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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.
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With Bench, you have access to your finance team in real time. Bench combines smart software with a professional bookkeeper that prepares your monthly financials for you. Bench is great for small businesses who need that extra hand in managing their monthly bookkeeping responsibilities. Two of the most useful general purpose financial statements – the income statement and balance sheet – have their own dedicated tabs. Next up is the Venture Plan, which is priced at $299 per month if you pay annually.
Bench offers four different pricing packages to choose from. Bookkeepers work directly from bank statements and not receipts. Because Bench is synced to Gusto, deductions are calculated automatically. If you need help, Gusto has payroll specialists that are available for human support. Bench users even get three months of Gusto for free, so there’s no risk in trying it out.
So, apart from planning, you can assess your business’s performance and you’ll be able to identify your strengths and weaknesses. For the weaknesses you identify, you’ll then be able to make improvements to your business processes. There are many of these platforms available online that you can choose from with the promise bench accounting reviews of making your bookkeeping easier. You just enter your transactions in the system and categorize them yourself. The software then separates the transactions into different sections and can automatically generate financial reports for you. Although it could make your bookkeeping more efficient, it doesn’t handle it for you.
Hi Arthur and Stephanie, thank you for taking the time to bring this to our attention. We sincerely regret to hear that this has been your experience with us, as we aim to provide timely financials so you can get your taxes filed. A member of our Client Success team will be reaching out to you shortly, and we have passed this review to your bookkeeping team for further review. My bookkeeper does change every 6 months of so, but the handover has been good each time. I have multiple bank accounts and they always reach out on time when they need a document uploaded. I plan to continue working with them for as long as I’m in business.
Bench operates as a web-based service designed to help small businesses manage their finances and accounting. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.
It’s one of the many features offered by Bench.co to help with channeling transactions and formulating decisions whether to invest in a sector or cut your losses. The income statement and balance sheet completed by Bench are useful for people struggling through excel files wondering if they’re turning over a profit. These documents clarify whether you’re doing the right things, or need to switch it up and try something new. Doing so provides Bench with the ability to import all your transaction and expense data to compile your books.
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. At tax time, your bookkeeper will send a year-end financial package with all the information you need to prepare your tax return. Bench has a proprietary bookkeeping https://www.bookstime.com/ system, which doesn’t sync up with QuickBooks, Xero or other accounting software. This makes it difficult to switch bookkeeping services later. 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.
If you also have an accountant, you can give them separate log-in credentials to your Bench account. This affordable bookkeeping service is best for freelancers and small businesses with relatively simple financials. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.
If your business needs invoicing, bill payment, property tracking, or third-party revenue collection, you’ll need to sign up for specialized bookkeeping, which starts at $100 per month. Once your bookkeeper wraps up your books every month, the information is reviewed by an in-house support team that ensures accuracy. Also, they never make assumptions about your business, preferring instead to reach out with any questions. Bench offers a pretty great deal in that they provide one month of bookkeeping service for free upon signing up. However, one drawback people have noted about Bench is that the accounting service turns over a lot of bookkeepers. Bookkeepers are people too, hence some leave the Bench team for pastures new.
