Even with the Simple Start plan, QuickBooks offers a range of features that Bench does not—from mileage tracking to invoicing to accepting payments. Bench's core product is online bookkeeping software paired with in-house bookkeepers. Bench Accounting offers two monthly subscription plans, Essential for $299 and Premium for $499. If you sign up for an annual contract, the monthly price goes down to $249 for Essential and $399 for Premium. While both offer basic bookkeeping and year-end reporting, Premium has unlimited tax advisory services and federal and state tax filing. Intuit QuickBooks stands out for unlimited invoicing and payment acceptance in all plans.

• As you can see, as an online bookkeeping service, the features of Bench are focused on basic bookkeeping and financial reports—taking on these monthly responsibilities on behalf of your business.
• Moreover, it’s always worth taking advantage of a free trial or demo, if offered, so that you can get a firsthand sense of how the system functions and whether it will actually work for your business.
• More advanced apps let you capture receipts for tracking expenses, obtain signatures, review outstanding invoices, reconcile accounts, receive upcoming payment reminders, and more.
• The Digital Merchant has the best strategies and tools to grow your digital business.
• Check out our evaluation of the best small business accounting software if you want to learn more about the leading solutions and what they can offer your small business.
• After you sign up to Bench, a dedicated member of our team will assist you in connecting all your financial accounts securely to our platform.

Bench.co’s Financial Reporting

• 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.
• In contrast, Bookkeeper360 offers a customizable package that can be tailored to your business with additional options such as payroll and HR solutions and is available for either QuickBooks or Xero users.
• A cool feature with the Bench app is its financial reports (financials).
• Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance.
• The Bench Accounting pricing guide shows two monthly plans, Essential and Premium, which cost $299 and $499, respectively.
• Also, they never make assumptions about your business, preferring instead to reach out with any questions.

Promotional offers for both monthly and yearly plans are for a limited period. No free trial period is included when availing this promotional discount. Airbnb hosts who manage one to two properties with a few customers at a time should consider Freshbooks for their accounting software. Yes, both Bench and Bookkeeper360 offer catch-up bookkeeping services.

• Higher-tiered plans allow you to invoice more clients, pull double-entry accounting reports, send estimates and proposals and automate late payment reminders.
• Bookkeepers are people too, hence some leave the Bench team for pastures new.
• It comes in handy for the boring stuff, investigating where you’re overspending, locating unnecessary overheads, that sort of thing.
• Available for iOS devices, Bench’s mobile app allows you to upload digital copies of bills and receipts to the Bench software for your bookkeeper to review.
• On this call, we’ll connect your accounts to Bench, and gather any extra documentation we need to complete your books.

Competitive pricing

Unlike accounting software, however, Bench doesn’t offer tools for invoicing, inventory management or bill payment. We feel that Bench is the better option because it offers affordable services that are useful for most small businesses, like tax filing and https://www.bookstime.com/ catch-up bookkeeping. However, you’ll want Bookkeeper360 if you’re looking for more customizable services similar to those offered by traditional accounting firms. At Fundera, Randa specializes in reviewing small business products, software, and services.

Best Accounting Software for Small Businesses of 2024

Every report accessible in the Bench platform can be exported to an Excel file for easy sharing with anyone from business partners to accountants. If getting your books caught up is your priority, our Catch Up and Retro bookkeeping teams will work with you to get your books in order, fast. We believe everyone should be able to make financial decisions with confidence. The safety of your private data is our top priority, that’s why it’s protected by 256-bit SSL encryption — the gold standard in Internet security. FreshBooks is cloud based and uses industry – leading secure servers. Get so much more time to land clients, stay connected to projects, and grow your business.

Built for small business

You’ll sign up to a plan with Bench and they’ll assign one of their bookkeepers to you. They’ll keep you updated with how your accounts are looking and they’ll be available to contact you if you’ve got any issues. Now, there was one thread left on Reddit that caught my eye regarding Bench.co. It was from a reviewer who explained how they had initially purchased a Bench.co subscription to manage their income and expenses via reports from Bench.

America’s largest bookkeeping service for small businesses

Best of all, this is included in its Premium bookkeeping plan at just $499 a month. 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. Using Bench is different from having a subscription to accounting software like QuickBooks Online or Xero. These products can streamline tasks like reconciling accounts and categorizing transactions, but they don’t take bookkeeping off your plate completely like Bench does.

At tax time, we send a package with everything you need to file. 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, bench accounting login preferring instead to reach out with any questions. Bench recently added 1099 reporting, with reports available year-round. Your 1099 transactions will be categorized with the date, details, and the payee name, making it easier to process forms.

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. Our journey together has been like a rollercoaster designed by a clown – full of unexpected twists, turns, and a few too many pies in the face.

Bookeeper360’s advisors can also help with raising capital, producing financial forecasts, capital deployment strategies, and corporate governance. Once we have everything set up, we’ll complete a month of your bookkeeping. Our bookkeepers reconcile your accounts, categorize your transactions, and make necessary adjustments to your books.

Frequently Asked Questions (FAQs)

These metrics combined enable you to paint a picture of how your business is progressing over time. You’ll be pleased to know you won’t have to contact your bookkeeper every time you want a status report of your financials. Bench’s software provides a feature that acts as a progress tracker so you can gauge where accounts are during the completion process. As previously mentioned, you can schedule a call via Bench’s app. These calls are centered around reviews, obviously, hence you’ll be connected with your bookkeeper and discuss how things are progressing. From what I gather, there’s no specification as to why you should call.