What is Bench? Bookkeeping Services for Small Businesses

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We all know in the busy life of a small business owner, keeping track of financials is sometimes placed on the back burner until crunch time at the end of the fiscal year. However, accounting software solutions, like Bench Accounting, have made things easier by providing an online platform that simplifies bookkeeping tasks. With this software, you can streamline your financial tracking and get real-time insights into your business’s performance. In this guide, we’ll explore Bench Accounting in detail, highlighting its key features and how it supports business growth.

What is Bench Accounting?

Bench provides small business owners with an all-in-one bookkeeping, financial insights, tax, and advisory solution without the costly CPA price tag. With Bench, clients are paired with a one-on-one bookkeeper to work with throughout the year and into tax season, where they’ll work with your existing CPA or Bench Tax representative to manage your books and tax preparation for a seamless tax season.

Most importantly, Bench is reliable. While smaller shops sometimes prefer a local bookkeeper, there are too many horror stories of bookkeepers taking off on clients or not completing books accurately or on time resulting in fees and penalties from the IRS. With Bench, you still get a one-on-one relationship with a bookkeeper, but with the backing of a 600-person company behind them. Bench is often less expensive, and the cost is known upfront (the industry standard for bookkeepers is to charge hourly, and clients often don’t know how long their books will take until after the fact).

Key Features of Bench Accounting

Bench Accounting has features that help business owners stay on top of their finances. Some of the key features of Bench Accounting include:

• Bank Account and Credit Card Synchronization: Bench Accounting syncs with your bank accounts and credit cards, pulling all transactions into one centralized platform.
• Automated Categorization: Bench Accounting categorizes all your transactions, making it easy to track expenses and income.
• Powerful financial reporting: Bench Accounting provides monthly financial statements, including profit and loss statements and balance sheets. Clients get to see how their business is doing, master their spending, and make smarter decisions with their money every step of the way.
• Stress-free tax filing: no more year-end surprises - Bench will help clients get their overdue books caught up, taxes filed on time, and access to year-round advisory services.
• Tax Filings: As part of its services, Bench Accounting prepares and files your business’s taxes, saving you time and ensuring compliance.

How to Use Bench Accounting

Using Bench Accounting is easy. Here are the steps to follow:

1. Start a free trial with Bench - sign up here!
2. Connect your bank accounts and credit cards. You will need to provide them with access to your financial information so that they can manage your books and prepare taxes.
3. Once you securely connect your financial accounts, you will be introduced to a dedicated bookkeeper.
4. Get a snapshot view of all your money in and money-out out whenever you need it, even before your books are closed.
5. Each month, your bookkeeper organizes your business transactions and prepares financial statements. If they need anything from you, they’ll get in touch.
6. At tax time, you will receive a package with everything you need to file. Or, let Bench do it for you with their Premium plan.

 Related Reading: We break down the business bank accounts that will help simplify your business finances. Find out which one you may be missing in our guide, 5 Financial Accounts to Help Manage Your Small Business Finances

How Bench Supports Business Growth

Bench Accounting’s robust bookkeeping features were built to help alleviate the burden and stress of financial reporting so small business owners can focus on what they do best - growing their businesses. By allowing you to manage your financials in one place, you can make data-driven decisions based on real-time information that factors your expenses, revenue, and profits from your business. With Bench’s automation, you can save time and energy, channeling them into tasks that will propel your business to new heights. Additionally, Bench Accounting’s tax preparation services ensure that your tax compliance is easier for you and identify potential tax refunds or other tax write-offs you may not have identified on your own. Start a free trial and let Bench handle your bookkeeping!

Get started with Bench

Bench Accounting - built to bring small business owners one-on-one expert support, powerful reporting, and accurate monthly financials. If that sounds like something that would help free your time and energy while benefitting your business, sign up today for a free 1-month trial and 30% off your first 3 months.