Specialized bookkeeping starts at $100 per month in addition to your standard plan. By integrating with Bench’s software, the initial Gusto set up process is easy and the interface is intuitive. Gusto services both W-2 employees and 1099 contractors, and allows you to manage employee benefits and timekeeping. 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. The auto-sync with user bank accounts ensures that no transactions are missed, and the bookkeeper ensures that each transaction is accurately categorized. You have access to your financial reports and transaction data on your account dashboard, but you never have to log in, if you don’t want to.

Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Log in to your Bench account, go to the Documents menu, and then click on Upload Document or drag and drop your file to the upload box. No more guesstimating—opt in for BenchTax, and we’ll calculate your quarterly estimated payments. You’ve got bigger things to worry about than your bookkeeping.

Since a team of professionals is handling your books and taxes, there’s no complicated software for you to learn. Simply connect your accounts, upload any requested documents, and let the professionals do the work for you. Bench is not suited for larger businesses with complex accounting needs.

What Does Bench Cost?

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. FreshBooks and Bench have partnered together to bring online bookkeeping services to U.S.-based FreshBooks customers.

Bench has raised $53M in funding to date and currently employs around 550 people out of its Vancouver headquarters. In general, Bench Accounting isn’t a good fit for businesses that may need to scale or switch providers later on. It limits the number of financial accounts you can have on standard plans and operates on proprietary software that doesn’t sync with commonly used accounting software. But it’s affordable, compared to similar services, and provides valuable expertise. For freelancers or small businesses with relatively straightforward financials, it’s a great time-saving option. Bench is an online bookkeeping service that provides tax-ready financial statements from professional bookkeepers. Through the Bench Tax feature, you have access to tax services so that all your taxes are handled and filed on time.

They highlight the struggle they faced prior to hiring Bench – they simply couldn’t find a bookkeeper in their area who understood their business. This person was also thrilled that they could integrate Bench so easily with APIs and other services. To manage their income and expenses via reports from Bench. You’ve concocted every excuse under the sun, but you can’t escape reality – it’s time to do your books. Sign up with Bench, and we’ll do one month of bookkeeping free. Your remote bookkeeper takes care of your accounting while you’re on the road, so you can get back to work without the worry.

In terms of safety, Bench uses bank-grade security and 256-bit encryption to protect your data and personal information. Investors of Bench Accounting include Contour Venture Partners, Altos Ventures, Inovia Capital, Bank of Montreal, Shopify and 11 more. Bench Accounting is included in 4 Expert Collections, including SMB Fintech. UnclaimedThe profile is currenly unclaimed by the seller. Now each one of these has its own pros and cons that you have to consider if you want to find the right solution for you. You’re also able to tag transactions with labels so that you can see where you’re spending and how your business is performing. Before looking at what Bench is, and how it works, let’s briefly take a look at why bookkeeping is important for you as a freelancer or small business.

What We Recommend Bench Accounting For

Also, they never make assumptions about your business, preferring instead to reach out with any questions. Everyone I worked with to understand and use the bookkeeping software was friendly, professional, and helpful. The dashboard analytics was very easy to understand and is very appealing. I also like that I can export all data into a single workbook .

Bench is an online service that simplifies bookkeeping for small businesses. Simply connect your business accounts, answer a few questions, and your team of bookkeepers will keep your books updated each month.

Hardware & Software Requirements

Such a setup can be daunting for some because let’s face it – nobody likes sharing their financial information with anyone. But doing it through an online platform, well, it’s fair to say it feels like an even bigger security risk.

As a result, bookkeeping makes your business planning smoother and more manageable. In fact, you only need your balance sheet, or your profit and loss statement to show you how strong your business is financially. With this in mind, you’ll be able to plan better and decide what expenses you can afford. One of the most important reasons why proper bookkeeping is important is that it allows you to budget.

These solutions may include additional features, such as a business bank account, business debit card, and support for multiple locations. However, their pricing starts at only $150 per month, making them one of the most affordable bookkeeping services.

Pricing

Two of the most useful general purpose financial statements – the income statement and balance sheet – have their own dedicated tabs. 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. This review of Bench bookkeeping will help you understand how Bench differs from other virtual bookkeeping services, like Quickbooks Live. The feature doesn’t stop with tax season though and they offer year-round tax advisory services and their in-house tax professionals are always on hand for all your tax planning needs.

• Catch-up bookkeeping for small-business owners who are behind on their records.
• This rating has decreased by -3% over the last 12 months.
• According to Bench.co’s website, this quality control, if you will, is performed by a member of Bench’s in-house team.
• Hire real-world professionals to keep their client books and basically take care of all your bookkeeping needs.
• Premium includes filing for sole proprietors and contractors as well as businesses .
• Relative to most bookkeeping services, Bench is affordable.

