Lenders and investors want a clear idea of your business’ financial state before giving you money. Bench Accounting offers two monthly subscription plans, Essential for $299 and Premium for $499. If you sign up for an annual contract, the monthly price goes down to $249 for Essential and $399 for Premium. While both offer basic bookkeeping and year-end reporting, Premium has unlimited tax advisory services and federal and state tax filing. For an additional fee, Bench’s bookkeepers can provide overdue bookkeeping services, depending on how far you’ve fallen behind on your books. If you’re less than two years behind on your bookkeeping, you’ll need the catch-up bookkeeping add-on.
If you’ve added or removed accounts from the Chart of Accounts, make the same changes to the Income Statement. For instance, if you don’t track “Gas & Auto” as an expense, delete the row. Before we get started on DIY bookkeeping, download a copy of Bench’s Income Statement Template. Later, you may prefer to use a different template, or even create your own. But when you’re getting started, the Income Statement Template is tidy and approachable.
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Bench is best suited to a small business owner having trouble managing their financial accounts. However, businesses up to enterprise-level can avail of Bench.co’s services on some level. Bench.co doesn’t go backwards with your books unless you pay extra, so it’s ideal to start using Bench at the start of your tax year. If you want Bench to also file your taxes, that costs extra and the price varies depending on many factors.
- Here’s a peak inside of my account from 2016 (click on the image to expand on desktop to really see things).
- Personal federal and state income tax filings are included for sole proprietors in our Premium plan.
- For example, if an S corp earns $100,000 in profits, this income is reported on the shareholders’ personal tax returns, taxed at their individual tax rates.
- Perfect books No need to second guess whether your bookkeeping is done correctly.
We believe everyone should be able to make financial decisions with confidence. We can fully wipe your data, too—at the end of the day, it’s your info and your call. We take care of the tedious bookkeeping work, you get more time to focus on what you care about—helping your business succeed.
Step 6: Choose a system for storing your documents
Your bookkeeper will update your books accordingly on your behalf. If you’re behind on your books for more than two years, Bench offers a special program called Bench Retro. Bench Accounting’s mobile app is available for iOS users and provides financial reporting functionality and real-time cash flow updates. https://personal-accounting.org/bookkeeping-bench-accounting/ 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. Bench has a proprietary bookkeeping system that doesn’t sync with other accounting software.
The first seven steps of a bookkeeping process
Bench has partnered its bookkeeping services with Freshbooks’s business invoicing and billing to create an all-in-one financial solution. Built with small business owners in mind, Bench and Freshbooks can streamline your invoicing and time tracking while keeping your books accurate. The income statement and balance sheet completed by Bench are useful for people struggling through excel files wondering if they’re turning over a profit. These documents clarify whether you’re doing the right things, or need to switch it up and try something new. The tools in DIY accounting software let you set up a chart of accounts for your business.
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For small business owners and solo-entrepreneurs, Bench online bookkeeping service takes the headache out of financial paperwork. Starting at just $249 a month when billed annually, you will get a team of Vancouver based bookkeepers assigned to your account. They will do all your bookkeeping and send you reports monthly and at tax time. Crystal clear financial statements and reportsSee what your money is up to in real-time. The Bench platform makes it super simple to view your financials, update information, or check in with your dedicated bookkeeper. Update your tax filing experienceTax time stress isn’t limited to tax season.
You’ve got a million and one other things you’d rather be doing, but instead your flicking through ledgers and zipping through excel files. You can’t find your pen and your beginning to tear chunks of hair from your skull in desperation. You’ve concocted every excuse under the sun, but you can’t escape reality – it’s time to do your books. I haven’t been audited since I transitioned to Bench and hired a real CPA to file my taxes. You can also easily upload documents as needed (tax returns, cash purchase receipts etc).
How Bench Works
Benefits provided to employee-shareholders with more than 2% shares in the corporation are treated differently for tax purposes. The shift also involves adhering to more rigorous employment laws and potentially more complex employee benefits administration. Whether you are using the app, your mobile browser, or the desktop site, Bench gives you easy-to-read and attractive visuals to help you understand your business cash flow. In addition, Bench promises that your bookkeeper will respond to any messages or calls within one business day or less. This means you won’t spend a week chewing your fingernails if you have a concern.
Also, should you choose to avail of sole prop filing, business filing and business/personal filing you’ll be paying $600-$1,320 extra. BenchTax will take over your entire filing process from start to finish, which should save you a great deal of time and energy. If you’re using anyone other than Bench to manage your books, you can still avail of its tax services. However, you’ll have to give Bench one month’s worth of filing history to ensure your books are up to date.