All you need to do is enter some basic details in order to register, which then takes you to a web page where you can link all of your accounts, such as checking, savings and credit cards. On doing this you’ll also be able to immediately access the real-time Bench cash flow dashboard. However, things start out with the bookkeeping software, which has been fine-tuned towards the needs of small business owners. This intuitive software lets you connect both your merchant and bank accounts to Bench, which can then be shared between yourself and your allocated advisor. Ian Crosby is the CEO & co-founder of Bench Accounting, North America’s largest bookkeeping service, an all-in-one banking and accounting platform and service for small business owners. Without stating the obvious, financial reporting helps you run your business more economically. This feature helps you easily identify areas where you’re spending a little unnecessarily, which can help you save.
Every business expense is categorized by your Bench team, making it easier for you to find every deduction you deserve. Both Xero and Bench Accounting are programs made for bookkeeping. Here, we will dive into the pros and cons of each software so you can determine which is best for your organization.
Accounting Made Easy
I saw many articles about bad experiences with Bench before I decided to work with them. I didn’t mind bad ones and thought it won’t happen to me. Let’s talk about the service and value I got; It’s just bookkeeping software with a guy sitting in front of it. They consistently put my expenses in the wrong category. I had to check all the transactions manually every time. All transactions from my bank account are automatically imported to Xero and I just need to check once a month.
- While Xero is a manual system requiring input from SBOs to set up, Bench is essentially outsourcing bookkeeping to a team of professionals.
- Instead of self-service software, signing up for Bench connects your business to a team of professional, experienced bookkeepers that balance the books for you.
- In terms of its bookkeepers and tax professionals, Bench has a rigorous screening process, including the use of criminal background checks and multiple interviews.
- Also, should you choose to avail of sole prop filing, business filing and business/personal filing you’ll be paying $600-$1,320 extra.
- For the busy small business owner, Bench may be preferable.
- For those that have fallen behind on their bookkeeping, Bench offers historical bookkeeping services which can help you get caught up.
You will obviously have the benefit of a professional advisor too within the realm of the Bench package that you choose. Finally, there’s a Corporate package that costs from $299 annually/$349 monthly and covers monthly expenses up to $1M.
According to Bench’s website, their TaxFyle experts have 15 years’ worth of experience. They highlight the struggle they faced prior to hiring Bench – they simply couldn’t find a bookkeeper in their area who understood their business. This person was also thrilled that they could integrate Bench so easily with APIs and other services. To manage their income and expenses via reports from Bench. You’ve concocted every excuse under the sun, but you can’t escape reality – it’s time to do your books.
Bench Has Helped Our Small Business
Because this is a very complicated process, they hire informal accountant, which is a big pain to deal with. Instead, they can use our product, pay half the price and get their declaration instantly. Bench is so much more cost effective even than having a freelance bookkeeper come in for a few hours each week. They are linked to my accounts so I always have a fairly up to date view with my books.
You can access your income statement and balance sheet as well as other reports that are fully customizable. You can tag transactions with labels like products, clients, location, or sales channels to see exactly how your business is performing. Bench Accounting’s mobile application provides financial reporting functionality and real-time cash flow updates.
Can You Convert A Quickbooks Online, Quickbooks Desktop, Or Xero To Bench?
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. Or, you can just let your bookkeeper know via Bench’s app. The Bench bookkeeper will ask you questions about your business.
A good way to think of Bench’s service offering is to look at it as a basic checkbook reconciliation. Money moving in and out of your bank account will get entered on the date they clear your account. You can book a call with your bookkeeper or send them an in-app message directly through the Bench app.
Users also note that the Bench team is extremely knowledgeable, helpful, and goes above and beyond to provide great service. 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. This makes it easy to get in touch with someone at Bench that knows the specifics of your account.
Work With The Expert Tax Team Your Business Deserves
Comparable products include Sage Business Cloud Accounting, QuickBooks, Xero, FreshBooks, Freeagent, GoSimpleTax, TaxCalc, Nomisma, ABC Self-Assessment, Crunch or Zoho Books. Launch the integrations your customers need in record time. Being a curious person by nature, Aaron ventured into the world of marketing while finishing up his Kinesiology degree at UBC and has loved it ever since. Passionate for story-telling, Aaron has been involved in copywriting, podcasting, and other creative work. In his free time, you can find him going out and enjoying the cuisine Vancouver has to offer.
