Bench Accounting Review 2022 Pricing, Features, Complaints

Is Bench Bookkeeping Right For My Business?

Businesses that prefer to handle their books with self-service software will need to seek out other options. Bench is also not suited for businesses that require payroll, invoicing, accounts payable, or inventory management. In addition, if you want to add the Bench Tax feature to your plan, you’ll have to pay $99 per month if you pay annually. With this package, you’ll get tax advisory, Is Bench Bookkeeping Right For My Business? unlimited state filings, federal income tax filings, quarterly estimates, and year-round tax support from a licensed tax professional. Anyway, the major advantage of uploading all this financial data to an online platform is how easily you can access monthly reports, financials and review items. For instance, you can check a bank statement at any time via the platform.

  • The Premium is available for $499 per month when billed monthly and $399 port month when billed annually.
  • So, you’re a freelancer or small business owner and you’re struggling with your bookkeeping.
  • Once your books are done, you’ll receive a message through the app, and at that point, you can view your financial statements and your account information online or through the app.
  • Next up is the Micro Plan, which is priced at $199 per month if paid annually, and the price goes up to $219 per month if you pay monthly.

In addition, Bench promises that your bookkeeper will respond to any messages or calls within one business day or less. This means you won’t spend a week chewing your fingernails if you have a concern.

Hardware & Software Requirements

You can expect to pay $30–$50 per hour to work with a trained professional on a contractual basis. If your business is small, they may ask you to pay a set minimum fee every month. In the old days, the only option was to hire a freelance bookkeeper or traditional bookkeeping firm.

Is Bench Bookkeeping Right For My Business?

They are a full-service back office accounting solution that can even include HR and payroll. The Bench app has proven to be helpful to business owners that are constantly on the go. It allows you to view financials and message your bookkeeper at any moment. For this reason, Bench now has their own licenced tax professionals.

Bench Customer Service & Support

Your bookkeeper uses Bench’s proprietary software to track your income and expenses, and you both can leave notes on transactions in case any questions come up. You can also view the status of what has been completed, what’s in progress, and what’s still outstanding. While Bench is a great option for businesses that want to track their financials, is best thought of as a full-service online accounting firm. Bench has many attractive features, such as catch-up bookkeeping, unlimited support, and a robust mobile app. While lacks a mobile app, it more than makes up for it with its secure portal and host of add-on services, such as payroll management. Both services offer a dedicated bookkeeper who’ll provide you with financial statements on a monthly basis, but allows you to customize the types of reports that you receive. Bench uses their own proprietary software that you use to import your financial accounts and it gives you your financial statements.

What are the basic records that a business needs to keep for tax purposes?

Keeping good business records makes good business sense. You must keep all your business records for five years, including tax invoices, receipts, salary and wages records, tax returns and activity statements, and super contributions for your employees.

Easily manage payroll, HR, and workers’ comp with Intuit Online Payroll. Bench also partners with other companies for other business services outside of bookkeeping. 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.

Overall it’s a great software

Your Bench bookkeeper can’t help you with tasks such as filing 1099s or renewing a business tax license. However, Bench will track and produce a 1099 report at no extra cost which you can use to file your 1099s. Online services such as Track1099 make this relatively painless. This does not allow for an easy transition between accounting software if you decide to leave. Bench partners with a third party, TaxFyle, to file the business tax returns.

Cash-basis bookkeeping is useful for knowing exactly how much money your business actually has on hand. But for companies that have a lot of inventory, or for those that process large invoices and accounts payable, accrual accounting is necessary to get a clear picture of a financial position. When you reach out for support, Bench will try to connect you with your account manager, though sometimes you’ll be put in touch with one of the other two bookkeepers.

I really enjoy bench accounting so far

Check out Real Business Decisions You Can Make Using Bench Financial Statements. There’s a number of ways to get all your financial info to your bookkeeper.

Is Bench Bookkeeping Right For My Business?

This makes the entire system easy to use and intuitive so you don’t need tons of training before you can effectively do your bookkeeping with the Bench app. BenchTax will take over your entire filing process from start to finish, which should save you a great deal of time and energy.

Bench vs. QuickBooks: Features

You could be designing logos, selling novelty underpants online, or putting vegan meal plans together. No matter what type of business you run, you need good bookkeeping to stay on track of your finances and make smart business moves. 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 pricing ranges from $95 to $495 per month, making it an attractive option for small businesses looking for bookkeeping help. Message your team in the Bench app, and they’ll respond within 1 business day.

But for small-business owners who expect to have relatively simple financials long-term, it could be well worth the cost. Bookkeeping services include categorizing all transactions, reconciling bank accounts and preparing an income statement and balance sheet. Once you sign up with Bench, you get a team of bookkeepers who handle your month-to-month bookkeeping tasks. At the end of the year, they prepare a Year End Financial Package for you. That package has everything your accountant needs to file your taxes.

Let’s book a time to connect

It makes for a seamless, convenient platform to help you manage your books on the go. However, if you are a Mac user, it may be useful to try other accounting software for Mac. With Bench, your data is safeguarded with a 256-bit SSL/TSL encryption, the level of encryption typically required in the financial services, retail, and banking industry. Bench lets you generate financial reports to fast-track strategic planning.

Best 10 Accounting Services for Small Business – CEOWORLD magazine

Best 10 Accounting Services for Small Business.

Posted: Thu, 21 Jul 2022 07:00:00 GMT [source]

He then taught tax and accounting to undergraduate and graduate students as an assistant professor at both the University of Nebraska-Omaha and Mississippi State University. Tim is a Certified QuickBooks Time Pro, QuickBooks ProAdvisor for both the Online and Desktop products, as well as a CPA with 25 years of experience. He most recently spent two years as the accountant at a commercial roofing company utilizing QuickBooks Desktop to compile financials, job cost, and run payroll. For assistance with selecting the best online bookkeeping service for your business, check out our article about how to choose a virtual bookkeeper. You’ll use a secure online portal to communicate with your bookkeeper, and you can also exchange documents as needed. You’ll be able to view your company’s transactions and request an appointment with your bookkeeper through the client portal.

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