Bench Accounting Review: Pricing, Features, Alternatives & More [2023]

Bench Accounting is a popular online bookkeeping service that aims to simplify the accounting process for small businesses and entrepreneurs. In this article, we will take an in-depth look at Bench Accounting’s pricing structure, explore its key features, and consider some alternative options available in the market.

Introduction

Managing finances and bookkeeping can be a time-consuming and complex task for business owners. Bench Accounting seeks to alleviate this burden by offering a comprehensive bookkeeping service that combines human expertise with advanced software. The company has gained significant popularity among small business owners and freelancers due to its user-friendly approach and efficient services.

Bench Accounting Pricing

EssentialPremium
Pricing$249/month (billed annually)
or
$299/month (billed monthly).
$399/month (billed annually)
or
$499/month (billed monthly).
Features1. Accountant access.
2. Monthly bookkeeping services.
3. Unlimited customer support.
4. Year-end financial statements.
5. Mobile app for iPhone provides access to cash flow updates and reports.
6. Add-ons for catch-up bookkeeping and specialized services, like accounts receivable tracking.
Essential plan features along with annual tax preparation and filing assistance.

When considering any accounting service, pricing is a crucial factor. Bench Accounting offers several pricing plans designed to cater to the needs of different businesses. The plans are based on the monthly expenses of the business, making it easier to find the right fit. The pricing structure is transparent, with no hidden fees or surprises.

Bench Accounting’s pricing plans include a Starter plan for businesses with monthly expenses up to a certain limit, a Growth plan for growing businesses, and a Scale plan for larger businesses with higher monthly expenses. The pricing is competitive when compared to other similar accounting services in the market.

Bench Accounting Features

Bench Accounting provides a wide range of features to simplify and streamline the bookkeeping process for businesses. Here are some of the key features offered by Bench Accounting:

Bookkeeping services

Bench Accounting assigns a dedicated team of professional bookkeepers to each client, ensuring personalized attention and accuracy in financial record-keeping. The bookkeepers are responsible for categorizing transactions, reconciling accounts, and maintaining up-to-date financial records.

Financial reporting

Bench Accounting generates comprehensive financial reports, including income statements, balance sheets, and cash flow statements. These reports provide valuable insights into the financial health of the business, helping owners make informed decisions and track their progress.

Tax preparation

Tax season can be particularly stressful for business owners. Bench Accounting simplifies the tax preparation process by organizing and categorizing expenses, tracking deductible expenses, and generating necessary tax documents. This streamlines the tax filing process and helps reduce the risk of errors or missed deductions.

Integrations with other tools

Bench Accounting integrates with various popular accounting and business management tools, such as QuickBooks and Shopify. These integrations enable seamless data transfer and synchronization, eliminating the need for manual data entry and saving valuable time for business owners.

Bench Accounting Alternatives

While Bench Accounting offers a robust set of features and services, it’s essential to consider alternative options to find the best fit for your business. Here are a few notable alternatives to Bench Accounting:

  • QuickBooks: QuickBooks is a well-established accounting software that offers a range of features for small businesses. It provides comprehensive bookkeeping, invoicing, and tax preparation functionalities. QuickBooks also offers a wide selection of integrations with other business tools.
  • Xero: Xero is another popular cloud-based accounting software known for its user-friendly interface and extensive feature set. It offers features such as bank reconciliation, invoicing, and inventory management. Xero also integrates with various third-party applications.
  • Wave: Wave is a free accounting software that caters primarily to small businesses and freelancers. It offers essential bookkeeping features, invoicing capabilities, and basic financial reporting. While Wave may not have all the advanced features of Bench Accounting, it can be a suitable option for those on a tight budget.

Conclusion

Bench Accounting provides a valuable solution for small businesses and entrepreneurs seeking efficient bookkeeping services. Its transparent pricing, dedicated team of bookkeepers, and comprehensive features make it an attractive choice. However, it’s important to consider alternative options such as QuickBooks, Xero, and Wave to find the best fit for your specific business needs.

FAQs

How does Bench Accounting handle data security?

Bench Accounting takes data security seriously and implements various measures to protect sensitive financial information. The company employs encryption protocols, secure data storage, and restricts access to authorized personnel only.

Can Bench Accounting handle complex accounting needs?

Yes, Bench Accounting is equipped to handle a range of accounting needs, including complex transactions, multiple accounts, and industry-specific requirements. The dedicated bookkeeping team assigned to each client ensures personalized attention and expertise.

Does Bench Accounting offer a mobile app?

Yes, Bench Accounting does offer a mobile app. However, the web-based platform is optimized for mobile devices, allowing users to access their accounts and review financial information on the go.

How does Bench Accounting pricing compare to other similar services?

Bench Accounting’s pricing is competitive compared to other accounting services in the market. The transparent pricing structure, based on the business’s monthly expenses, allows for scalability and flexibility.

Can Bench Accounting integrate with my existing accounting software?

Bench Accounting offers integrations with popular accounting and business management software, including QuickBooks, Shopify, and more. These integrations allow for seamless data transfer and synchronization between platforms.

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Hello, my name is Musa, and I am a writer specialising in business accounting and news. With over 10 years of experience in the industry, I have established myself as a knowledgeable and reliable source of information in the field.

I graduated from the University of Toronto with a degree in Accounting and finance and went on to work in various accounting firms, where I gained valuable experience in financial analysis, auditing, and taxation. However, I soon realised that my true passion lay in writing about the world of business.

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