Although it costs extra, Bench can go back in time and track previous months or even years of income and expenses for you. This is most useful if you’re joining Bench late in the fiscal year and want to get everything documented for tax time. It’s easy to view monthly or yearly financial reports with a couple of clicks.

• The Accounting tab on your dashboard provides you with real-time updates of your financials, showing exactly how much money you have and how you’re spending it.
• Bench Accounting is a virtual accounting service provider that offers bookkeeping and tax support for businesses and individuals.
• I haven’t been audited since I transitioned to Bench and hired a real CPA to file my taxes.
• Using this method can be less accurate than accrual accounting, which includes accounts payable and receivable as well.
• In a nutshell, if you use your personal accounts for business purposes, then yes, you should connect them to Bench.

You’ll have access to IRS forms for filing and reports that provide the information you need to process your 1099s. Bench Accounting integrates with Gusto to help you manage your payroll transactions. Gusto files local, federal, and state payroll taxes automatically and generates W-2s. It helps you manage employees’ information, benefits, and deductions. Learn more about the solution by reading our review of Gusto. The Premium plan fulfills your bookkeeping needs and also provides help with your taxes.

Explore over 600 resources for managing small business finances

Bench brings all of your account, transaction, and money info into one place. Financial reporting – Powerful yet intuitive financial reports come standard with Bench. Track every business transaction and performance metric like a pro, and run a smarter business right away.

We consider the opinions of users and the service’s ratings on various review sites. These criteria were disregarded for providers where no reviews were found. Presented as a visual chart bench accounting login that is broken down by month, this report gives you a quick glimpse of your revenue, expenses, and net profit. Powerful all-in-one platform designed to bring your business online today.

Bench Accounting alternatives

Bench Accounting’s mobile app is available for iOS users and 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. As of this writing, there’s no mobile app for Android devices. The Bench Accounting pricing guide shows two monthly plans, Essential and Premium, which cost $299 and $499, respectively. If you elect for an annual contract, then monthly prices go down to $249 for Essential and $399 for Premium.

Bench also offers a pay-as-you-go option, which is available for $349 per month on the Essential plan. In addition, we employ a comprehensive editorial process that involves expert writers. This process ensures that articles are well-researched and organized, offering in-depth insights and recommendations.

Easy-to-Use Accounting & Bookkeeping Features

Both Bench and Plaid are SOC-2 compliant with security practices that meet or exceed industry standards. Plaid keeps your data safe and private with best-in-class encryption protocols like the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS). It’s normal that your accounts require re-authentication from time to time. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. The Message tab enables you to send and receive messages from your assigned bookkeeper.

It’s been trustworthy and has saved me a lot of time and money. FreshBooks’ iOS and Android apps let you painlessly invoice your clients and track expenses wherever and whenever you need to. Get so much more time to land clients, stay connected to projects, and grow your business.