Bench Bookkeeping: All You Need to Manage Your Finances
Simplify Your Life as a Business Owner with Reliable Bookkeeping Services.
Bench will provide you with a team of bookkeepers to do your books, and intuitive software to monitor your finances. Get one month free and 30% off your next three months!
No hidden fees, no obligations!
Professional bookkeepers will import and organize your data to prepare financial statements.
You will have a complete record of your finances and can keep track of your financial health.
Visual reports will help you gain insights into your finances to make strategic business decisions.
Should You Outsource Your Bookkeeping?
One of the challenges to accounting in small businesses and start-ups is time. It is important that all transactions be entered into their respective journals in a timely manner.
For small businesses, it is very easy to get behind on data entry and lose or misplace documents that are necessary to complete your reports.
As a small business owner, you often have many priorities tugging at you daily and it is easy to let something like accounting take a backseat to other urgent issues.
For many businesses, their banks and investors require regular financials to be provided in standard formats. These are sometimes difficult to prepare in an accurate and timely manner.
For these reasons, Bench Bookkeeping partners with entrepreneurs all over the country. It provides you with a team of bookkeepers to do your books, and intuitive software to monitor your finances. It’s everything necessary to do your bookkeeping.
Bench Bookkeeping and Financial Toolkit at a Glance
Bench is a proprietary software solution that was launched in 2013 to help businesses take care of their finances.
With Bench, you get connected to bookkeeping experts and get access to a powerful financial tool.
Regardless of your company’s financial situation, you deserve the peace of mind that comes with having control over your financials.
Bench Bookkeeping helps you achieve this effortlessly and at affordable rates.
You’ll get all the benefits of having a bookkeeper without the learning curve and at almost half the cost. You’ll also get detailed financial reports and cash flow updates, not to mention an easy time during tax season.
Being one of America’s largest bookkeeping services, Bench is an experienced company that partners with numerous platforms to make its services easily available to you.
These include Stripe to make your online payment process easy, Shopify and BigCommerce to integrate easily with your ecommerce platform, etc.
Bench Accounting Review: How it Works
The moment you sign up, your financial accounts will be linked to your Bench account. Bench will have access to your credit cards, bank accounts, and loans to come up with monthly financial statements for you.
Here’s how that works.
Start of the Month
To complete your bookkeeping and create accurate financial statements, Bench will gather the financial records you need.
You won’t even need to fetch your bank or credit card statements if you connect your accounts to Bench.
Bench directly pulls your statements automatically into the software as it directly synchronizes with all major banks.
During Each Month
Once Bench has all the documents needed, the team will finalize and complete your books within 15 business days.
Your Bench team creates your monthly financial statements, categorizes your transactions, and reconciles your accounts every month.
Additionally, they will correct your books as needed to make sure they are flawless and tax-compliant.
End of the Month
Your online bookkeeping team will send you a message once your books have been finalized to let you know they’re ready for review. For the first two months, Bench will review and walk you through your books over the phone.
Bench will then allow you to choose how frequently you’d like to communicate with them on phone, and only then will they contact you.
Choose the Bench bookkeeping services to make your accounting and bookkeeping process seem like a breeze.
How Bench Solves Your Accounting and Bookkeeping Problems
With a team of accounting experts, great customer service, and solid web-based software, your company can forget about financial mishaps and focus on making money.
Here are Bench bookkeeping features that make this possible for you.
Bookkeeping Support from Professionals
The Bench Bookkeeping team includes a network of professionals who keep track of clients’ books and take care of their financial needs.
You’ll get a dedicated Bench bookkeeper when you sign up. You can reach them on phone or message them via the application.
Here’s what your Bench bookkeeper will be responsible for.
- Asking questions to understand your company’s needs.
- Introducing you to the software and its key features.
- Filing your taxes and sending you the tax report.
- Import your financial data into your Bench account.
- Calculating your expenses & contact you if needed.
- Having a second bookkeeper double-check your books.
You can also bring up every other important detail about your business if your Bench bookkeepers fail to ask about it.
You’ll be able to manage your financials and monitor progress on the Bench software. So, you won’t have to keep contacting your bookkeeper.
Web-Based Financial Reporting Technology
The Bench Bookkeeping service lets you communicate with the Bench team and track your accounting progress. Since it’s web-based, both you and your bookkeeper can easily access it.
This financial reporting technology brings all your accounting needs under one platform eliminating the need for different accounting applications.
Here are some functions the Bench software performs.
