Bench co Bookkeeping Review: Is Bench Accounting Worth it?

Bench’s online platform does a good job of labeling and categorizing transitions so that you can find things quicker. 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. In order for your bookkeeper to complete your accounts, you’re going to need to supply them with your financial details. To do so, you are required to link your bank account, debit/credit, and any other payment gateway with Bench.co’s platform.

Is bookkeeping necessary even for a small business?

Small business bookkeeping is a crucial part of running a company. Bookkeeping allows small businesses to organize, store, and analyze financial information. By using this financial information, you can accurately draw conclusions about the financial security of your business.

Bench offers straightforward bookkeeping and proprietary software―along with a mobile app―and an option to add services, such as catch-up bookkeeping. The best solution for you is the one that best fits your business’s specific needs. You have the option of upgrading to a Premium plan, which also gives you unlimited access to a tax advisor Is Bench Bookkeeping Right For My Business? who’ll assist with planning and filing your returns. One of the major benefits of using Bench is that you work with your own team of professionals. You’ll have three members on your bookkeeping team, including a senior bookkeeper. If you sign up for Bench’s tax services, you’ll also have a tax coordinator, tax advisor, and tax preparer.

Bench Accounting Overview

For instance, you may need help with tasks such as paying bills, invoicing customers, paying sales taxes, filing for a business license, or sending out 1099s. In that case, you may want to look into hiring a bookkeeper or accountant. Just know it will likely be at least https://accounting-services.net/bookkeeping-shreveport/ 2 or 3 times more expensive. The major difference between the two levels is that Premium includes tax planning and filing services. However, if you just want basic bookkeeping services, Bench is one of the most cost-effective and highly-rated options on the market.

What are the disadvantages of bookkeeping in small business?

Time can actually be a downside to bookkeeping. Even with automated computer software, collecting financial records, tracking errors and so on can take hours. It also is time consuming to add new information, maintain the books and analyse the records which can hinder the pursuit of financial decisions.

Likewise, if you need to track what you owe to your suppliers or contractors, you’ll have to do that outside of the app. For detailed insights into pricing and features, read our review of Bookkeeper.com. Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content.

Engaging Bench Accounting was the best decision I made . . .

Clients can schedule a phone call or message their bookkeeper directly via the Bench app. Bench pricing ranges from $95 to $495 per month, making it an attractive option for small businesses looking for bookkeeping help. Danielle Bauter is a writer for the Accounting division of Fit Small Business. She has owned Check Yourself, a bookkeeping and payroll service that specializes in small business, for over twenty years.

  • You’ll have three members on your bookkeeping team, including a senior bookkeeper.
  • In this way, you’ll always know where your business is at financially and how your cash flow looks like.
  • Bench.co will set up a specialist bookkeeping team for you priced at $83 per month.
  • As your transactions are automatically imported, your Bench team categorizes them for you.
  • These products can streamline tasks like reconciling accounts and categorizing transactions, but they don’t take bookkeeping off your plate completely like Bench does.
  • You can also speak to Bench about its specialized accounting add-on, which records accrual adjustments.

You’ve concocted every excuse under the sun, but you can’t escape reality – it’s time to do your books. Lastly, with Bench you can cancel anytime, and they make it easier for you to get all your data out of the platform. This is the same type of security that banks use so you can be sure that your account information in the Bench app is always protected.

Bench vs. a Traditional Bookkeeper: Which Is Right for You?

Your bookkeeper will import your financial data every month to tot up your expenses and whatnot. 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. In the old days, the only option was to hire a freelance bookkeeper or traditional bookkeeping firm. But now, with the advent of virtual bookkeeping solutions like Bench, you’ve got a few different options. Bench provides each of its clients with a dedicated bookkeeper. These bookkeepers are Bench employees and all work from their Vancouver headquarters.

Is Bench Bookkeeping Right For My Business?