The Bench bookkeeper will ask you questions about your business. If you feel like they haven’t asked you something important, be sure to bring it up yourself. Also, this individual should also provide you with a quick tour of Bench and its accounting software. Hire real-world professionals to keep their client books and basically take care of all your bookkeeping needs. Bench pricing is relatively affordable for all business sizes, and its system is easy to get the hang of. Bench configures your partnership by pairing you with a bookkeeper. Bench is best suited to a small business owner having trouble managing their financial accounts.

Lists Featuring This Company

My CPA, Kenny, went above and beyond to provide excellent and customized support for my uniquely difficult situation. Human-first customer care with effective and efficient outcomes. They have been very patient with me and getting back to them.

Bench users even get three months of Gusto for free, so there’s no risk in trying it out. Furthermore, information bookkeeping regarding specific transactions can be communicated on Bench’s platform through labels and notes.

Accountants aren’t just numbers people—they’re business advisors. Ask your accountant these questions when you want objective advice to grow your business. Securities in your account protected up to $500,000 (including $250,000 claims for cash). The fund cannot guarantee that it will preserve the value of your investment at $1 per share. An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund and you should not expect that it will do so at any time.

Is Bench Bookkeeping Right For You?

Canopy provides cloud-based practice management software to thousands of accounting professionals nationwide. The modern, easy-to-use software cuts out accounting firm busywork, improves the client experience, and helps firms stay organized and operating efficiently. Committed to data security, Canopy’s solutions are SOC2 certified and data encrypted to ensure personal information is secure. The last plan is the Corporate Plan which is priced at $419 per month if billed annually, and the price goes up to $499 per month if you pay monthly.

Deposits that are in the Settlement Account while in the process of being swept to or from a partner bank will be subject to FDIC coverage of up to $250,000 per customer . This does not allow for an easy transition between accounting software if you decide to leave. Xendoo includes a free subscription to Xero accounting software and the basic QuickBooks online subscription. Have you ever paid for an insurance policy in one lump sum? 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. America’s largest bookkeeping service for small businesses.

Final Thoughts: Bench Accounting Review

You’ll also be able to get in contact with your bookkeeper if you have any questions or queries at that stage. Bench.co will set up a specialist bookkeeping team for you priced at $83 per month. You can avail of specialized bookkeeping with all plans as an add-on. In order for your bookkeeper to complete your accounts, you’re going to need to supply them with your financial details. To do so, you are required to link your bank account, debit/credit, and any other payment gateway with Bench.co’s platform. A cool feature with the Bench app is its financial reports . You’ll be provided with some real-time as well as monthly stats about your business.

So, this makes it difficult to switch bookkeeping services, later on, should you wish to do so. If this is truly a concern for you, you could try a service like Quickbooks online with the live bookkeeping services add-on.

If you are behind on your books for more than two years, Bench offers a special program called BenchRetro. 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. It’s an ideal solution if you have limited time or you want to outsource your books to a certified bookkeeper so you can focus on the other aspects of your business. You’ll also have access to a tax professional to help you make tax preparation and filing easier. Depending on how large your business is and how many transactions you’re managing, this product may be too expensive. For example, I’ve used Quickbooks Self-Employed for years and it’s under $20/mo.

You can check Bench so long as you have an internet connection. Massive names such as Stripe, Shopify, and Bigcommerce all avail of Bench.co’s services. Bench has also been featured in the likes of the New York Times, Forbes, and The Huffington Post, so you’re finances are in safe, reputable hands.

Our closing checklist can help you scale the summit with ease. Set up a time to chat here and we can walk through your specific use case and determine if we are a good fit. If not, we are happy to make a recommendation for someone who will take care of you. Just like Accountingprose is well-suited for a specific audience, so is Bench. Bench should able to serve Freelancers and Micro Businesses well. If you need a basic, no frills bookkeeping company- Bench may be the right fit for you.

By knowing that your bookkeeping is in order when the time comes to file your taxes, you’ll sleep easier at night knowing that there won’t be any nasty surprises. These financial statements also let you see how your business is performing. So, apart from planning, you can assess your business’s performance and you’ll be able to identify your strengths and weaknesses. For the weaknesses you identify, you’ll then be able to make improvements to your business processes. That brings us to today’s review, using an online bookkeeper. Here, we’ll look at Bench Bookkeeping that gives you a team of bookkeepers who do all your bookkeeping for you.

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