Bench Accounting is an internet service that handles your bookkeeping for you with the intention to give attention to working your small enterprise. Primarily based in Vancouver, British Columbia, the service offers you entry to a Bench bookkeeper, who will categorize your transactions, reconcile your financial institution accounts and put together monetary statements in your behalf.
Generally, Bench Accounting is not match for companies which will have to scale or swap suppliers afterward. It limits the variety of monetary accounts you’ll be able to have on normal plans and operates on proprietary software program that does not sync with generally used accounting software program. But it surely’s inexpensive, in comparison with related providers, and gives worthwhile experience. For freelancers or small companies with comparatively simple financials, it is a terrific time-saving choice.
An inexpensive on-line bookkeeping platform for freelancers and small companies.
Offers dependable and professional assist.
Catch-up bookkeeping accessible.
Troublesome to modify suppliers.
Tax submitting providers not included.
How does Bench Accounting work?
Bench Accounting does bookkeeping on a month-to-month foundation. After you join a Bench account, you’ll join your monetary accounts — this consists of financial institution accounts, bank cards, loans and service provider processors — to your Bench account. Your Bench bookkeeping group — made up of three in-house Bench staff — will categorize all of your transactions, reconcile your financial institution accounts and put together monetary statements for every month inside 15 enterprise days.
When your bookkeeping is finished for the month, you’ll obtain a message. At that time, you’ll be able to view your monetary statements and account data on-line. When you’ve got any questions, it’s simple to get in contact together with your Bench bookkeepers by sending them an in-app message or calling them.
Utilizing Bench Accounting is totally different from having a subscription to QuickBooks Online or Xero. These purposes show you how to do your individual bookkeeping; in contrast to Bench, they do not embrace entry to a group of devoted bookkeepers within the fundamental worth.
Bench Accounting options
How a lot does Bench Accounting price?
The value of Bench Accounting’s bookkeeping providers relies on a buyer’s common month-to-month bills. The pricing tiers vary from $159 monthly to $419 monthly for normal plans when billed yearly, relying on a enterprise’s common month-to-month bills. If you happen to go for month-to-month billing, the charges are larger.
Month-to-month price (when paid yearly)
To calculate your common month-to-month bills, add up every thing you spend for items and providers every month, plus your price of products bought and payroll prices. Don’t rely the proprietor’s wage in your calculation. All Bench plans embrace as much as 15 monetary accounts. When you’ve got extra accounts, you’ll have to contact Bench for customized pricing. Catch-up bookkeeping can be topic to customized pricing.
Even in case you join and prepay for a 12 months, you’ll be able to cancel your account at any time and obtain a prorated refund for any months left within the 12 months.
Quick and Saves You Time
The largest benefit of Bench is the period of time it will possibly prevent on bookkeeping duties. After you hyperlink up your monetary accounts, Bench takes care of the remaining.
“I estimate Bench saves me about 5 hours every month and the year-end monetary bundle alone will most likely save me 20 hours prepping for taxes,” says Lisa Nicholls, founding father of digital assistant agency Lisa & Co. “All the pieces is delegated to my devoted bookkeeping lead and group, so all I’ve to do is reply questions on transactions at any time when they come up.”
There’s no have to manually ship any paperwork to Bench since your organization’s monetary accounts are linked to your Bench account. The Bench group will full your bookkeeping inside 15 enterprise days, giving them sufficient time to make any changes earlier than the tip of the month.
In case your bookkeeping group has questions on a selected transaction, they’re going to ship you an in-app message.
Offers dependable and professional assist
With Bench Accounting, every enterprise is assigned a bookkeeping group of three bookkeepers, together with one senior bookkeeper who opinions month-to-month monetary statements and the year-end monetary bundle. All Bench bookkeepers are staff who obtain common in-house coaching. Whereas there could also be some adjustments to your group over time, you typically will not have your books dealt with by totally different individuals each month.
Getting in contact with Bench is straightforward if in case you have a query. Ship a message out of your pc or the app anytime, and your bookkeeper will reply inside one enterprise day. You too can schedule a time to your bookkeeper to name you at no further cost. Bookkeepers can be found Monday via Friday, 9 a.m. to five p.m. PST.
Catch-up Bookkeeping accessible
For a further price, Bench gives overdue bookkeeping providers. It will probably end a 12 months’s price of bookkeeping in two to 4 weeks. This could possibly be useful in case you’ve been behind in your books all 12 months and tax deadlines are approaching.
In comparison with different bookkeeping providers, Bench is an inexpensive choice. Different bookkeeping providers cost a sliding scale primarily based on variety of accounts, whereas Bench costs are primarily based on common month-to-month bills. Each Bench plan consists of as much as 15 monetary accounts, together with financial institution accounts, bank cards, loans and service provider processors. It’s widespread for rivals to solely embrace a handful of accounts in entry-level plans, so that you’re getting good worth with Bench Accounting.
Troublesome to Change Suppliers
Bench has a proprietary bookkeeping system, which doesn’t sync up with QuickBooks, Xero or different accounting software program. This makes it troublesome to modify bookkeeping providers later. Equally, if you wish to strive a device like QuickBooks or Xero down the road, it may take a number of time to reformat and import all of your monetary data from Bench.
“Our accounting agency doesn’t suggest utilizing a non-standard, proprietary software program to your accounting because it makes it very laborious to modify accountants and handle your books while you outgrow the system,” says Vanessa Kruze, founder and CEO of accounting agency Kruze Consulting, referring to Bench.
If outgrowing the platform is a priority, take into account QuickBooks On-line with the QuickBooks Live Bookkeeping service added on as an alternative. This bookkeeping service will join clients instantly with a bodily licensed bookkeeper to assist them with their books. Although it is extra expensive than Bench Accounting, the QuickBooks platform is extra scalable and broadly used amongst accountants, so it could possibly be a greater resolution for a quickly rising enterprise.
Tax Submitting Companies Not Included
Though Bench gives tax assist — for instance, bookkeepers can coordinate together with your present CPA and may put together a year-end monetary bundle with tax-ready monetary statements for no additional cost — it received’t truly file your taxes for you until you pay for a further service referred to as Bench Tax. This service prices a further $99 monthly when billed yearly.
With Bench Tax, you’ll obtain entry to a licensed Taxfyle professional (skilled within the Bench platform) who will deal with your tax processes from begin to end, together with filings.
Alternatively, take into account the web bookkeeping service Xendoo. Whereas it’s barely costlier than Bench, the associated fee covers extra providers. In most packages provided, submitting your state and enterprise tax return is included within the worth, as is a subscription to Xero.
Is Bench Accounting proper for me?
When you’ve got a sure kind of enterprise, sure. Bench gives a terrific time-saving service that is inexpensive. It isn’t match for fast-growing companies which will want so as to add a number of accounts or extra performance later. However for small-business homeowners who anticipate to have comparatively easy financials long-term, it could possibly be effectively price the associated fee.
A model of this overview was first revealed on Fundera. It has been up to date.
Screenshots courtesy of Bench.co.