Bench Accounting Review 2024

Table of Contents Table of Contents

1. Bench Accounting Plans & Pricing
2. Bench Accounting Overview
3. Features
4. Integrations
5. Bench Accounting Customer Reviews
6. Bench Accounting vs Top Competitors
7. Verdict - is Bench Accounting Worth it?
8. How We Test Accounting Software
9. How to Choose the Best Accounting Software
10. FAQs

Show Full Guide

Table of Contents

1. Bench Accounting Plans & Pricing
2. Bench Accounting Overview
3. Features
Show Full Guide
4. Integrations
5. Bench Accounting Customer Reviews
6. Bench Accounting vs Top Competitors
7. Verdict - is Bench Accounting Worth it?
8. How We Test Accounting Software
9. How to Choose the Best Accounting Software
10. FAQs

Bench Accounting Plans & Pricing

Unlike other services that offer more complex subscription tiers, Bench keeps its pricing structure simple by offering two payment packages: Essential and Premium.

Users can choose between a monthly and yearly subscription, the latter being more cost-efficient. The offer also includes a one-month free trial, giving you full access to the Bench platform.

Before we dig into the details about each pricing tier, here’s a breakdown of all the key modules in the table below.

Essential — From $249/Month

The Essential plan comes with a fixed monthly price and covers everything you need to deliver accurate monthly books and tax-ready financial packages.

The platform provides you with dedicated bookkeeping experts who act as a part of your workforce, helping you navigate complex financial tasks, maintain accurate book records, and ensure compliance, allowing you to focus on growing your business with peace of mind.

Bench will also help you track your business’s financial position at a specific point in time, including assets, liabilities, and equity. With the help of expert accountants, you can generate critical financial statements easily and in no time.

Premium — From 399/Month

The most expensive plan comes with comprehensive support for various company types, including partnerships, S corps, and C corps. It covers everything from the Essential plan and provides a team of licensed tax professionals dedicated to helping you file income tax returns on time.

This plan is not limited to companies only. The Premium subscription tier also caters to sole proprietors and contractors, helping them create income statements and fill taxes and 1099 reports for a more seamless and hassle-free financial management experience.

Bench Accounting Overview

Features

Bench is an online accounting platform providing individuals and business owners with dedicated accounting professionals who offer comprehensive bookkeeping services. The platform relies on a combination of human expertise and advanced features to ensure businesses efficiently generate and deliver accurate and up-to-date financial records.

Bench core functionalities and features include:

• Dedicated support
• Income Statement
• Balance Sheet
• Tax Centre
• Payroll

Dedicated support

Once you register and subscribe, you can schedule a meeting with your bookkeeper, who’ll be available for any questions regarding your books. After you provide them with documents, the team will quickly become familiar with the specific needs of your business and provide you with a more personalized service.

This is especially helpful for business owners with super-busy schedules, who can enjoy a piece of mind knowing they have a team of professionals handling their bookkeeping and tax preparations.

You communicate with the team via a direct channel located on the right side of the Bench Accounting Overview page. However, from our experience, including Zoom or email could allow more efficient collaboration and quicker responses to queries.

Income Statement

One of the largest benefits of getting Bench is that users can be safe in the knowledge they have a dedicated team working to ensure that all income and expense transactions are accurately categorized.

The Bench Accounting income statement includes details about the company’s sales revenue, cost of service, gross profit, operating expenses, and net profit or loss, which provides business owners with a comprehensive overview of the company’s financial performance.

Balance Sheet

In addition to income statements, Bench allows users to create balance sheets, which is particularly helpful to small and mid-size businesses. The sheet includes a breakdown of the company’s assets and covers bank account checking, property plant & equipment, and money in transit (outstanding).

This feature also outlines the company’s liabilities, including salary & wage, payroll tax, and long-term liabilities like loans or mortgages. Finally, the equity section includes common stock and retained earnings, helping business owners better understand the company’s financial structure.

Tax Centre

The Tax Centre feature assists users in preparing for tax season and helps them streamline the tax-related aspect of their financial management. The team behind Bench enables you to organize your financial data and documents in preparation for filing income taxes.

Businesses and individuals who need to issue 1099 forms can also benefit from this service. It allows them to generate and manage these reports, helping business owners comply with federal and state tax regulations and identify eligible tax deductions.

Integrations

Bench Accounting boasts a proprietary bookkeeping system that doesn’t sync with many other accounting software. As a result, moving the information and verifying it was done correctly can take time unless you’re switching from Excel.

Besides integrating with Gusto and QuickBooks, it is vital to note the platform works well with online payment systems like Stripe and e-commerce services like Shopify, allowing users to facilitate the tracking of sales, expenses, and other financial transactions related to their business.

Bench also seamlessly integrates with Square, a popular Point of Sale (POS) system, as well as other solutions like Keap, Clio, Brex, and Atune.