- Maintaining up to 15 accounts (bank accounts, merchant accounts, etc.)
- Bank reconciliation, preparing an income statement and balance sheet.
- Producing visual reports of financial statements and other transactions.
- Bookkeeping for businesses that are behind on their accounting records.
- A mobile application to monitor your financial accounts on the go.
With this, you can track your financial performance metrics, tell if you’re making profits, find out how much your cash flow is, and assess your overall financial health.
Set your company up for success with this easy-to-use financial tool!
Tax Filing Support for Small Business Owners
Bench offers tax advisory to small businesses all year round. The team will make a tax plan that’s specific to your business needs. With a premium subscription, you will not need to pay any extra fees.
If you’re behind on your tax preparation, the Bench bookkeeping solution will help you get back on track with the IRS. Here’s what you’ll get with the Bench tax team.
- Year-round tax support from experts so you don’t miss deadlines.
- An integrated bookkeeping solution that’s organized and detailed.
- Great tax filing service as you’ll be dealing with an expert team.
- Customized tax support, specific to your business needs.
You don’t have to wait for tax season to organize your documents. You can have Bench do it for you. Your dedicated tax experts will support you through the filing process, giving you a stress-free tax season.
Numerous Integrations
One important feature you want to consider in any bookkeeping service should be its integrations. Bench offers numerous integrations to related software that your company will need.
These include payroll, and payment processing, ecommerce, and subscription management software.
Here are common integrations that Bench offers:
- Shopify: Bench integrates with this popular ecommerce site builder enabling online merchants to streamline their bookkeeping tasks.
- Gusto: This integration lets you do both your bookkeeping and payroll functions seamlessly and integrates with Xero and Intuit, etc.
- FreshBooks: This is an invoicing tool for small business owners that lets them accept payments online.
- Stripe: You can easily accept both one-time and subscription payments online and connect them with your Bench account.
- Paypal: Your transactions will sync with Bench if you integrate with the Paypal payment processor solution.
Bench bookkeeping is the ultimate solution for all your tax and bookkeeping needs. The best part is that you can get a discount using our link.
Bench Accounting Cost: How Affordable is Bench?
Besides offering expert bookkeeping solutions and tax services, Bench saves you the cost of having to hire a dedicated bookkeeper. This is especially suitable for small businesses with a small budget.
You can choose an annual or monthly plan.
With the Essential plan, you can get bookkeeping, tax services, and unlimited support from the Bench team on a monthly basis or need basis.
If you get billed annually, you’ll be charged a monthly bookkeeping fee of $249 or you can pay $299 for a monthly subscription.
With a premium subscription, you’ll also get unlimited tax support and annual tax filing for individuals and corporates at $399/month bills annually.
These are all cheaper compared to hiring an in-house bookkeeper in the United States, which roughly costs $38,000 a year.
You’ll also get a 30% off if you work with any of their partners.
Also, if you refer another business owner to Bench, you’ll receive a free month of bookkeeping as well as a $150 reward.
Want to get out of tax debt? Get in touch with Bench today.
14+
Years Of Experience
20M+
Satisfied Clients
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Countries Served
Bench Bookkeeping Advantages
Here are all the benefits that the Bench bookkeeping solution offers.
It’s Quick and Saves you Time
The Bench Bookkeeping service saves you a lot of time. After you sign up and link all your accounts to Bench, you can sit back and let them take care of everything else.
You’ll not need to keep sharing any documents with Bench, as they’ll have direct access. The communication between you and the team will be quick as you can both communicate using the Bench software.
This tool provides both cloud-based software access and professional services in a single platform.
It Has Reliable Customer Support
Getting in touch with the Bench Bookkeeping team is easy. You can contact your Bench bookkeepers directly through your account as they’ll also have access.
If you have an accountant, you can provide them with their own login information for your Bench bookkeeping account.
Your bookkeeper will keep you updated on your financials, and you can talk to them if you have any doubts. They’re available Monday through Friday, 9 am to 5 pm PST and you can contact them phone or email.
It’s Affordable
Bench’s most noteworthy benefit is the amount of money it can save you on bookkeeping tasks. Bench handles everything after you connect your financial accounts.
It’s also a more affordable option compared to other bookkeeping services. It charges a flat monthly rate. Other bookkeeping services charge based on the number of accounts.
Each Bench Bookkeeping plan allows for up to 15 financial accounts, which can include bank accounts, credit cards, and loans. Other bookkeeping services commonly includes only a few accounts in entry-level plans.
