Bench Accounting caters primarily to startups, SMBs, and enterprises to handle their accounting and bookkeeping needs. A web-based app, Bench Accounting provides a robust set of accounting tools with a designated team of dedicated professional bookkeepers for all their clients. This bookkeeping and accounting software aims to help their clients focus more on growing and expanding their business, while the software takes care of all their accounting and bookkeeping requirements.
Subscribers of Bench Accounting are able to upload and share spreadsheets, trasactiond documents, and receipts. Moreover, the users are spared from the grunt work when it comes to accounting, as a dedicated bookkeeping team sorts everything out. These expert bookkeepers provide users with a variety of their trasactions, reconciling statements from their bank, credit card, and even PayPal accounts, while ensuring that the client’s book is accurate.
Moreover, by subscribing to Bench Accounting, their bookkeepers will also provide receipt management where they attach receipts to corresponding trasactions present in the accounting system. The bookkeepers need to ensure that the receipts are accounted for, as this will help companies create a complete and spotless record.
Bench Accounting also provides the benefits of multiple integrations with third-party apps like Stripe, Square, Shopify, and Freshbooks. An added bonus is that you can choose from the give expense-based packages that can either be selected annually or monthly. With services as low as $119/month, Bench Accounting is a cost-effective tool for all types of businesses.
- Founded in 2012
- Located in Canada
Key Metrics of Bench Accounting
With Bench Accounting, customers can save time and money spent on complex accounting and bookkeeping activities. This software provides expert bookkeepers that execute high quality and accurate services that provide complete trasparency to the user in terms of income, expenses, payables, receivables, and more, without having to do any of the time-consuming work.
Bench Accounting provides interactive and easy-to-understand financial statements every month. These statements highlight all the transactions, which are organized into specific categories for easy tracking. If needed, customers can even customize and create visually engaging financial reports for their investors and customers. These reports can provide details about the company’s revenues, expenses, and profit, hence, you get an idea about the entire financial status.
As Bench Accounting is connected to all major banks and popular payment gateways, the software provides 256-bit encryption that ensures all your financial information is safe and unaccessible to the best of hackers, unauthorized personnel, and even leaks and breaches.
Financial tools can be difficult to decipher and understand. With Bench Accounting, whenever you need to connet with your bookkeeping team, the app will instantly connect you with the experts. Hence, as and when the need arises, you can send and receive messages instantly. Basically, users of Bench Accounting have access to their finance team in real time.
Bench Accounting provides is clients with tax professionals for support. It also offers CPA support and services like catch-up bookkeping, which is for accounts that are long overdue.
The team of Bench Accounting aims to make accounting simple, effortless, and affordable for all types of companies. To accomplish this, they provide a host of features as listed below:
Bookkeeping Support and Financial Technology
- Bookkeeping for bank accounts, credit cards, loans, and merchant account processors
- Categorizing all trasactions, reconciliing bank accounts and creating income statements and balance sheets
- Importing financial inormation from linked accounts automatically without having to send any documentation manually
- Create customized visual reports, which includes business expenses, revenue, and profits that can be compared over time
- Catch-up with bookkeeping for accounts that are overdue
- Get safe and dedicated logins for certified public accountant (CPA), business partners, and investors
- Easily use the mobile app to check your finances on the go
Small Business Tax Support
- Get support for taxes, which includes preparation of a year end financial package
- Experts at Bench Accounting with collaborate with clients’ CPA or tax professionals to ensure the tax filinf process is flawless
Customer Service and Security
- The team of bookkeepers provided to the clients are all in-house employees who have undergone proper training
- Get 24/7 phone call and email support without any extra cost
- Protect financial data with SSL encryption and employee background checks
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Bench Accounting provides various packages, ensuring small businesses and large-scale enterprises, both can get the best of the software. The customer can choose a plan based on their average monthly expenses. Mentioned below are the details of each plan:
Starter – $139/month (annual billing) or $159/month if billed monthly
- Monthly expenses below $1k
Micro – $159/month (annual billing) or $179/month if billed monthly
- Monthly expenses from $1k to $7.5k
Boutique – $179/month (annual billing) or $199/month if billed monthly
- Monthly expenses from $7.5k to $20k
Venture – $219/month (annual billing) or $249/month if billed monthly
- Monthly expenses from $20k to $60k
Corporate – $299/month (annual billing)or $349/month if billed monthly
- Monthly expenses up to $1M
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Pros and cons
Just like any other software, there are a few disadvantages to this tool too. Based on the feedback shared by Bench Accounting users, we have compiled a list of pros and cons.
- Fast and Saves You Time
The most prominent advantage of Bench Accounting is the amount of time companies save by not having to carry out mundane bookkeeping tasks. All they need to do is link their financial information with the tool and the experts will take care of the rest.
- In-house Expertise
Another great benefits is that all of the bookkeeping experts providing by Bench Accounting are employeed by the company. These employees receive regular in-depth training and start every customer relation with a call to ensure they understand the requirements clearly.
When compared to other bookkeeping services, Bench Accounting is more affordable and cost effective. Most bookkeeping tools charge clients based on the number of accounts, however, Bench Accounting has monthly plans, which brings the overall cost down drastically.
- Difficult to Switch Providers
Bench Accounting works on a proprietary bookkeeping system. Hence, if customers wan to switch bookkeeping services, they need to start the entire process from scratch and reformat and import all financial information from the Bench Accounting team.
- No Tax Filing Services
Although Bench provides tax support, they won’t actually file your taxes for you, which is a drawback for small businesses looking to streamline financial tasks.
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Bench Accounting Integrations
You can integrate the following tools to Bench Accounting:
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Free Trial- Yes
- Cloud Hosted
- Live Online
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- Business Hours
- 24/7 (Live Rep)
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Top Bench Accounting Alternatives
If Bench Accounting doesn’t suit your requirements, here are the top three alternatives to Bench Accounting that could help you:
1. Zoho Books
One of the best financial reporting tools on the market, Zoho Books is an online accounting platform that enables businesses to manage their money flow. This software can be used by customers to manage their invoices and keep expenses in check. Considering its features, this software is aimed towards providing support to small business to manage their finances and remain on top of their cash flow. To know more about this software and if it is a perfect match for your needs, read the in-depth review by ToolsMetric!
A financial management tools, FloQast is created by accountants for accountants to close accounts faster and more accurately. This software is ideal for all types of businesses, as it equipped with a number of advanced and essential features and tools. The software has been designed specifically for financial account managers, financial officers, and accountants, and it is a cloud-based accounting solution.
With this software users can manage information that is related to client data, accounting processes, reconciliations and documents. Read the in-depth review by ToolsMetric for more details.
3. QuickBooks Online
Intuit’s Quickbooks Online provides all the types of accounting features, right from accounts receivable and payable features, to tracking projects and inventory. This makes it a ‘must-have’ for every business. Companies can make use of this software to carry out tasks like bank reconcilitation, tracking expenses, drafting invoices and monitoring financial reports, among other features. To know more about the software, you can read the in-depth review by ToolsMetric.
When I first heard about Bench, I was nervous about switching from a standard, old school accounting firm I'd worked with for many years. Within a week, my fears were dissipating. Three years later, my fears are completely gone. Bench completely meets my needs as a small business owner - while saving me time and money.
- Bench is SIMPLE. The software provides me an accurate and easy to understand overview of my monthly and annual financials with easy-to-process visuals and graphs. The software integrates automatically with my bank and credit card, alleviating the back and forth calls and emails I used to labor through with my former "brick and mortar" accountants. When I have a question, the Bench team is always available and quick to respond.
- Platform errors and the lack of additional features.