- Rob Clymo has been a tech journalist for more years than he can actually remember, having started out in the wacky world of print magazines before discovering the power of the internet.
- In addition, a representative from Bench will give you a phone call shortly after as you supply your number during registration, and should be able to get you past the sigh-up post.
- Depending on your needs, one may suit your budget better than another.
- It does, however, allow you to ask your bookkeeper for Excel or CSV files of all transactions made on your general ledger, which can be uploaded to such programs.
- Bench is providing tax documents that we will give to our CPA .
- PitchBook’s comparison feature gives you a side-by-side look at key metrics for similar companies.
- These documents and tools are important when it comes to keeping your accounts in order.
So, keep reading to find out why in our Bench.co review. However, if you just want basic bookkeeping services, Bench is one of the most cost-effective and highly-rated options on the market.
A robust dashboard allows users to track balances, invoices, bills, cash flow, sales, and more. In addition, Xero provides an app where cash can be reconciled, and Xero’s reports are flexible. Xero also has built-in reports for Management reports, Budget vs Actuals, Cashflow, and Annual Accounts for non-US customers. 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.
Bench has both desktop and mobile access so that users can keep track of their business anywhere they have a device. 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.
The software does not have a free version but Xero does offer a free trial. Pricing continues to a $32/month and $62/month tier, both of which offer additional features. The $32/month tier is useful for most small businesses, while the $62/month tier is valuable for multi-currency or larger companies.
Bench Accounting is an online service that handles your bookkeeping for you so that you can focus on running your small business. 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. For an additional fee, Bench’s bookkeepers can provide overdue bookkeeping services depending on how late you are on your books.
However, it does come at a higher cost than the self-directed Xero. Bench only handles some aspects of bookkeeping and financials, so it may not be robust enough for organizations with more complex needs. While you can pair Xero and a strong outsourced accounting firm, there is a limit to the type of work – especially accrual-based transactions – that can be managed in Bench. Xero boasts a global presence, with international users and cross-country collaboration thanks to the cloud-based system that enables access from anywhere.
Durrios brings 20-plus years of finance and operations experience in the tech industry. He joins Bench from DISQO, where he was CFO and COO for the consumer insights platform. Before that, he led strategic finance and operations at vertical SaaS leader ServiceTitan during its growth phase. Jumping in feet first, we immediately began to immerse ourselves in all things Bench. The results are a space that is as agile as they are, reflecting their values and harnessing their entrepreneurial spirit.
Price was of course a consideration and Bench is competitive. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.
For inquiries related to this message please contact our support team and provide the reference ID below. We show reviews chronologically, and you can filter by star rating, language, location, or https://www.bookstime.com/ keyword. Writing checks and other simple, anyone-can-do financial tasks are about 1 full day a week. We can instantly view our account in Bench online and see what bills have been paid and when.
Xero Vs Bench: The Ultimate Guide
The $299/month Bench charges is a tiny fraction of what we were paying our bookkeeper, and every aspect is faster and more transparent than what we were doing before. Bench has helped our small business with our error-free financials for almost a year. One does not need accounting experience; your team will make bookkeeping fast and easy. They are honest and always readily available when you need them. Cash Basis accounting is a method of recording accounting transactions as they come through your bank account.
At tax time, your bookkeeper will send a year-end financial package with all the information you need to prepare your tax return. Bench also has excellent reviews from its users and has a user-friendly dashboard, so you’re always in the know when it comes to your business’s financials. And if you’ve fallen behind, Bench offers an add-on service that can help you get back on track, even if your books haven’t been updated in years. Bench’s customer service has received outstanding reviews from its users. Customers state that Bench bookkeepers, tax professionals, and sales reps are quick to respond to requests.
“They’re a ‘one stop shop’ for small businesses to manage their books and taxes.” From bookkeeping to tax filing, Bench is the all-in-one financial toolkit your business can count on. The other bonus is that you can carefully pick a version to suit your business needs, so you won’t end up with high monthly bills and lots of features Bench Accounting you don’t actually need or use. Conversely, Bench has enough muscle to handle larger companies too, so all things considered it turns out to be a promising all-rounder. The Dashboard area is basic but effective, with useful tools such as an uploads area for adding statements, receipts and tax documentation as and when it’s needed.