Bench Accounting

Bench Accounting is best suited for small businesses that want a professional team of bookkeepers to balance the books. Bench uses a modified cash basis method of accounting. You can also speak to Bench about its specialized accounting add-on, which records accrual adjustments. Our mobile app lets you keep tabs on your cash flow and track your expenses. While Xero is a manual system requiring input from SBOs to set up, Bench is essentially outsourcing bookkeeping to a team of professionals. For the busy small business owner, Bench may be preferable.

  • Bench’s user dashboard makes it easy to understand your financial situation and allows you to quickly and easily access financial reports as needed.
  • Bench Accounting offers two plans, Essential and Premium, which cost $299 per month and $499 per month, respectively.
  • Users can also send the Bench team a text in the message feed, and they respond within one business day.
  • Icon”I know that there is a TEAM supporting me, while I still know the name of my main contact person. The platform is easy to use and aesthetically pleasing.”
  • Ramp offers a free corporate card and finance management system for small businesses.
  • Finally, we’ll end with a much more positive Bench review.

Considering you’ll be connecting to your bank accounts this is therefore reassuring. The software-as-a-service appeal of Bench is that it can be used anywhere you can connect to the internet, which makes it useful during the coronavirus pandemic. There are no installed programs as such and with a solid desktop experience on offer.

Powerful Financial Reporting

Compared to other bookkeeping services, Bench is an affordable option. Other bookkeeping services charge a sliding scale based on number of accounts, whereas Bench prices are based on average monthly expenses. Every Bench plan includes up to 15 financial accounts, including bank accounts, credit cards, loans and merchant processors. It’s common for competitors to only include a handful of accounts in entry-level plans, so you’re getting good value with Bench Accounting.

You’ll then be able to analyze and review accounts via the “reports” section. These calls are centered around reviews, obviously, hence you’ll be connected with your bookkeeper and discuss how things are progressing. From what I gather, there’s no specification as to why you should call. A Business check-in is as good a reason to call as a business inquiry, so don’t be shy.

Price-wise Bench is more expensive than Xero but offers more services. Bench is more like hiring a team of professionals, while Xero is more like paying for the platform itself. Depending on your needs, one may suit your budget better than another.

Enter Bench The Clear Choice

All in all Bench is a very straightforward service to sign up for and start using. In fact, you can be up and running in next to no time.

They ensure that our books are updated within a reasonable timeline. While they tend to be on the slow side, I’m not entirely concerned. A Clutch analyst personally interviewed this client over the phone. Customers can expect an effective and professional engagement with their team. We were looking for a more simple experience, something with a personal touch by CS.

Bench Accounting

Additionally, you can test out the service for yourself with a one-month free trial before committing. You can also contact Bench to learn more about other solutions, such as Bench Core, Bench Flex, and Bench Pro. These solutions may include additional features, such as a business bank account, business debit card, and support for multiple locations. Bench suits freelancers and self-employed people with its various subscription packages. It does not offer invoicing, bill payment, payroll or inventory management, however. Xero is also highly customizable and scalable for self-employed individuals, and features include invoicing. Mexico require small business to file their taxes monthly.

The Bench Guarantee

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. Bench Accounting provides ongoing bookkeeping services. We considered several products, most of which I can’t seem to find in the product selector on Capterra but I don’t see that to be too relevant here. My Team and I are very happy with the Bench software and customer service.

Bench Accounting

For other small business owners, learning accounting or bookkeeping software just doesn’t fit into the schedule. While adding an accountant to your payroll might not be in the budget, there is an alternative — bookkeeping services such as Bench. https://www.bookstime.com/ does bookkeeping on a monthly basis.

No Automatic 1099 Support

While there may be some changes to your team over time, you generally won’t have your books handled by different people every month. Bench isn’t DIY accounting software, so there’s no need to spend time learning the program. You’ll use the Bench app to communicate with your bookkeeper, upload documents, and view financial statements. If you need help or have a question, it’s easy to get in touch with Bench.

This may influence which products we write about and where and how the product appears on a page. Here is a list of our partners and here’s how we make money. In June 2019, Bench launched a new cash flow management tool called Pulse. „This is the first year where it’s tax season and I don’t feel anxious one bit.” As a result it’s everything you’d expect, with no software to download and the emphasis from Bench on secure date transmission and storage. The company uses 256-bit SSL/TLS encryption, which is the same as that used by banks.

Bench Accounting Review

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.

” or “Why should I choose Accountingprose vs. Bench for my small business? ” While on the outside our services may appear to be the same, there are a few key differences in our service offering that may help you make the choice that is right for you. Tim worked as a tax professional for BKD, LLP before returning to school and receiving his Ph.D. from Penn State. 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.

Bench Accounting

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. However, businesses up to enterprise-level can avail of Bench.co’s services on some level. Cloud-based accounting software, such as Bench, has been gaining in popularity for some time now.

You’ll be pleased to know you won’t have to contact your bookkeeper every time you want a status report of your financials. Bench’s software provides a feature that acts as a progress tracker so you can gauge where accounts are during the completion process. 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.

Thankfully Xero has cash coding, which allows us to enter transactions in bulk- saving us time and effort. Bench offers a pretty great deal in that they provide one month of bookkeeping service for free upon signing up. A positive aspect of Bench is that it gives you the ability to analyze all your cash flow in one system. You can check accounts, vendors, spending categories, dates, credit, and more to ensure your business is on track. These metrics combined enable you to paint a picture of how your business is progressing over time.

But it’s really larger businesses that will hugely benefit from this service. Bench clearly defines their pricing on their website, which starts at $139 per month and climbs to $349 per month. Their packages only cover receipt management and account reconciliation. You will need to handle any other accounting, tax, and admin tasks on your own.

What We Recommend Bench Accounting For

Bench is great for small businesses who need that extra hand in managing their monthly bookkeeping responsibilities. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews.

Dedicated Support To Get You Filed, Fast

Finally, we’ll end with a much more positive Bench review. This reviewer explains how they’re delighted with the customer service provided by Bench. Is its online platform that you’ll be using to communicate with your bookkeeper and monitor overall accounting progress. Bench promises to do your books for you, while keeping all your accounting data on its system so that you can access it any time, anywhere. Ramp offers a free corporate card and finance management system for small businesses. Start earning rewards with your corporate spending today. In this Bench Accounting review, we’ll help you determine whether Bench is the right bookkeeping solution for your business.

Historical Bookkeeping

I looked at Bench but ultimately decided to stick with QBO and an outsourced bookeeper instead of switching over to the Bench software. During discovery calls, they had reservations about going fully accrual, which we would want as we scale. We also were hesitant to fully switch off of QBO as the network / integrations around it are established. Looking in the future, I also think more robust software platforms like Netsuite will have established processes for switching from QBO compared to switching from Bench. We went with Acuity for our outsourced accounting service, but also looked at Paro as well and liked both. The ability to “manage by area” within your income statement can prove invaluable in figuring out areas your cash is being wasted. It’s one of the many features offered by Bench.co to help with channeling transactions and formulating decisions whether to invest in a sector or cut your losses.

Xero also offers multi-currency accounting in more than 160 currencies for companies operating multi-nationally. As a cloud-based service, Xero does not require any downloads or installations to run. It offers both desktop and mobile versions, all on a web-based platform. Whether your business uses iOS or Android operating systems, users should be able to access Xero readily. Get a full view of your financial life as a freelancer and prepare easily for tax season.