Bench Accounting @benchaccounting

Bench is the largest online bookkeeping service in the United States for small businesses. They launched in 2013 as an affordable bookkeeping option for businesses that can’t afford dedicated in-house bookkeepers, but who need and want to understand their financial position. When your bookkeeping is done for the month, you’ll receive a message. At that point, you can view your financial statements and account information online. If you have any questions, it’s easy to get in touch with your Bench bookkeepers by sending them an in-app message or calling them.

Their preferred payroll service is Gusto, which will integrate with Bench’s proprietary software, and with the popular accounting software QuickBooks and Xero . There are two packages to choose from depending if you’d like help with your taxes or not. If your business requires specialized bookkeeping — such as tracking accounts payable and receivable — there’s an add on starting at only $100 per month.

At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow your business. To put a number on it — if you’re under $500,000 in annual revenue, outsourcing to Bench will probably a good bet. If your business is between $500,000 to $1 million in annual revenue, you should consider switching to accrual basis and hiring a part-time bookkeeper or accountant, . If you’re over $1 million in revenue, it’s almost certainly time to hire a full-time bookkeeper.

Send a message from your computer or the app anytime, and your bookkeeper will reply within one business day. You can also schedule a time for your bookkeeper to call you at no additional charge. If you also have an accountant, you can give them separate log-in credentials to your Bench account. This includes everything in the Essential level, plus unlimited tax advisory services, one-on-one tax strategy planning and annual tax filing for partnerships, corporations and sole proprietors. These applications help you do your own bookkeeping; unlike Bench, they don’t include access to a team of dedicated bookkeepers in the basic price. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.

Common Questions About Bench Accounting

Should you decide to switch, you may have to manually transfer the data yourself or pay another service for assistance. Bench uses a proprietary software that is user friendly, even for those that are not computer savvy or financially literate. It has an intuitive layout and delivers financial information in easy-to-understand charts and visuals. According to salary.com, the median annual cost of an in-house bookkeeper is over $40k. For many small businesses and startups, this salary falls far outside of their budget. As one of the 30 fastest growing tech companies in North America according to DeLoitte, Bench has proven its ability to simplify business bookkeeping. Benefit from the most accurate accounting, 24/7, real-time dashboards and reporting, all while saving on average 30-50% compared to a traditional bookkeeper or outsourced firm.

Each Bench plan provides the same level and standard of bookkeeping. However, Bench offers a few additional service packages that can be purchased as add-ons. For example, if you send an invoice due to be paid in one month, a cash-based bookkeeping method would not record that income for thirty days.

Bench App

Bench Accounting offers two plans, Essential and Premium, which cost $299 per month and $499 per month, respectively. Both plans include monthly bookkeeping and year-end reporting, but Premium gives you more features, like unlimited tax advisory services and federal and state income tax filings. If you require complex accounting, such as segment tracking, invoicing (A/R), and bill payment (A/P), you need to purchase the Specialized Accounting add-on starting at $100 per month. Bench provides most clients with a modified form of cash basis bookkeeping, in which the transactions are recorded as soon as money has been deposited or charged to your bank or credit card. Bench bookkeeping is an online accounting service that manages bookkeeping and taxes for businesses. There is an in-app status feature that allows you to view what has been completed, what’s in progress, and what’s outstanding. When your bookkeeping has been completed for the month, you’ll receive a message inviting you to view your financial statements and account information online.

They were accepted into the startup accelerator program Techstars NYC in 2012 and by July 2013, they had raised $2 million in seed capital and settled on the official name, Bench. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

The only challenging initial integration was with Paypal- myself and the Bench team member had a hard time linking everything. We resolved it and I didn’t have that issue with other accounts. I do wish that this software integrated with my invoicing system, so I could easily see where the profits were coming from.

For advice to your particular situation, consult with a qualified professional, such as an Enrolled Agent or Certified Public Accountant . There’s no built-in payroll option — but Bench is very experienced with Gusto, so you can use them for payroll and Bench will record it properly in your books. If you’ve got personal expenses mixed in with business expenses, Bench will help you separate those out.

Bench Accounting

Bench provides each of its clients with a dedicated bookkeeper. These bookkeepers are Bench employees and all work from their Vancouver headquarters. Clients can schedule a phone call or message their bookkeeper directly via the Bench app. Our mobile app lets you keep tabs on your cash flow and track your expenses. Your bookkeeper automatically imports info from your bank and credit accounts, so your accounting is always on track.

If you want to compare Bench’s prices with other virtual bookkeeping services, check out our comprehensive guide on the top 100+ bookkeeping pricing packages. Ember is full-package, fuss-free accounting software for contractors, from just £39/month. We take care of all your limited company accounting and taxes, giving you the tools and time to focus on what really matters – your business.

Photo by Christina @ wocintechchat.com on UnsplashWe are on a mission. A mission to make a profound difference in the quality of life of one million people. We realized early in the process that the biggest motivator for these employees to choose to come into the office was to a have access to their equally talented colleagues. In response, we dedicated ample space and the majority of the budget to a range of shared spaces that enhance their community and shared vision. Whether Bench is a good choice for your business depends on what your business needs are. If you’re looking to save time and have your books done quickly and accurately, then Bench will get the job done.