The Platform is Interactive and Secure
The Bench Bookkeeping dashboard is interactive and easy to navigate. It contains the accounting and messages functions.
With the messaging tab, you can send and receive messages from your bookkeeper. The accounting tab lets you track financial transactions, view reports, connect your accounts, run, and download visual reports, and upload documents.
The website uses employee background checks to safeguard your financial information. Bench. co also provides 256-bit SSL/TLS encryption to alleviate your concerns. This is the same level of encryption many banks use.
Bench Has a Mobile Application
This tool is especially suitable for small business owners who are constantly on the go.
With the Bench Bookkeeping mobile application, you can easily message your assigned Bench bookkeeper at any time. You won’t have to sign in to your desktop application if any issues arise.
You can also monitor your business performance and view cash updates in real-time.
Furthermore, you can make purchases and add these entries directly to your financial statements. You can scan receipts to make expense reporting more straightforward.
Bench Bookkeeping Disadvantages
While Bench provides a lot of benefits, it does have some drawbacks. Here are some.
It's Difficult to Switch Providers
As Bench Bookkeeping is not an enterprise solution, you may need to switch to other software as your business grows. This could be difficult as Bench doesn’t integrate with popular software like QuickBooks and Xero.
However, you can get an Excel or CSV file of your transactions from your Bench bookkeeper. Also, Bench does partner with FreshBooks, which is a popular invoicing and accounting system for bigger businesses.
You Risk Losing Your Bookkeeper
Should you choose to switch from Bench Bookkeeping to another accounting service, you’ll lose your bookkeeper. While using Bench, you get assigned to an accounting professional, with whom you can communicate directly and build a relationship.
This person understands your business and handles all your financial needs. Moving away from Bench means you lose this relationship with your bookkeeper as they’re only available in-house.
Cash Basis Accounting
The Bench bookkeeping service is best suited for businesses with a simple accounting procedure. Money gets into their accounts and out, with no prepayments or accrual.
While this is suitable for most small businesses, it may not be for others. The Bench software may not be best for recognizing accrued income or prepaid expenses. These all reflect as either income or expenses, which may be inaccurate.
Bench Accounting Use Cases
If your business’s financial statements are all online but you’d still need accounting experts to help with your bookkeeping, Bench is the best option for you.
Here is a summary of some of the businesses Bench is best suited for and those that may be better off hiring a dedicated bookkeeper or using other software.
Who Should Use Bench Accounting?
Small business owners who do not want to learn accounting: Bench provides professionals who do everything for you so you won’t have to do it yourself.
Entrepreneurs who need ongoing accounting support: Through the Bench app, you can communicate directly with their team for bookkeeping support at any time.
Companies looking for annual tax filing services: Bench works with a team of tax experts to file your taxes. Annual tax filing service comes only with a premium plan.
Companies that are over two years behind with their bookkeeping: If your books are overdue, and your taxes haven’t been filed in a while, Bench can help you catch up for an additional fee.
Who Should Consider Other Alternatives?
Businesses needing advanced financial support: Bench does not offer financial advice such as investment or any other financial planning services.
Businesses that may need to switch to other providers: Bench doesn’t sync with most commonly used accounting software making it unsuitable for big companies likely to scale further.
Companies that have in-house accountants or bookkeepers: Such companies would be best suited to use DIY accounting software as they have an experienced team.
Businesses that do not use online banking or payments: Bench syncs with your online accounts, so if your business is not entirely cashless, it may not be a suitable option for you.
Bench bookkeeping services are great for small and midsized businesses that don’t have in-house accountants. If you want someone to take care of your all your bookkeeping needs, Bench is right for you.
What Makes Bench Better Than Other Alternatives?
As a small business, your options will often include a do-it-yourself accounting software or hiring a dedicated bookkeeping team.
Bench Accounting gives you the best of both worlds. Below is a detailed outline of how it compares to these two options.
Bench Bookkeeping vs DIY Accounting Software
Here’s a quick comparison between the Bench Bookkeeping service and DIY accounting software.
| Bench Bookkeeping | DIY Accounting Software | |
| Professional support | You get support from in-house accounting experts | You do everything yourself |
| Importing records | Linked to your credit cards and bank accounts | May import financial data from your different accounts |
| Types of businesses | Suited for small businesses and startups | Can be adapted for different business types |
| Mobile app | Available | May or may not be available |
| Who it’s for | Small businesses that need professional support but not large enough for advanced accounting | Small businesses that are starting out and or businesses that don’t need professional support, just the software |
| Learning curve | No need to learn the software | There is a learning curve involved |
| Accounting type | Cash-based accounting | May allow accrual-based accounting |
| Price Range | $249 to $499 per month | $12 to $50 per month |
Bench Bookkeeping vs Traditional Bookkeepers
With traditional bookkeeping, the main drawback for most small businesses is usually the cost involved.
