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Bench Accounting High Paying Jobs, Compensation & Experts Network

November 2, 2021
Bill Kimball

bench accounting

Wingspan erases all the worst parts of freelancing– taxes, benefits, accounting, invoice & expense tracking, registering an LLC, even your tax withholdings. The ease and beauty of a payroll platform, but optimized for freelancers and independent professionals. Now that you have all the pertinent info, are you still wondering which bookkeeping service is right for you? Bookkeeping can be complicated — especially for business owners who’d rather be focused on building their businesses. At Pilot, we work to ensure that your bookkeeping service is as accurate as possible.

Our partners cannot pay us to guarantee favorable reviews of their products or services. Bench gives you a dedicated bookkeeper supported by a team of knowledgeable small business experts. Get a direct line to your team on desktop or mobile—professional support is just a few swipes, taps, or clicks away. From bookkeeping to tax filing, Bench is the all-in-one bench accounting financial toolkit your business can count on. 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 also has a status feature, where you can check on the status of your books in the app.

An accrual-based bookkeeping method would record that invoice as soon as the invoice is sent. If you need to get in touch with your bookkeeper or tax professional, you can either schedule a phone call or send a message via the app. Usually, you will be able to call within a day, and in-app messages sent during hours of operation usually receive a response within a matter of minutes. Specifically, you will be assigned a team of three dedicated bookkeepers, one of whom will be your account manager.

Automate bookkeeping and generate your accounting reports in literally one click to get prepared for the reporting period with ZERO efforts and NO extra spendings. InvoiceApp is a simple and beautiful paperless invoicing software for small businesses, startups, entrepreneurs and freelancers.

bench accounting

Instead, you’re paired with a dedicated expert who knows your business and is with you every step of the way. It’s all the benefits of an in-house bookkeeper at a fraction of the cost. Mark Calatrava has been working for Fit Small Business as a review writer specializing in accounting software since 2019. His articles focus on providing the best answers to people’s questions while engaging the reader.

Join Thousands Of Small Business Owners Who Trust Bench With Their Books

However, I use that system’s reports to get a good idea of what’s bringing in income. 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. For an additional fee, Bench provides overdue bookkeeping services. 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.

If you want to compare Bench’s prices with other virtual bookkeeping services, check out our comprehensive guide on the top 100+ bookkeeping pricing packages. Ember is full-package, fuss-free accounting software for contractors, from just £39/month. We take care of all your limited company accounting and taxes, giving you the tools and time to focus on what really matters – your business.

I liked the idea of a real person on my books, not software I had to manage. As of August 2019, Bench announced BenchTax in partnership with Taxfyle in order to provide tax preparation and filing for clients. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. To make a profound difference in the quality of life of one million people. If you haven’t done your books in a long time, you’ll need to pay extra to get caught up.

Project Team

Bench was founded in 2012 by Ian Crosby, along with Jordan Menashy, Adam Saint, and Pavel Rodionov. The company provides subscription access to cloud-based software in combination with in-house bookkeepers. Bench has raised $53M in funding to date and currently employs around 550 people out of its Vancouver headquarters. Bench Accounting, is a fintech company that uses proprietary software to automate bookkeeping and provide financials for small business owners. 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 means that transactions are generally recorded when money is deposited, or when money is debited from your accounts . Until mid-2021, Bench was one of the lowest cost online bookkeeping services.

Bench offers a Profit and Loss and a Balance Sheet on a cash basis. Your Profit and Loss shows you the income and expenses for a period- which can be a day, a month, a year, etc. Your Balance Sheet is a snapshot of the financial position of your business in a point of time. On your Balance Sheet, you can see your assets , liabilities , and equity . Cash Basis financials really only show a part of your financial picture and may not give you the depth that you need. Furthermore, if you want to track your budget, drill down to see profitability by job or customer, you won’t be able to do this in Bench. We give you a team of bookkeepers to do your books, and simple, elegant software to track your financials.

bench accounting

Your remote bookkeeper takes care of your accounting while you’re on the road, so you can get back to work without the worry. You’ve got bigger things to worry about than your bookkeeping. Bench gives you a bookkeeper that’s as mobile as you are, ready to handle every annoying detail for you.

Bench Accounting Office Interiors

That said, not everyone has the time, expertise, or desire to handle bookkeeping themselves — which is why you’re here, searching for the best bookkeeping service to do it for you. Get a direct link to your bookkeeper and fast access to intuitive financial reports. At your desk or on the road, the Bench platform has you covered.

bench accounting

While much of the tedious aspects of bookkeeping are eliminated by the software, the bookkeeper will manually reconcile your accounts and categorize your transactions. As the business owner, you don’t have to spend time on any of it. Every month, your bookkeeper will send you financials including an Income Statement and Balance Sheet.

Bench Vs Pilot Pricing

Once your bookkeeper wraps up your books every month, the information is reviewed by an in-house support team that ensures accuracy. Also, they never make assumptions about your business, preferring instead to reach out with any questions. I tested Bench out at the end of 2019 and then hired them for my entire 2020 books. My account got passed to another team, and they didn’t even touch my books for months.

