Each plan, irrespective of price, comes with its own bookkeeper and intuitive software that you can use to track your finances. The plans include monthly bookkeeping for up to 15 financial accounts and if your business requires more accounts or additional services, it may be necessary to get a custom price from Bench. Compared with other bookkeeping services, Bench is relatively affordable, starting at $249 per month.

In fact, you only need your balance sheet, or your profit and loss statement to show you how strong your business is financially. With this in mind, you’ll be able to plan better and decide what expenses you can afford. So, you’re a freelancer or small business owner and you’re struggling with your bookkeeping. Let’s face it, it’s not the most exciting thing there is, and it can get quite complicated sometimes but like they say, it has to be done. Once your books are complete, your bookkeeper will update the status of the task on Bench’s platform to acknowledge that fact. You’ll then be able to analyze and review accounts via the “reports” section.

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However, you’ll have to give Bench one month’s worth of filing history to ensure your books are up to date. There really is not much to be said about the ongoing activity, and that’s a good thing. Even with the standard monthly check in from Pan, and the billing statement, it’s easy to forget that there are people working away behind the scenes on our bookkeeping. To go from spending hours every week on our books to essentially, “setting and forgetting” was nerve-racking at first but got a lot easier after a couple of months. Over the first two years that we were in business, we cycled through a seemingly endless parade of bookkeepers, never managing to find a good fit.

Bench’s app is its online platform that you’ll be using to communicate with your bookkeeper and monitor overall accounting progress. 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.

Popular Bench Accounting Alternatives

A cool feature with the Bench app is its financial reports (financials). You’ll be provided with some real-time as well as monthly stats (monthly expenses, for example) about your business. It comes in handy for the boring stuff, investigating where you’re overspending, locating unnecessary overheads, https://www.bookstime.com/articles/bench-accounting that sort of thing. Bench saves you time, not to mention precious hair follicles, by arranging a team of accountants (and CPA staff) to keep your books. Bench operates as a web-based service designed to help small businesses manage (and small business owner teams) their finances and accounting.

• Traditionally, bookkeeping is one of those services that we always thought required personal relationships and facetime.
• Some companies will do this manually on paper charts, and others will use a computer program.
• A bookkeeping provider like Bench can help you understand your cash flow better by seeing financial reports and visual reports.
• Then, by the end of the year, you’re ready for a new season and filing your taxes.
• Now each one of these has its own pros and cons that you have to consider if you want to find the right solution for you.
• Bench costs anywhere from $139 to- $299 per month when billed annually.
• That said, the software boasts of 256-bit encryption to keep all your financial information safe and far from the reach of hackers, unauthorized personnel, leaks, and breaches.
• The most valuable part of the experience for our business is their ability to help us stay on top of what needs to be done without creating too much additional work on our end.