Bench Accounting Customer Reviews

Bench’s customer reviews are overall quite positive, averaging around 4.5/5 stars on major review sites like Trustpilot, GetApp, Capterra, and G2. Users highlight its top-notch customer service and dedicated support team for their responsiveness, helpfulness, and commitment to addressing user inquiries promptly.

As far as cons go, users cite the inability to send documents via email or schedule Zoom calls, as they believe this would improve the platform’s communication capabilities and enhance the overall collaborative experience. There are also notes about having changed bookkeepers, which has led to mistakes being made.

Bench Accounting vs Top Competitors

Bench Accounting vs QuickBooks

Bench has a user-friendly approach, offering dedicated accounting and tax professionals, making it accessible for small businesses. On the other hand, QuickBooks is known as one of the best self-employed accounting software, offering a wide range of features for invoicing, expense tracking, and inventory management.

Because of its unique set of features and limited functionalities, at least compared to Bench, this service is better suited for individuals looking to handle invoices and payroll efficiently.

Find out more about QuickBooks in our QuickBooks review.

Bench Accounting vs. Zoho Books

Zoho Books caters to a broader range of businesses with scalability for growth, primarily due to its extensive subscription tier options that offer advanced features, customizable modules, and additional functionalities suitable for evolving business needs.

When comparing Bench Accounting’s Essential plan to Zoho’s pricing tier within the same range, Bench stands out with a clear advantage. It offers dedicated tax experts and a more extensive array of tax filing solutions, setting it apart.

Furthermore, Bench is recognized for its user-friendly interface, presenting a simpler and more intuitive option suitable for users with diverse levels of accounting knowledge.

Find out more about Zoho Books in our Zoho Books review.

Bench Accounting vs. Xero

Xero, the best accounting software for Mac, offers comprehensive features and a wide range of integration with third-party apps, allowing users to customize their accounting workflow and seamlessly connect with other business tools they use. Also, Xero supports businesses dealing with multiple currencies, which is something Bench lacks at the moment.

On the other hand, Bench has a competitive advantage over Xero due to its hands-on approach. Its dedicated team of professional bookkeepers and tailored assistance make Bench an attractive option for individuals and businesses seeking a more guided and user-centric financial management experience.

Find out more about Xero in our Xero review.

Verdict – is Bench Accounting Worth it?

In conclusion, Bench Accounting is worth one’s investment due to its unique features, such as a dedicated team of professional bookkeepers providing personalized support and ensuring accurate financial records. The platform’s streamlined and simplified bookkeeping processes make it particularly valuable for small businesses and individuals with little to no accounting expertise.

While the price of $249/month may seem relatively high at first glance, it becomes justifiable when considering the hands-on approach, comprehensive support, and numerous time-saving benefits embodied in a team of professional tax experts offered by Bench.

To summarize our Bench Accounting review, we can safely conclude that the value derived from this platform goes beyond its price tag, especially compared to its efficiency, accuracy, and professional assistance it provides.

How We Test Accounting Software

When evaluating and comparing different accounting software solutions, our primary emphasis is on the following factors to ensure we deliver an unbiased assessment:

• Pricing — Thoroughly reviewing the cost structures of each accounting software to make sure it aligns with different users’ cost considerations.
• Features — Analyzing core functionalities related to expense tracking, invoicing, tax filing, financial reporting, and other key aspects to ensure that the software is equipped to meet the diverse accounting needs of one’s business.
• Integrations — The ability to work with other essential business tools and ensure a smooth data flow across the entire business ecosystem.
• Automation — The platform’s ability to reduce manual labor and minimize errors by automating routine tasks.
• Ease of use — A straightforward interface contributes to quicker adoption and more efficient utilization across the team(s).
• Third-Party Reviews — We seek feedback and reviews from independent sources to get valuable insights into real-world user experiences, focusing on advantages and disadvantages.

How to Choose the Best Accounting Software

Selecting the best accounting software is a critical decision that can significantly impact the financial aspect of your business. Here are key steps to guide you in choosing the most suitable accounting platform:

• Price — Make sure the pricing structure and plans the accounting software offers align with your budget constraints and provide real value for the features you need.
• Features — Ensure the platform of your choice caters to your specific financial management requirements, whether it’s basic bookkeeping or more advanced functionalities like payroll, reporting or tax filing.
• Scalability — Choose an accounting software that can support increased transaction volume and provide you with additional features if needed without compromising performance.
• Ease of use — If you lack accounting expertise, opting for software with a user-friendly interface and intuitive navigation is a good idea. Such a practice ensures a seamless and efficient financial management experience.
• Integrations — Make sure the solution of your choice is compatible with different third-party apps and services. It is also worth checking whether such an integration costs extra or is included in the desired pricing plan.
• Customer support — Prioritize accounting software providers that offer responsive and accessible customer support. For example, during our Bench bookkeeping review, we found that this platform offers multiple communication channels, including a comprehensive FAQ section, live chat, email, and phone support. This ensures that users can quickly seek assistance and resolve queries promptly.

FAQs