Bench Accounting

The client praises Bench Accounting for their fast communication, as well as the internal bandwidth their services free up. Customers can expect a personable and respectful partner. 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. Customers can expect an effective and professional engagement with their team.

The Bench Pulse dashboard lets you quickly track every transaction, account, and trend in one place—no app-hopping required. The Message tab enables you to send and receive messages from your assigned bookkeeper. Tim is a Certified QuickBooks Time Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience.

Bench Accounting Review: Features & Pricing for 2022

Two of the most useful general purpose financial statements – the income statement and balance sheet – have their own dedicated tabs. Cash Basis accounting is a method of recording accounting transactions as they come through your bank account. A good way to think https://www.bookstime.com/ of Bench’s service offering is to look at it as a basic checkbook reconciliation. Money moving in and out of your bank account will get entered on the date they clear your account. Bench.co will set up a specialist bookkeeping team for you priced at $83 per month.

• Cash Basis accounting is a method of recording accounting transactions as they come through your bank account.
• They ensure that our books are updated within a reasonable timeline.
• There’s no need to manually send any documents to Bench since your company’s financial accounts are linked to your Bench account.
• They completed a “trial” month before I started within 48 hours.
• With Bench, we do your bookkeeping for you—so you don’t have to.
• Let’s talk about how your product can solve the business needs of our visitors.

You will also receive visual reports that detail your revenue, expenses, and historical performance. You’ll also learn about the problems Bench addresses, which features they are best known for, their plans and pricing, all about their integrations and add-on services, and where they Bench Accounting fall short. 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.

Personal tools

There’s a degree of human error involved in this process, and sometimes your bookkeeper will mislabel transactions. This mistake can be fixed, however, you’ll just have to log in to Bench.co’s web-based app and do it yourself. Or, you can just let your bookkeeper know via Bench’s app. The Bench bookkeeper will ask you questions about your business.

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• You will also receive visual reports that detail your revenue, expenses, and historical performance.
• The Bench platform gives you monthly financial statements and expense overviews to keep you in control of your money.
• Online apps tremendously improve visibility and increase ease of access.
• Bench Accounting is an online service that handles your bookkeeping for you so that you can focus on running your small business.
• We give you a team of bookkeepers to do your books, and simple, elegant software to track your financials.

In January 2014, Bench Accounting raised $1 Million from VCs and angel investors. In 2016, they raised $16 million in Series B funding, led by Bain Capital Investments, with Altos Ventures, and Contour Venture Partners participating. In 2018, Bench secured $18 million in a B-1 funding round led by iNovia Capital with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank. Please help improve it by removing promotional content and inappropriate external links, and by adding encyclopedic content written from a neutral point of view.

Bench Accounting Signals

However, it costs $83 more to avail of specialized bookkeeping. Also, should you choose to avail of sole prop filing, business filing and business/personal filing you’ll be paying $600-$1,320 extra. In terms of tax filing, Bench bookkeepers will do all the heavy lifting for you and send you the end product. You can then simply go and declare your tax at tax time. However, the option is there to get Bench to do it for you through the aptly named BenchTax. Cloud-based accounting software, such as Bench, has been gaining in popularity for some time now. So, keep reading to find out why in our Bench.co review.

Without stating the obvious, financial reporting helps you run your business more economically. This feature helps you easily identify areas where you’re spending a little unnecessarily, which can help you save. 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. 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.

Expert Collections containing Bench Accounting

You can access your income statement and balance sheet as well as other reports that are fully customizable. You can tag transactions with labels like products, clients, location, or sales channels to see exactly how your business is performing. Each month, your bookkeeper will import all of your business transactions and categorize them, then reconcile your bank accounts and prepare financial statements. This will be completed within 15 business days, which allows time for any adjustments.

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. You can send a message from the desktop browser within the app or use the mobile app for iOS.