Bench is able to offer a similar service as many independent bookkeepers for 1/2 to 1/3 the price because they are doing bookkeeping at scale with their own specialized software and processes. It just wasn’t possible to do it for less. When I ran my own online bookkeeping firm, my minimum price was $250/month. In general, if what you need is cash basis financials and receipt management so you can file your taxes, Bench offers the right service at a great price. This is a tough question to answer because so much depends on the individual business and owner. 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.īench’s software doesn’t do inventory management. Your Bench bookkeeper will ask you for your latest reconciled financials, then enter those and start from there (unless you want to pay Bench to do the previous months’ books over again). If you’ve been doing your books in another accounting system, you can’t import the individual transactions into Bench.
If you haven’t done your books in a long time, you’ll need to pay extra to get caught up. Online services such as Track1099 (my favorite) make this relatively painless. However, Bench will track and produce a 1099 report at no extra cost which you can use to file your 1099s. Your Bench bookkeeper can’t help you with tasks such as filing 1099s or renewing a business tax license. If your bank doesn’t provide online banking or a connection that Bench can use, then you’ll need to scan and upload your statements manually.
BENCH BOOKKEEPING COMPANY DOWNLOAD
Bench can also log into apps such as Gusto and PayPal on your behalf to download data on their own if you provide access. Likewise, if you need to track what you owe to your suppliers or contractors, you’ll have to do that outside of the app.Įach month, Bench will download your bank, credit card, and other statements from online banking, provided online banking is available. If you need to invoice your clients and track what’s outstanding, you’ll need to use an outside system. subscription revenues).īench therefore doesn't handle invoicing or tracking of bills. fixed asset depreciation schedules), however we have an internal team that offers “Pro” services that will tackle transaction based accruals (e.g. Primarily we’ll see balance sheet accrual adjustments (e.g. Using that as a foundation, we make accrual adjustments if provided the information from either the client or their accountant/advisor. We take a cash basis approach to reconciling the day to day transactions off the bank statement. This means that transactions are generally recorded when money is deposited, or when money is debited from your accounts (with some exceptions, if you go the modified cash basis route).īench is best characterized as modified cash basis. The biggest consideration for business owners deciding whether or not to use Bench is that it produces cash basis financials with optional accruals (AKA “modified cash basis”). This is a nifty feature that most independent bookkeepers or accounting firms don’t provide. If you’ve got personal expenses mixed in with business expenses, Bench will help you separate those out.īench also has a status feature, where you can check on the status of your books in the app. Prepares monthly financials complete with all needed monthly adjustments to merchant deposits and payroll providers to ensure accurate financial statements each monthĬreates a year-end financial package to take to your accountant to file your taxes Tracks all your business transactions and categorizes themĬollects and stores all necessary documents related to your business activities (this would include receipts, bank and credit card statements, payroll reports, merchant reports, loan/lease agreements, etc.) Your Bench bookkeeper does a number of things for you: Clients can schedule a phone call or message their bookkeeper directly via the Bench app. These bookkeepers are Bench employees and all work from their Vancouver headquarters. What Bench doesīench provides each of its clients with a dedicated bookkeeper. With 350 employees, Bench appears poised to scale into what would be a first for the industry-a national bookkeeping services firm.īench pricing ranges from $95 to $495 per month, making it an attractive option for small businesses looking for bookkeeping help. In January 2018, Bench raised $18 million, for a total of $53 million invested to date. Started in 2012, Bench has grown quickly to become one of the industry's hottest accounting services startups. Note: This article was originally published in 2015 and was updated on Februto reflect new information provided directly by Bench.
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