Hackathons At Bench

That said, we think we offer the best bookkeeping services around. We have worked with many clients who have switched from Bench to Xero. While we did have to go back and recreate our clients’ accounting file, this didn’t overburden us with work and we didn’t have to stress our clients with additional cost. Thankfully Xero has cash bench accounting coding, which allows us to enter transactions in bulk- saving us time and effort. Do you ever pay for a yearly software subscription to take advantage of the discount? Bench will track the payment to the vendor in the month it passed through the account, not on a monthly basis, which is the correct way to treat the transaction.

• Users should note that because Bench uses proprietary software, it is not compatible with Quickbooks or with any other online bookkeeping software.
• SSL encryption and employee background checks to protect your financial data.
• Bench has a proprietary bookkeeping system, which doesn’t sync up with QuickBooks, Xero or other accounting software.
• You will also receive visual reports that detail your revenue, expenses, and historical performance.
• The company provides subscription access to cloud-based software in combination with in-house bookkeepers.
• Which accounting software you use matters because it determines where your financial data lives.

At tax time, they will send a year-end financial package with all the information you need to prepare your tax return. You can sign up for the Premium plan and Bench will prepare the tax return for you. Each month, your bookkeeper will import all of your business transactions and categorize them, then reconcile your bank accounts and prepare financial statements. This will be completed within 15 business days, which allows time for any adjustments. If your bookkeeper has any questions about a particular transaction, they’ll send you an in-app message. Bench Accounting is best for freelancers and small businesses that have basic bookkeeping needs, such as providing cash-basis financial statements for tax return preparation.

Estimated Revenue & Financials

Our partners cannot pay us to guarantee favorable reviews of their products or services. Bench gives you a dedicated bookkeeper supported by a team of knowledgeable small business experts. Get a direct line to your team on desktop or mobile—professional support is just a few swipes, taps, or clicks away. From bookkeeping to tax filing, Bench is the all-in-one financial toolkit your business can count on. Most business owners will be better off outsourcing and spending their time bringing in new business. This description fits the large majority of small businesses, so Bench has a big market in which to grow. Bench also has a status feature, where you can check on the status of your books in the app.

Engineers at Bench work in a collaborative team environment with other engineers, product managers, and designers. Bench therefore doesn’t handle invoicing or tracking of bills.

For a very affordable price, Bench will manage the absolutely necessary bookkeeping such as categorizing transactions and managing receipts. Tax service and payroll integration are available as add-ons, and will raise your monthly payment.

While much of the tedious aspects of bookkeeping are eliminated by the software, the bookkeeper will manually reconcile your accounts and categorize your transactions. As the business owner, you don’t have to spend time on any of it. Every month, your bookkeeper will send you financials including an Income Statement and Balance Sheet.

BenchRetro is available for businesses who have over two years’ worth of overdue books. For each year of overdue books, BenchRetro provides a Year End Financial Package so that your business can file overdue taxes and apply for loans. Each BenchRetro plan is custom, so you’ll have to book a free consultation to work out a payment plan. For this reason, Bench now has their own licenced tax professionals.

What Services Does Bench Provide?

PitchBook is a financial technology company that provides data on the capital markets. Pilot is not a public accounting firm and does not provide services that would require a license to practice public accountancy. Pilot is a provider of financial back-office services, including bookkeeping, controller services, and CFO services. Pilot also offers pre-revenue companies $200/mo off their Core or Select plan in their first year. Accrual-basis, on the other hand, recognizes revenues and expenses when they’re incurred. If you send an invoice due in 30 days, that revenue is recorded when you send the invoice (instead of when it’s paid).

Project Team

Instead, you’re paired with a dedicated expert who knows your business and is with you every step of the way. It’s all the benefits of an in-house bookkeeper at a fraction of the cost. Mark Calatrava has been working for Fit Small Business as a review writer specializing in accounting software since 2019. His articles focus on providing the best answers to people’s questions while engaging the reader.

The auto-sync with user bank accounts ensures that no transactions are missed, and the bookkeeper ensures that each transaction is accurately categorized. The Bench Premium service also includes access to a licensed tax professional and they will help with your year-end filing — more on this below. This review of Bench bookkeeping will help you understand how Bench differs from other virtual bookkeeping services, like Quickbooks Live. Pilot is best for mid-large businesses and startups focused on growth.As you grow and potentially take on funding, you need the accrual-basis and advanced bookkeeping features Pilot offers. When your business grows, your financial life becomes more complex. You need to have a solution in place to handle more sophisticated bookkeeping such as locations, classes, and inventory. Depending on your business’ needs, you may also benefit from the advice and expertise from CFO services.

Micro costs $159 per month and includes up to $7,500 in monthly expenses. Starter costs $139 per month and includes up to $1,000 in monthly expenses. The fact is that cash-basis bookkeeping works best for very small businesses, and is outgrown quickly as the business’s financial situation gets more complex. It makes sense to plan for that from the beginning with a service that keeps your books ready for the added complexity when it arrives. Which accounting software you use matters because it determines where your financial data lives. Pilotand Benchare two popular bookkeeping services that are often compared by people ready to offload their books. Bookkeeping is an integral part of running a financially healthy business.

Your remote bookkeeper takes care of your accounting while you’re on the road, so you can get back to work without the worry. You’ve got bigger things to worry about than your bookkeeping. Bench gives you a bookkeeper that’s as mobile as you are, ready to handle every annoying detail for you.