Bench.co doesn’t go backwards with your books unless you pay extra, so it’s ideal to start using Bench at the start of your tax year. You can also easily upload documents as needed (tax returns, bench.co pricing cash purchase receipts etc). They get the transactions from integrations you set up with your payment processors. I switched over my bookkeeping to Bench in 2016 and haven’t looked back.
- The Message tab enables you to send and receive messages from your assigned bookkeeper.
- Then you can adjust your business strategy if you’re not meeting your goals.
- It also gives you the ability to check accounts, vendors, spending categories, dates, credit, and more to ensure that your business is on track.
- However, this limits features to the basics a sole trader might need.
- Once we have everything set up, we’ll complete a month of your bookkeeping in 1-2 days.
- Bench Accounting’s mobile app is available for iOS users and provides financial reporting functionality and real-time cash flow updates.
- And unlike other services, we never limit support based on business size.
Bench.co even submits your files for you and can offer consultancy on any concerns you have about compliance and tax. But, to get a good idea of your revenue and spending, it’s vital to keep precise records, which, unfortunately, makes this tedious and sometimes complicated task mandatory. This is where the right business accounting software comes in helpful for streamlining your bookkeeping tasks. Bench only offers cash basis of accounting vs. accrual basis. As a business owner, you should want to be on an accrual basis.
Bench Accounting Bookkeeping Features & Services
If your bookkeeper has any questions about a particular transaction, they’ll send you an in-app message. 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. This is easy to set up, as you’ll be given a dedicated bookkeeper, gathering all the info they need from you to get going.
This serves as the foundation for all content, demonstrating a clear dedication to providing valuable and reliable information. Here’s everything you need to produce a reliable financial forecast for your business. This is an expensive time to be running a small business, but there are ways to protect yourself from the effects of inflation.
Bench.co vs Quickbooks: Which Better Suits Your Accounting Needs?
Each package comes with monthly cash-basis income statements and a balance sheet, Tax preparation and filings, as well as ongoing communication with the team. Plans include monthly bookkeeping for up to 15 financial accounts (e.g. bank accounts, credit cards, loans, merchant processors). Crystal clear financial statements and reportsSee what your money is up to in real-time. The Bench platform makes it super simple to view your financials, update information, or check in with your dedicated bookkeeper. Each month, your bookkeeper will import all of your business transactions and categorize them, then reconcile your bank accounts and prepare financial statements.
Within the Bench app, we protect your data with 256-bit SSL/TLS encryption. That’s the same level of encryption you’ll find with online banking and online shopping. When your bookkeeping is up-to-date, you avoid scrambling to get caught up before the tax deadline, or missing out on any deductions. Accounting is a high-level process that uses financial information compiled by a bookkeeper or business owner, and produces financial models using that information.
What Is Included with a Bench.co Account?
In this way, Bench can replace traditional accounting software for many businesses. When you get started with Bench.co’s monthly bookkeeping service, you’re assigned your dedicated bookkeeper who will get to know your business. Your bookkeeper organizes your business transactions and readies financial statements for you each month. If they need extra information from you, they’ll get in touch.
- You’ll get all-year-round tax support with a premium plan, so you never have to worry about missing a deadline.
- Bench also offers a pay-as-you-go option, which is available for $349 per month on the Essential plan.
- With this system, we record transactions as soon as the money has been deposited into your bank or charged to your bank/credit card.
- Every month, you can access a report containing details about your profit and loss, your balance sheet, and cash flow statement.
- This one-to-one support (customer service) is available via messaging and calling through Bench’s web-based app as well as by calling by phone.
- The end result is a set of accurate financial statements—an income statement and a balance sheet.