Here’s how Bench compares to hiring a bookkeeper.
| Bench Bookkeeping | Traditional Bookkeeper | |
| Solution | Both a cloud-based solution and professional support | A professional handling bookkeeping |
| Document importing | Automatically syncs with your accounts | Works with you to gather data on your finances and books |
| Monthly Charges | Flat rate monthly bookkeeping fee based on your business size | Varying fees depending on business complexity |
| Price range | $249 to $499 per month | Varying depending on the professional’s level of expertise |
| Who it’s for | Businesses that use cash-based accounting | Businesses that rely on accrual-based accounting |
What Do Customers Say About Bench?
Bench Bookkeeping has numerous positive reviews from customers on different sites. Here are a few ratings from different top customer review sites.
Why Should You Invest in Bench Bookkeeping Services?
Bookkeeping is just as essential for any business as any other money-making activity. However, some small business owners may not have enough time to do it themselves or enough finances to hire a bookkeeper.
For such businesses, Bench Bookkeeping is an excellent option. Here’s why.
Competitive and Affordable Prices
At an affordable price, Bench handles all your bookkeeping needs, including your annual tax filing. You get both a reliable financial tool and a professional bookkeeper to take care of it all. This is better than hiring an in-house bookkeeper.
DedicatedBookkeeper
You won’t have to learn to use the platform as Bench will provide you a dedicated bookkeeper. They’ll take you through the software to familiarize you with it, and handle everything else for you. Your only job will be to oversee it all and ask questions, if needed.
Real-Time Tracking and Reporting
Through the Bench dashboard, you’ll be able to track your statements from the same platform. The reports get updated in real time and you can track the latest financial transactions on your books. This lets you manage your expenses better.
Tax Advisory and Support
Besides bookkeeping, Bench handles your tax preparation. It connects you with a tax professional to file your taxes helping you avoid penalties. You’ll also get catch-up tax support if you haven’t done taxes in over two years.
Catch UpBookkeeping
Haven’t done your books in a long time? Bench provides you with the option to get your books up to date. With this feature, you’ll only pay a little extra fee and have your books back on track, whether it’s been months, or years.
Complete Privacy and Security
Since you’ll be syncing sensitive financial information to the Bench Bookkeeping app, you’d be happy to know they value your privacy. Bench uses bank-level encryption to protect your data and thoroughly vets its employees.
The decision to hire Bench however depends on the needs of your business and the nature of your financial transactions. If you run a simple cash-based business, Bench will take care of all your bookkeeping needs.
Frequently Asked Questions
After signing up with one of Bench’s packages, they’ll assign a dedicated bookkeeper for you who will review your company’s books and take you through the software.
You can communicate with them one-on-one whenever a problem arises or for any form of support. Bench acts like a business partner who takes full responsibility of your bookkeeping and taxes.
Bench accounting prices are $249 for the Essential package and $399 for the Premium package if billed annually. You can also pay monthly prices of $299 for the Essential package and $499 for the Premium package. There’s also pay-as-you-go for $349 per month only available for the Essential plan.
Overall, it is an affordable service for businesses that don’t want to hire a full-time accountant but still need one to handle everything.
Bench does not have a payroll function. However, it integrates with Gusto, a small business payroll service. This way, you can easily perform your bookkeeping and payroll functions seamlessly. Gusto also integrates with other popular accounting software, in case you want to switch to a different one later.
Bookkeeping refers to the process where you record all your financial transactions into an organized account like a general ledger, every day. This is helpful in maintaining accurate records of your business’s finances. With accurate bookkeeping, you can keep track of each financial transaction.
This helps at the end of the year, when you need to file your taxes and annual reports. With all the data well-organized, you can easily complete your compliance obligations.
The most important activities a bookkeeping software will handle include:
- Tracking financial activities and categorizing them into accounts
- Importing financial statements into bookkeeping software
- Adjusting accounting entries at the end of each period
As America’s largest bookkeeping service for small businesses, Bench is a great option for you.
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