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Bench Accounting is a new and unique service that supports both traditional accounting systems as well as cryptocurrency transactions. With the industry in its infancy, it can be difficult to know which services are worth your time or money. This review will help you understand what Bench has done wrong so far and what they have done right to make this company an interesting investment for users of all levels of experience..
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Accounting Benchmarks is a virtual accounting firm that helps companies and individuals with bookkeeping and tax preparation. When you join up for Accounting Benchmarks, you’ll be assigned a personal bookkeeper who will classify your transactions, reconcile your accounts, and generate reports on your behalf, supported by a team of in-house accountants. You’ll also have access to an online tool that lets you track your financial data and connect with your bookkeeper.
The Essential package from Accounting Benchmarks costs $299 per month and includes monthly accounting and year-end reports. Before you purchase, you may join up for a free 30-day trial with no credit card necessary. Bench is also offering Fit Small Business readers a 30% discount on their first three months.
Accounting Benchmarks may be found on the internet.
Accounting Benchmarks is a tool that we recommend for a variety of reasons.
Accounting Benchmarks is suitable for freelancers and small enterprises that just require basic accounting services, such as preparing cash-basis financial statements for tax returns. It’s a great option if you’re short on time or want to delegate your bookkeeping to a professional so you can concentrate on other elements of your company. You’ll also have access to a tax expert who can assist you in preparing and submitting your taxes.
Bench provides Bookkeeping in the Past services to clients who have fallen behind on their accounting and need assistance getting caught up. Bench is the greatest online accounting solution for firms who are behind on their bookkeeping because of this functionality.
For Whom Is Accounting Benchmarks Most Appropriate?
- Companies that do not wish to buy or learn accounting software include the following: When you join up with Accounting Benchmarks, you’ll be linked to a team of professional bookkeepers who will manage your books for you, saving you money on DIY accounting software.
- Businesses that need infinite accounting support: One of the most appealing features of Bench is that it allows you to communicate directly and indefinitely with its in-house research team, making it simple to seek bookkeeping assistance and direction.
- Companies who have been overdue on their accounting for more than two years: BenchRetro is worth the extra money if you have overdue books and tax deadlines are approaching.
- Companies and self-employed individuals that need to file an annual tax return: The Premium plan includes an annual business income tax return.
Accounting Benchmarks Isn’t Right for You
- Bench does not provide financial planning services such as investment or company development to businesses that need comprehensive financial planning and assistance. Consider FinancePal if you want a one-stop accounting service that also provides expert financial planning and consulting.
- Users of QuickBooks Online: You don’t need to switch software to receive help with your accounting if you already use QuickBooks Online. QuickBooks Live is an inexpensive QuickBooks Online add-on that connects you with a live QuickBooks ProAdvisor who will give Bookkeeping on a monthly basis services.
- Bench restricts the amount of bank accounts you may have with ordinary plans, which is useful for businesses that may need to expand or transfer providers in the future. It runs on proprietary software that isn’t compatible with popular accounting applications such as QuickBooks. Try Pilot if you want a solution that will grow with your company.
- Businesses with in-house accountants: Accounting software is excellent for businesses with in-house accountants. Check out our guide to the finest small company accounting software if you don’t need help with your bookkeeping.
Pros and Cons of Accounting Benchmarks
Accounting Benchmarks may be found on the internet.
Accounting Pricing Benchmarks
Accounting Benchmarks provides two monthly subscription plans: Essential and Premium, which cost $299 and $499, respectively. Monthly accounting and year-end reporting are included in all programs, but Premium adds extra capabilities including limitless tax advising services and federal and state income tax filings. If you need specific accounting features like segment monitoring, invoicing (A/R), and bill payment (A/P), you’ll need to spend $100 per month for the Specialized Accounting add-on.
Costs Not Included
- Starting at $299 per month for Bookkeeping in the Past.
- Monthly fees for specialized accounting begin at $100.
- Filing add-on for S-corps, C-corps, and partnerships: $69 per month invoiced monthly or $59 per month billed yearly for one partner or shareholder.
Accounting Benchmarks Features & Services
Dashboard
Accounting and Messages are the two options on the Bench dashboard. The Accounting tab offers you a quick snapshot of your financial situation and enables you to access reports right away if necessary. From the Accounting menu, you can also Documents to be uploaded, run reports, and link your bank accounts.
Bench’s Dashboard has an Accounting tab.
You may send and receive messages from your designated bookkeeper using the Message tab.
Bench’s Dashboard has a Messages tab.
Bookkeeping on a monthly basis
Upon enrollment, you’ll be paired with your own dedicated bookkeeper. They’ll get to know your business, explain how Bench works, and gather everything they need from you to get started, which includes your information for bank accounts, credit cards, loans, and merchant processors. Here’s a list of frequently asked questions (FAQs) regarding Bookkeeping on a monthly basis:
On a monthly basis, what will my bench bookkeeper do?
Every month, your bookkeeper will import and classify all of your company activities, reconcile your bank accounts, and generate financial statements for you. This will be finished in 15 business days, giving you plenty of time to make any necessary changes. Your bookkeeper will give you an in-app message if they have any queries regarding a specific transaction.