For advice to your particular situation, consult with a qualified professional, such as an Enrolled Agent or Certified Public Accountant . 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. If you’ve got personal expenses mixed in with business expenses, Bench will help you separate those out.

That’s why both Pilot and Bench include support in all pricing tiers, and it means you won’t pay additional hourly fees just to ask a question or get clarity on your books. Accrual-basis bookkeeping gives business owners a more realistic picture of income and expenses. That’s part of why it’s the method favored by investors and venture capitalists. Bench and Pilot are bookkeeping services that manage and organize your company’s financial books so you don’t have to. You might have noticed that we’re writing about the difference between our service and someone else’s. We’ve done our best to give them a fair shake because we want you to make an informed decision.

The auto-sync with user bank accounts ensures that no transactions are missed, and the bookkeeper ensures that each transaction is accurately categorized. The Bench Premium service also includes access to a licensed tax professional and they will help with your year-end filing — more on this below. This review of Bench bookkeeping will help you understand how Bench differs from other virtual bookkeeping services, like Quickbooks Live. Pilot is best for mid-large businesses and startups focused on growth.As you grow and potentially take on funding, you need the accrual-basis and advanced bookkeeping features Pilot offers. When your business grows, your financial life becomes more complex. You need to have a solution in place to handle more sophisticated bookkeeping such as locations, classes, and inventory. Depending on your business’ needs, you may also benefit from the advice and expertise from CFO services.

How much does bench .com cost a month?

Bench Pricing Overview

Bench pricing starts at $249.00 as a flat rate, per month. They do not have a free version. Bench offers a free trial.

Should you decide to switch, you may have to manually transfer the data yourself or pay another service for assistance. Bench uses a proprietary software that is user friendly, even for those that are not computer savvy or financially literate. It has an intuitive layout and delivers financial information in easy-to-understand charts and visuals. According to salary.com, the median annual cost of an in-house bookkeeper is over $40k. For many small businesses and startups, this salary falls far outside of their budget. As one of the 30 fastest growing tech companies in North America according to DeLoitte, Bench has proven its ability to simplify business bookkeeping. Benefit from the most accurate accounting, 24/7, real-time dashboards and reporting, all while saving on average 30-50% compared to a traditional bookkeeper or outsourced firm.

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. SSL encryption and employee background checks to protect your financial data.

Common Questions About Bench Accounting

Bench gives you a dedicated bookkeeper supported by a team of in-house experts. They’re here to take tedious financial admin and bookkeeping stress off your plate—for good. With Bench, we do your bookkeeping for you—so you don’t have to.

  • This bookkeeping service will connect customers directly with a physical certified bookkeeper to help them with their books.
  • As of August 2019, Bench announced BenchTax in partnership with Taxfyle in order to provide tax preparation and filing for clients.
  • Pilot and Bench also offer catch up bookkeeping, so you can get past months’ books in order, too.
  • Should you decide to switch, you may have to manually transfer the data yourself or pay another service for assistance.
  • Online services such as Track1099 make this relatively painless.
  • Likewise, if you need to track what you owe to your suppliers or contractors, you’ll have to do that outside of the app.

You will need to handle any other accounting, tax, and admin tasks on your own. If you are behind on your bookkeeping, you can use Bench’s Catch Up and Retro bookkeeping services with fees starting at $299 per month. There are some accounts that can’t be automated, but we understand this. That aside, we would like to see Bench expand and offer more all-in-one service beyond book-keeping and tax returns or make any partners more accessible .

Micro costs $159 per month and includes up to $7,500 in monthly expenses. Starter costs $139 per month and includes up to $1,000 in monthly expenses. The fact is that cash-basis bookkeeping works best for very small businesses, and is outgrown quickly as the business’s financial situation gets more complex. It makes sense to plan for that from the beginning with a service that keeps your books ready for the added complexity when it arrives. Which accounting software you use matters because it determines where your financial data lives. Pilotand Benchare two popular bookkeeping services that are often compared by people ready to offload their books. Bookkeeping is an integral part of running a financially healthy business.

Company Benefits

Bench Accounting offers two plans, Essential and Premium, which cost $299 per month and $499 per month, respectively. Both plans include monthly bookkeeping and year-end reporting, but Premium gives you more features, like unlimited tax advisory services and federal and state income tax filings. If you require complex accounting, such as segment tracking, invoicing (A/R), and bill payment (A/P), you need to purchase the Specialized Accounting add-on starting at $100 per month. Bench provides most clients with a modified form of cash basis bookkeeping, in which the transactions are recorded as soon as money has been deposited or charged to your bank or credit card. Bench bookkeeping is an online accounting service that manages bookkeeping and taxes for businesses. There is an in-app status feature that allows you to view what has been completed, what’s in progress, and what’s outstanding. When your bookkeeping has been completed for the month, you’ll receive a message inviting you to view your financial statements and account information online.