Bench Accounting Review 2022

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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. More than just a bookkeeping service, Bench offers a variety of services that are useful for small businesses needing tax assistance. This includes filing of both individual and business tax returns, and unlimited year-round tax advisory services. Best of all, this is included in its Premium bookkeeping plan at just $499 a month. offers comprehensive bookkeeping services tailored to your business needs.

There are some times that we’ll request documents from you (like account statements or receipts), just to ensure the information we have is correct. If you need to share files with your bookkeeping team, it’s as simple as uploading a file. Choosing the right virtual bookkeeping solution for your business will help you maximize your tax deductions and run your business effectively, creating an excellent return on your investment. For companies already using QuickBooks, QuickBooks Live provides a cost-effective way to lessen your bookkeeping workload and improve the quality of your books. However, we declare Bench as the overall winner in our comparison of QuickBooks Live vs Bench because of the additional services Bench offers and its superior pricing. Bench pricing is flat-rate, and QuickBooks Live is priced based on your monthly expenses, regardless of the number of transactions you have.

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You will work with a Bench bookkeeping team to reconcile your business’s monthly expenses. Additionally, you can add on services that track your accounts receivable, accounts payable, and unearned revenue. If you need historical bookkeeping, you can sign up for Bench’s catch-up bookkeeping services. Bench’s core product is online bookkeeping software paired with in-house bookkeepers. They have been very helpful and I appreciate having them take on the work of managing the books.

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To learn more, check out Nav’s accounting software resources. Each month, your bookkeeping team — made up of three in-house Bench employees — will categorize all your transactions, reconcile your bank accounts and prepare financial statements. This process is completed within 15 business days once you’ve sent all the necessary documents.

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She holds a Bachelor’s degree from UCLA and has served on the Board of the National Association of Women Business Owners. She also regularly writes about business for various consumer publications. She uses the skills she learned from her master’s degree in writing to provide guidance to small businesses trying to navigate the ins-and-outs of financing. Previously, she ran a writing business for three years, and her work has appeared on sites like Business Insider, VaroWorth, and Mission Lane.

  • We submitted all documents Jan 5th and we still do have the 2023 books completed which caused us to file an extension.
  • On this call, we’ll connect your accounts to Bench, and gather any extra documentation we need to complete your books.
  • Your feedback is heard, and we’re committed to improving our processes to better serve our clients in the future.
  • Many or all of the products featured here are from our partners who compensate us.
  • We believe everyone should be able to make financial decisions with confidence.

A dedicated bookkeeperWe’ll connect you with one of our expert bookkeepers located in North America. Whether it’s a tax season review call or a monthly check-in, we’re always happy to talk shop. Comparing QuickBooks Live vs Bench in terms of features, Bench takes the win.

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Stick to an old-school accounting firm where they actually can book a call with you within a week. See our guide on how to choose a virtual bookkeeper for assistance in selecting the best online bookkeeping service. QuickBooks Live doesn’t offer a free trial, but you can book a free consultation and you can switch or cancel service at any time without incurring fees.

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Another bonus is that Bench offers unlimited customer support and unlimited year-round tax advisory services. However, users wished that a mobile app for Android was available and that Bench provided a phone number to call for customer support. 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.

Partnerships and integrations

Sign up today for a free month of bookkeeping and experience the peace of mind that comes from knowing your finances are in expert hands. Let Bench take the burden of bookkeeping off your plate for good, so you can focus on growing your business with confidence. Bench has a proprietary bookkeeping system that doesn’t sync with other accounting software. This could make it difficult to switch bookkeeping services later. It does, however, allow you to download Excel files of historical data, which can be uploaded to other programs. But moving the information and verifying it was done correctly can take time.

Every report accessible in the Bench platform can be exported to an Excel file for easy sharing with anyone from business partners to accountants. No waiting for hours on hold—just helpful customer service from real people. Message your team any time, or book a call whenever you like. We don’t sync your financial data from any other bookkeeping software. It’s worth every penny and I’m glad that I decided to use them for my bookkeeping and tax needs.

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If Bench’s lack of accounting integrations is a concern, instead consider QuickBooks Online with QuickBooks Live full-service bookkeeping added on. In general, the QuickBooks platform is more scalable and widely used among accountants, so it could be a better solution for a rapidly growing business. The service starts at $200 per month and requires a one-time cleanup fee. QuickBooks Online is an additional monthly cost, starting at $30. Perfect books No need to second guess whether your bookkeeping is done correctly. See your business’s financial health at a glance, and stay in control of cash flow.

EBITDA adds these non-cash expenses back into net income, providing a clearer picture of cash flow from operations before the influence of accounting and tax treatments. Bookkeeper 360, which integrates with both QuickBooks Online and Xero, is a good fit for more complex small businesses that require advanced reporting and weekly updates as opposed to monthly ones. Prices start at $399 per month and vary depending on your total monthly expenses and whether you need cash basis or accrual basis accounting. You can also add services like payroll, invoicing, bill pay and inventory management for an extra fee.