Part of what makes Bench unique is that we blend together the human touch with modern technology. Bench is a good choice if you’re upgrading from DIY bookkeeping, but your business isn’t big enough to bring on a full-time bookkeeper. If you’re comfortable taking care of business online—for instance, sending payments, paying bills, and managing your bank account—Bench is a natural fit for you. Broadly speaking, Bench costs more than paying for accounting software, but less than hiring a traditional bookkeeper. Plus, you get the full power of our complete small business financial toolkit—it’s the kind of all-in-one expertise you won’t find in QuickBooks.

Once your business has scaled to over $5 million in annual revenue, or moves to accrual basis accounting, it’s time to look at hiring an admin assistant to do your books. Once they’ve categorized your transactions, your bookkeeper will use them to generate financial statements that tell you how money is moving in and out of your business. BenchTax is another service provided by Bench to business owners. The process connects you with a TaxFyle expert, who has been trained by Bench. According to Bench’s website, their TaxFyle experts have 15 years’ worth of experience. Bench offers a pretty great deal in that they provide one month of bookkeeping service for free upon signing up.

Bench shared other clients info with me due to their incompetence

This feature comes in handy while mulling over numbers before heading into a meeting. A bookkeeping provider like Bench can help you understand your cash flow better by seeing financial reports and visual reports. Then you can adjust your business strategy if you’re not meeting your goals. To learn more, check out Nav’s accounting software resources. The functionality of the platform could be especially useful for businesses that have a lot of transactions, like e-commerce or restaurant businesses.

From creatives to chiropractors, Bench supports thousands of small business owners across the United States. See what our small business owners are up to, and join the conversation. The more time your team spends working with you, the https://personal-accounting.org/accounting-articles/ better they’ll know your books—and the less often they’ll need to get in touch. As your transactions are automatically imported, your Bench team categorizes them for you. This is similar to what a freelance bookkeeper would do.

  • The frequency of the bookkeeping can also be customized depending on the business needs (monthly, quarterly, or annual).
  • There are a few types of businesses that aren’t a good fit for Bench, though.
  • The Bench platform lets you track your finances with visual reporting.

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, cash purchase receipts etc). Before I found Bench.co, I had been audited multiple times and each one was more painful than the last.

Working with Bench

We’ll even work directly with your CPA.Forget about tax time stressReady to pass tax filing off to someone else? Our Premium plan connects you to a licensed pro ready to get you filed before the deadline hits.‍Tax time stress isn’t limited to tax season. That’s why we offer year-round tax advisory services through our Premium plan. We’re on hand for all your tax planning needs, and we’ll make a custom tax plan that works for your business.

Understanding your finances should be three things: simple, effortless, and affordable.

Once you sign up with Bench, you get a dedicated team of financial experts, including bookkeepers who handle your day-to-day bookkeeping tasks. Our services cover everything from bookkeeping and banking to tax prep and advisory, powered by real humans and a simple, intuitive platform. Once your bookkeeper completes your year end financials, your dedicated Tax Coordinator and Bench Tax Advisor will facilitate the preparation, review, and filing of your income tax return. When it’s ready, we’ll reach out to you for the “all clear.” Then, we’ll file your taxes and pull funds directly from your account to pay any applicable taxes. Upon its inception, Bench was intended to be an affordable online bookkeeping solution for small to medium sized businesses.

How Bench Works

I haven’t been audited since I transitioned to Bench and hired a real CPA to file my taxes. Bench provides you with a personal bookkeeper who manages every aspect of your bookkeeping. Then, let’s say you spend eight hours a month doing your own bookkeeping. The biggest shortcoming of DIY accounting is that you don’t get any professional help. During your free trial, we’ll walk you through the services included in each Bench bundle to determine which is the best fit for your business.

Signs it’s time to consider an S corporation

We use Plaid, a safe and automated way to connect your financial accounts to Bench. Once your accounts are connected, you’ll gain access to secure and powerful insights, while saving the time and effort of manually uploading your statements each month. Both Bench and Plaid are SOC-2 compliant with security practices that meet or exceed industry standards. Each month, your bookkeeping team organizes your business transactions and prepares financial statements.

Join thousands of small business owners who trust Bench with their books

Making the leap from a sole proprietorship to an S corporation is a decision that can reshape your business’s tax strategy, liability, and overall structure. This guide will help you understand the whys and hows of moving to an S corporation. Competitive compensation, company-wide transparent salary bands, stock options for eligible employees, home office set up fund, financial counselling opportunities. We believe that without you, we are all less.Visit our DEI at Bench page to learn more about the stance we take on anti-racism and anti-discrimination.

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