Is Bench Bookkeeping Right For You?

bench bookkeeping reviews

If you choose Honest Buck, you won’t have to fuss with multiple software integrations or manual reporting. Everything will truly be done for you by your fast, friendly, and knowledgeable financial professional. If your business operates on a cash basis, Bench Accounting’s features may be enough to manage your bookkeeping needs. If you are behind on your books currently, you can pay extra to get caught up. Bench Accounting’s team is also familiar with Gusto, which you can use for payroll management since Bench does not offer such a service. One key consideration is that Bench Accounting operates on a “modified cash basis”. In other words, it produces cash basis financials and you can optionally use accruals.

bench bookkeeping reviews

” 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. With all of these features, Honest Buck Accounting is truly a small business solution that saves you the time and frustration of a “DIY” approach.

The 6 Best Online Bookkeeping Services For 2021

If you need to contact the company with general inquiries, you can do so using a web form and a phone number, while the app includes a chat option. All in all, inDinero provides a pleasant customer experience. Merritt’s bookkeeping team is on stand-by during business hours and is ready to help you with anything if you send you query before their closing times. Therefore, this is the fastest customer service we’ve come across, beating even the best online bookkeeping services around. All of the talk is done through their web app, although only after you’ve already completed the boarding process, so the only way to contact Merritt beforehand is via web form. Founded in 2013, KPMG Spark might be one of the younger providers of business accounting software, but that doesn’t mean the accountants working here don’t take their job seriously. If you’re running a retail business or sell products of any kind, inDinero could be the best solution for you.

This site does not include all credit card, financing and service products or all available credit card, financing and service products. All images and trademarks are the property of their respective owners. Editorial and review content is the property of Nav, and has not been approved, provided, or reviewed by the company providing the credit card, financing, or service. We have worked with many clients who have switched from Bench to Xero.

I was using QB but it was too hard for me to use alone and not one bookkeeper ever knew what to do correctly and inexpensively. Bench offers a free trial month on any of their five plans. Accrual-basis, on the other hand, recognizes revenues and expenses when they’re incurred. If you send an invoice due in 30 days, that revenue is recorded when you send the invoice (instead of when it’s paid).

It can finish a year’s worth of bookkeeping in two to four weeks. This could be helpful if you’ve been behind on your books all year and tax deadlines are approaching. It was great to see a breakdown of all three financial statements for our business, both from a macro and micro perspective. Being able to pull up accounts and see specific transactions from desktop and on the go through mobile was indispensable in running a healthy business and planning for the future. The messaging system was prompt and efficient for keeping in touch with our book keepers and account manager with any pressing questions. They were always very professional and did high quality work. Any questions or concerns with categorization and interpreting information were answered well.

It accounts for all app reviews but prioritizes the most recent ones. Corporate costs between $299 – $499 per month and includes $51,000 to $1 million in monthly expenses. Venture costs $219 per month and includes up to $50,000 in monthly expenses.

Mind you, this is one of the best business programs around, so spending a few more dollars can benefit you in the long run. Unfortunately, if you’re looking for accrual-based bookkeeping, you’ll need to look elsewhere. However, Merritt will you do get monthly reports that can be viewed in any browser. You can connect all this cloud accounting software with all your bank accounts and cards and it’ll all be synced and available in reports. This is, by far, the best accounting software for Mac and PC.

We take all of this into account when assessing the value of the best bookkeeping services online. Bench is for small business owners who don’t want to spend hours each month doing tedious accounting work. Every month, Bench turns your data into tax-ready financial statements. You can monitor your business’s financial health, download your financial statements, and chat with your team any time via the Bench app. And at the end of the year, Bench provides you with everything you will need to file your taxes.

Here is my Bench.co accounting review, and why it’s a great tool for every small business owner to have. It takes a lot to run a business, and the financials is just a small part of the big picture. But, your business finances can also make, or break, your business. The Dashboard area is basic but effective, with useful tools such as an uploads area for adding statements, receipts and tax documentation as and when it’s needed. Considering you’ll be connecting to your bank accounts this is therefore reassuring. 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.

What Should You Ask Bench Accounting During A Demo Session? (65 Questions)

In case you’re transitioning from another system, your existing data can be converted so you can keep your books in one place. There are just three flat-rate plans to choose from, starting at $199 per month and billed annually. Initially, Bookkeeper360 can have a serious impact on your wallet.

Even if your business is small and simple enough to not need the missing features, pricing often drives business owners away to something more budget friendly. A final consideration is that each plan, regardless of your total expenses, only allows you to manage up to 15 accounts. This includes company bank accounts, credit cards, loans, merchant processors, and so on.

