Bench Accounting Review 2024

Our Verdict

Hands-off bookkeeping solution for small businesses

Bench provides users with a team of professional bookkeepers who categorize transactions and maintain accurate financial records, thus replacing traditional accounting software. It also assists users in preparing for tax season by organizing financial data, providing relevant documentation, and connecting them with tax professionals.

Bench is designed to cater to the bookkeeping needs of small-to-midsize businesses, freelancers, and independent contractors with limited accounting knowledge. Because it uses a cash-based accounting method, it’s not ideal for larger companies with $5 million+ in revenue or SMBs looking to scale or switch providers later.

Pros

  • Professional accounting support to help users with financial and tax filing reports
  • Intuitive interface, allowing users to track how their business is going easily
  • Comprehensive customer support via live chat, email, and phone
  • Great for tracking basic daily expenses

Cons

  • Lacks direct tax filing option

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 Premium
Cost pet Month $249/month $399/month
Free Trial ✅ – 30 days ✅ – 30 days
Payroll Integration with Gusto Integration with Gusto
Double Entry
Expense Management
Reporting Basic Advanced
Customer Support FAQ, live chat, email, phone support FAQ, live chat, email, phone support

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

Starting price $249/m
Best for Freelancers and SMBs seeking professional bookkeeping and tax preparation assistance
Customer support FAQ, live chat, email, and phone support
App integrations Stripe, Square, Shopify, FreshBooks, Gusto, Brex, Clio, Attune
Security & Compliance SOC 2 and SOC 3 compliant, third-party audits, SSL and AES-256 encrypted
Payroll Integration with Gusto
Reporting & analytics
Mobile app
Double entry
E-signatures
Auto-alerts and reminders

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

Bench offers dedicated support for your bookkeeping needs

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

Bench's income statement feature

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

Bench's tax centre feature

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.

A review of Bench Accounting

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 QuickBooks Zoho Books Xero
Best for SMBs, freelancers and individuals with limited accounting knowledge looking to simplify daily financial tasks, manage transactions and file taxes Businesses of all size looking to streamline expense tracking, payroll, inventory management and invoicing Small companies looking to scale their business Bank reconciliation, invoicing, connecting with other business tools
Starting Price $249/m $15/m $15/m $29/m
Free Trial
Payroll With integration With integration
Reporting Standard Custom Advanced Advanced
Mobile App

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.

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Aleksandar Stevanovic

Aleksandar Stevanovic spent 10 years honing his craft as a freelance content writer. He has a degree in Economics, and extensive experience in software, crypto, and cybersecurity industries. He covers a multitude of topics, writing factual and informative articles, helping individuals better understand the intricacies of the online world. Over the last two years, his research focus shifted more towards tech and software content, as evidenced by his publications on CEX.IO, Business2Community, and Techopedia. He believes in simplifying complex topics and bringing them closer to like-minded individuals. His work is as detail-oriented as it is creative, and is designed to…