However, you’ll have to give Bench one month’s worth of filing history to ensure your books are up to date.
Afternoon t Feat Ian Crosby Of Bench Accounting
Know how much you’re earning and spending, estimate what you owe in taxes, and save money with a smart, automatic deduction finder. We never recommend our services if we don’t think we’re a great fit for your business. We are a $2 million gross retail business (a large bookstore in Mountain View, CA. (I’m sharing this so you know this is a real review — I hate fake reviews). Losing our accountant in this labor market was a real emergency. After trying to hire unsuccessfully, I learned about Bench through some online reviews, and reached out for help. We’re getting accurate, on-time financial statements, and have saved about a half-time staff position in payroll cost. EVERYONE I have worked with at Bench has been very friendly, capable, and helpful.
Frappe Books is a full featured accounting application with Double Entry Accounting, Invoicing, Payments, Financial Statements and much more. InvoiceApp is a simple and beautiful paperless invoicing software for small businesses, startups, entrepreneurs and freelancers. PitchBook is a financial technology company that provides data on the capital markets. It’s great to hear that we are able to deliver error-free financials to you! We’re excited to keep providing you with the support to continue growing your business. Other providers seem to be complicated and non-specialized. These guys are specialized really well in bookkeeping.
Bench Accounting Cap Table
Bench’s Essential plan includes the preparation of a year-end financial package needed to file your taxes. To make taxes more hassle-free, you can upgrade to the Premium plan, which includes unlimited bookkeeping and tax support. Premium includes filing for sole proprietors and contractors as well as businesses .
Be sure to download a full transaction list plus monthly financials to keep on file in case of an audit. I wish it integrated with Quickbooks as my CPA can easily manipulate the data for reports. Report ranks top products based on user reviews, which helps businesses find the right software. Once your bookkeeper wraps up your books every month, the information is reviewed by an in-house support team that ensures accuracy. Also, they never make assumptions about your business, preferring instead to reach out with any questions. Bench Accounting’s Essential plan costs $299 per month, which includes monthly bookkeeping and year-end reporting.
Accounting & Tax Assistant By Bonsai
It does, however, allow you to ask your bookkeeper for Excel or CSV files of all transactions made on your general ledger, which can be uploaded to such programs. But moving the information and verifying it was done correctly can take time.
All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Monthly bookkeeping for up to 15 accounts, including bank accounts, credit cards, loans and merchant account processors. The Bench platform gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow your business.
Bench Has Been Exceptional
At the end of the month, I prepare 2 simple reports and send them to Bench. At the end of the month, I spend 30 MINUTES reviewing https://www.bookstime.com/ every transaction we have in Bench’s online interface, and making occasional tiny changes in categorization if needed.
Additionally, you can also sign up for tax services to have a professional prepare and file your small business taxes for you. Bench Accounting is a great option if you have no in-house accountants or you don’t want to purchase or learn how to use accounting software. Bench bookkeepers are trained professionals, so you can be sure that your books are well taken care of, at a fraction of the cost of hiring a local certified public accountant . If you only need basic bookkeeping and your business makes enough money to sustain the $299 price tag for unlimited monthly bookkeeping support, then Bench is a cost-effective solution. You can try Bench Accounting for free to see if it’s a good fit for you.
- I wish they had better access to my accounts, so I don’t have to provide them numbers every month manually.
- When the end of the year came up I dreaded the work that was ahead of me with several big projects in progress.
- You had to ask the someone to research through QuickBooks and mounds of paperwork, and wait for a reply.
- I plan to continue working with them for as long as I’m in business.
- Erica’s insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader’s Digest.
- Includes preparation of a year-end financial package.
Both Core and Flex include Bench’s signature bookkeeping, tax preparation, tax filing and tax advisory services, providing a comprehensive financial overview on one easy-to-access platform. These products eliminate the challenges that many businesses face in ensuring consistency, gathering data and juggling multiple relationships with banks, bookkeepers, accountants and more. Bench Core and Bench Flex are first of their kind offerings that offer compelling time and money savings for small business. Bench Core and Bench Flex are both priced with financial accessibility at the forefront.
The startup touts itself as “the largest bookkeeping service in America for small business.” The bookkeeping and tax advisory startup claims to have 12,000 US clients. Bench combines smart software with a professional bookkeeper that prepares your monthly financials for you.
He went through everything, classified all my expenses, and had a simple way to ask me to review anything they need clarification on. They pulled difficult things to deal with like my processing fees from Stripe and instantly accounted for them. On top of that, having an honest to goodness accountant and accounting team to know how to PROPERLY set up a Chart of Accounts and classify expenses was game-changing. This service easily pays for itself in the time it saves me and the peace of mind it gives me. The Accounting tab on your dashboard provides you with real-time updates of your financials, showing exactly how much money you have and how you’re spending it.
Then, they’ll prepare your monthly and year-end financials—so you don’t have to. Sign up for a trial, and get 1 month of bookkeeping done risk-free. Hi Joseph, thank you for taking the time to bring this to our attention. We sincerely regret to hear that this has been your experience with us, as we aim to provide accurate and timely financials.
Bench’s business was initially hit hard by COVID-19 in 2020, and forced the startup to restructure its financial plan and lay off 10 percent of its workforce. However, after it refocused to help small businesses in the US apply for the Paycheck Protection Program , Bench saw Bench Accounting its sales double and re-hired previously laid-off workers. Bookkeep automatically posts daily sales summary financials to accounting platforms such as QuickBooks Online & Xero and reconciles the payment deposits. America’s largest bookkeeping service for small businesses.
But, the fact that this same reviewer began to see discrepancies in their credit card statements and the figures recorded by Bench is alarming, if this person is actually telling the truth. Once your books are complete, your bookkeeper will update the status of the task on Bench’s platform to acknowledge that fact.
In other words, there’s a Bench package for everyone. There’s a useful tool on the pricing page that asks what your average monthly expenses are, which enables Bench to give you a quick pointer to the right package. The $139 annually/$159 monthly fee is for the Starter option for monthly expenses below £1k. Next, Micro covers monthly expenses from $1k to $7.5k and costs $159 annually/$179 monthly.