You can examine what’s been done, what’s in process, and what’s outstanding in the app’s status feature. You’ll get a message asking you to see your financial statements and account details online after your accounting for the month is finished. Your bookkeeper will give you a year-end financial package with all the information you need to complete your tax return around tax season.
What is the best way to contact my bookkeeper?
Through the Bench app, you may schedule a call with your bookkeeper or send them an in-app message. They can help you with anything from a tax season review call to a monthly check-in. Your bookkeeper will also keep you updated on a regular basis. Support is provided at no additional cost or on an hourly basis, and you are free to contact them anytime you have a query.
How can I ensure that my bookkeeper’s work is accurate?
Every month, once your bookkeeper closes your accounts, the information is double-checked by an in-house support staff to verify accuracy. They also never make assumptions about your company, preferring to contact you if they have any queries.
Bookkeeping in the Past
Bench’s bookkeepers may give overdue accounting services for an extra price, depending on how far behind on your books you are. You’ll need the catch-up accounting add-on if you’re fewer than two years behind on your bookkeeping. Your bookkeeper will make the necessary changes on your behalf. BenchRetro is a unique program for those who have been behind on their bills for more than two years.
Dedicated Bookkeeping
If your business needs invoicing, bill payment, property tracking, or third-party revenue collection, you’ll need to sign up for Dedicated Bookkeeping, which starts at $100 per month.
Assistance with Taxes
Bench’s Essential plan includes the preparation of a year-end financial package needed to file your taxes. To make taxes more hassle-free, you can upgrade to the Premium plan, which includes unlimited bookkeeping and Assistance with Taxes. Premium includes filing for sole proprietors and contractors as well as businesses (S Corps, C Corps, and Partnerships). When your books are completed, your dedicated tax coordinator will help you track down forms to help you simplify the filing process. Bench partners with Taxfyle for filing your return at the end of the year.
Gusto for Payroll is an acronym that stands for “Gusto for Payroll
Gusto and Accounting Benchmarks work together to help you manage your payroll transactions. Gusto automates the filing of local, federal, and state payroll taxes, as well as the generation of W-2s. It assists you in keeping track of employee details, perks, and deductions.
Documents to be uploaded
The Bench team will ask for documentation from you, such as receipts and account statements, at some stage to verify the information you supply. You have two options for sharing your files and documents:
- Log in to your Bench account, navigate to the Documents menu, and then drag and drop your file into the Upload Document box.
- From the same Upload Document menu, you’ll find an email below the Documents to be uploaded button, such as receipts+fit.small.business3@bench.co. You can send your documents to this email address.
Two Ways to Documents to be uploaded on Bench
Accounting Benchmarks
2.9
In the App Store
Accounting Benchmarks’s mobile application provides financial reporting functionality and real-time cash flow updates. It also gives you the ability to check accounts, vendors, spending categories, dates, credit, and more to ensure that your business is on track. It also enables you to communicate with your bookkeeper or schedule a phone call to address any questions. You can download the app on the App Store. As of this writing, there’s no mobile app available for Android users.
Financial Statements
The Accounting tab on your dashboard displays real-time financial updates, displaying how much money you have and how you’re spending it. You may see your income statement and balance sheet, as well as additional customisable reports. To understand precisely how your company is functioning, you may tag transactions with labels like items, clients, location, or sales channels.
The Accounting Benchmarks app generates the following reports:
1. Profit & Loss: Presented as a visual chart that is broken down by month, this report gives you a quick glimpse of your revenue, expenses, and net profit:
Sample Profit and Loss Report in Accounting Benchmarks
2. Top Expenses: This report tells you where you spend the most money in your business:
Sample Top Expenses Reports in Accounting Benchmarks
3. Income Statement: This displays how much money your firm makes, how much money it spends, and if it is profitable:
Sample Income Statement in Accounting Benchmarks
4. Balance Sheet: A balance sheet is a report that summarizes your assets, liabilities, and equity at a certain moment in time:
Sample Balance Sheet in Accounting Benchmarks
Customer Service and Usability
Bench isn’t DIY accounting software, so there’s no need to spend time learning the program. Instead, Bench does all of the accounting for you. You’ll use the Bench app to communicate with your bookkeeper, Documents to be uploaded, and view financial statements. If you need help or have a question, it’s easy to get in touch with Bench. You can send a message from the desktop browser within the app or use the mobile app for iOS. You can schedule a time for your bookkeeper to call you.
Accounting Benchmarks Alternatives
Conclusion
Accounting Benchmarks is a great option if you have no in-house accountants or you don’t want to purchase or learn how to use accounting software. Bench bookkeepers are trained professionals, so you can be sure that your books are well taken care of, at a fraction of the cost of hiring a local certified public accountant (CPA). If you only need basic bookkeeping and your business makes enough money to sustain the $299 price tag for unlimited Bookkeeping on a monthly basis support, then Bench is a cost-effective solution. You can try Accounting Benchmarks for free to see if it’s a good fit for you.
The “catch up bookkeeping price” is a tool that allows users to catch up on their accounting quickly. This software is perfect for small businesses and freelancers who want to keep track of their finances.
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