For complete information, see the terms and conditions on the credit card, financing and service issuer’s website. In most cases, once you click “apply now”, you will be redirected to the issuer’s website where you may review the terms and conditions of the product before proceeding. 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. Essentially, financials drafted by Bench are good to send to your CPA at the end of the year to prep your taxes. You may need to provide additional detail to your CPA, but they will a good conversation starter.

  • It’s important to note that all of Bench’s plans offer exactly the same features; the only difference between price points is the value of monthly transactions the company will process.
  • Various companies in industries such as health, legal, accounting, and manufacturing will find the use of this tool quite handy.
  • One of the most common problems that most companies will face is having to play catch-up with their bookkeeping.
  • Additionally, Founder’s CPA offers features that will help you support your growing business.

Will you really use the complex functionalities required by experts and big enterprises? Are there any particular features that are especially useful for the industry you work in? If you ask yourself these questions it will be much easier to get a solid software that will match your budget. Bearing in mind businesses have their own business-related wants, it is only wise they avoid paying for a one-size-fits-all, “perfect” software system.

If you’re looking for a more hands-on approach to your bookkeeping, or if you’re just getting started in your business, these alternatives to Bench.co may work well for you. Bench.co is best for the small business owner that makes enough income to sustain the $129/month price tag. If your business is earning slightly less than six figures, or more than that, this is a great way to branch into bookkeeping without having to hire a bookkeeper yourself.

What Bench Doesn’t Do

As of August 2019, Bench announced BenchTax in partnership with Taxfyle in order to provide tax preparation and filing for clients. I do wish that this software integrated with my invoicing system, so I could easily see where the profits were coming from. However, I use that system’s reports to get a good idea of what’s bringing in income. This is a service designed for people who just don’t want to bother about number-crunching, graphs and charts.

While there are some great bookkeeping platforms out there for newer business owners, I wouldn’t recommend Bench.co as one. I suggest understanding your own financials and books first, and then hiring it out as you earn more and have more expenses. Bench provides a distinct bookkeeper to each of its clients. While its services are universal, the bookkeepers work directly from the company’s bench bookkeeping reviews office in Vancouver, Canada. Bench is a cloud-based accounting tool, which is based in Canada and currently only available to users both there and predominantly in the US. It’s not wise to count on getting a perfect solution that will be suitable for each business regardless of their background is. Do you need a simple and straightforward solution with just essential features?

If your business has more than 15 accounts, you may receive custom pricing to accomodate for them. Better still, Bench streamlines communications between a business and the dedicated bookkeeping team. It provides an innovative Bench app that enables experts to connect with businesses with ease. With the app, it is a breeze to send and receive messages, and get notified when new developments arise. Hence, if customers want to switch bookkeeping services, they need to start the entire process from scratch and reformat and import all financial information from the Bench Accounting team. We have been using Bench for more than a year and LOVE its services.

Bench has done a great job in providing a decent compromise between easy to use and highly intuitive cloud-based software and the ability to work on your accounts with a professional advisor. There are cheaper options on the market, but there’s quite a lot to offer from any one of the Bench packages.

bench bookkeeping reviews

As for other services, catch-up accounting is possible on demand. If you need the QuickBooks app , you’ll need to contact inDinero to request assistance with setting it up.

In short, you can read the combined opinions and recommendations from experts with carefully selected reviews, as well as real user sharing their experiences with each product. When I first heard about Bench, I was nervous about switching from a standard, old school accounting firm I’d worked with for many years. Bench completely meets my needs as a small business owner – while saving me time and money. I’ve been in the accounting and finance world for over 10 years and I’m very satisfied with the level of service and usability of the Bench tools and website. Their accountants have been knowledgeable and are true business partners. We decided to delegate our bookkeeping, since it was taking up a lot of our time and taking away energy from creative projects.

bench bookkeeping reviews

If you’re over $1 million in revenue, it’s almost certainly time to hire a full-time bookkeeper. 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 provides each of its clients with a dedicated bookkeeper. These bookkeepers are Bench employees and all work from their Vancouver headquarters. Clients can schedule a phone call or message their bookkeeper directly via the Bench app.

All in all Bench is a very straightforward service to sign up for and start using. All you need to do is enter some basic details in order Online Accounting to register, which then takes you to a web page where you can link all of your accounts, such as checking, savings and credit cards.

Tax support – Bench.co can refer you to a number of CPA firms that will help you with your taxes . Bookkeeping is automatically completed for you by a team of QuickBooks Bench employees. Each employee goes through extensive background checks, and the platform itself is SSL encrypted, so your financial information is secure.

I Owe A Debt Of Gratitude To Bench

Cash-basis bookkeeping means money is recorded when it is received or paid. Expenses are recognized when the money leaves your account. Another big difference between Pilot and Bench is the method they use for your bookkeeping. Pilot defaults to accrual-basis bookkeeping (though we can do cash-basis upon request). Bench uses custom software, which often works well — until you decide to leave.

Author: Christopher T Kosty