It’s also important to note that, unlike Bench, QuickBooks does not offer a pricing discount for opting for an annual subscription. In this Bench vs. QuickBooks comparison, we’ll break down these platforms in terms of features, pricing, and more so that you have Law Firm Bookkeeping and Accounting: A Completed Guide 2022 all of the information you need to determine which (if either) is the better option for your small business. Accounting Prose empowers our clients with the accurate data they need to make crucial financial decisions and successfully scale their business.
With Bench, you can cancel your subscription at any time; plus, you can first sign up for a free trial and work with the Bench team to ensure you have the right plan for your needs. Autonomy and radical responsibility are non-optional conditions for working at Bench. Uncover how your job can help us change lives, show us how it’s done, and take charge of your career. Bench can likely get you set up and start at a point in time, allowing you to skip entries of historical data. While on the outside our services may appear to be the same, there are a few key differences in our service offering that may help you make the choice that is right for you.
What are the Alternatives to Bench?
Our Premium plan connects you to a licensed pro ready to get you filed before the deadline hits.Tax time stress isn’t limited to tax season. That’s why we offer year-round tax advisory services through our Premium plan. We’re on hand for all your tax planning needs, and we’ll make a custom tax plan that works for your business. Each month, your bookkeeping team — made up of three in-house Bench employees — will categorize all your transactions, reconcile your bank accounts and prepare financial statements. This process is completed within 15 business days once you’ve sent all the necessary documents. Bench’s core product is online bookkeeping software paired with in-house bookkeepers.
You also have the option to sign up for a 30-day free trial of any QuickBooks Online plan or receive your first three months of the software at a discounted rate. Bench bookkeeping clearly defines its pricing on its website, which starts at $349 per month. Their packages only cover receipt management and account reconciliation.
Our COVID Safety Plan
That means you’ll never lose access to your data within our platform. All reports can be easily exported to an Excel file to share with your accountant or future bookkeeping provider. Once you securely connect your financial accounts to the Bench platform, we’ll pair you with a dedicated bookkeeper. See what running a business is like with Bench on your side. Try us for free—we’ll do one prior month of your bookkeeping and prepare a set of financial statements for you to keep. To maintain accurate books and capture more tax deductions, we make it easy to add business transactions from your personal accounts to Bench.
For example, if you are looking for outsourced virtual bookkeeping, you might also look into Wave accounting and their Wave Advisors service. On the other hand, if you’d prefer a self-service accounting platform with greater functionality, you might compare Xero or FreshBooks to QuickBooks Online. Plus, if there are any functionalities that you want that are not included in your QuickBooks Online plan, you have the option to integrate with hundreds of third-party tools to add those https://turbo-tax.org/top-5-legal-accounting-software-for-modern-law/ functionalities to your software. Additionally, with four different plan levels, QuickBooks is highly scalable, allowing you to grow with your accounting software and upgrade your plan when your needs change. With the higher level plans, QuickBooks Online includes advanced capabilities like inventory tracking, job costing, bill pay, and more. Furthermore, if you want to track your budget, and drill down to see profitability by job or customer, you won’t be able to do this in Bench.
Wondering about the name Bench?
Once you securely connect your financial accounts, we’ll introduce you to a dedicated bookkeeper. They’ll get to know your business, and show you how Bench works. Unlike other bookkeeping solutions, we don’t remove your login access after your subscription has ended.
- Bench also gives you the option to opt for an annual subscription and receive a discounted rate.
- Here’s everything you need to produce a reliable financial forecast for your business.
- And we do it in a way that’s never been done before—by pairing intuitive software with real, human bookkeepers.
- We’ll do a month of your bookkeeping in one business day, and deliver a set of financial statements for you to keep.
Bench offers a Profit and Loss (aka Income Statement) and a Balance Sheet on a cash basis. Your Profit and Loss shows you the income and expenses for a period- which can be a day, a month, a year, etc. Your Balance Sheet is a snapshot of the financial position of your business at a point in time. On your Balance Sheet, you can see your assets (what you own), liabilities (what you owe), and equity (your stake in the business). Perfect books No need to second guess whether your bookkeeping is done correctly.
Bench Accounting Review: Pricing, Features, Alternatives
Essentially, financials drafted by Bench are good to send to your CPA at the end of the year to prep your taxes. You may need to provide additional detail to your CPA, but they will be good conversation starters. Cash-basis financials really only show a part of your financial picture and may not give you the depth that you need. We use Plaid, a safe and automated way to connect your financial accounts to Bench. Once your accounts are connected, you’ll gain access to secure and powerful insights, while saving the time and effort of manually uploading your statements each month.
You can add any amount of Catch Up bookkeeping to a standard Bench plan. No matter how far behind you are (yes, even years behind), we can get you caught up quickly. Bench Walk Advisors’ award-winning team has a proven track record in financing successful cases and portfolios and understands the need for straight-forward and prompt decision-making when considering funding applications. Just like Accountingprose is well-suited for a specific audience, so is Bench.
Explore over 600 resources for managing small business finances
We don’t sync your financial data from any other bookkeeping software. Easily see your updated financial data every time you log in. With real-time insights, you can make on-the-fly decisions about where to spend and where to save, helping your business stay on budget. Bench gives you a dedicated bookkeeper supported by a team of knowledgeable small business experts. Get a direct line to your team on desktop or mobile—professional support is just a few swipes, taps, or clicks away.
- If you have any questions, you can get in touch with your Bench bookkeepers via in-app message or by booking a call.
- Message your team any time, or book a call whenever you like.
- Moreover, it’s always worth taking advantage of a free trial or demo, if offered, so that you can get a firsthand sense of how the system functions and whether it will actually work for your business.
- Perfect books No need to second guess whether your bookkeeping is done correctly.
- Whether it’s a year end review call or a monthly check-in, we’re always happy to talk shop.Year-round supportHave financial questions?
