Xero Vs Bench Accounting Comparison

Bench Accounting

Bench is not suited for larger businesses with complex accounting needs. Businesses that prefer to handle their books with self-service software will need to seek out other options. Bench is also not suited for businesses that require payroll, invoicing, accounts payable, or inventory management. Launched in 2013, the Vancouver-based company has grown quickly to become one of America’s largest bookkeeping services. To date, Bench Accounting employs over 500 employees and has recently onboarded its 9,000th client. Cash-basis bookkeeping is useful for knowing exactly how much money your business actually has on hand.

Bench Accounting

However, Bench does provide some clients with accrual basis accounting. Bench is vague regarding whether you pay extra for accrual accounting, but it does state that in some cases they will develop a modified bookkeeping plan if you require it. Their preferred payroll service is Gusto, which will integrate with Bench’s proprietary software, and with the popular accounting software QuickBooks and Xero . For this reason, Bench now has their own licenced tax professionals. When you enroll in the Bench Premium service, you’ll gain year-round access to tax professionals that will answer your tax-related questions. You’ll also have a dedicated Tax Coordinator responsible for tracking down forms and organizing documentation.

I Worked Carlotta Crestanello Client

When bookkeepers had ideas for product features, they would post it in Canny. Bench’s business was initially hit hard by COVID-19 in 2020, and forced the startup to restructure its financial plan and lay off 10 percent of its workforce. However, after it refocused to help small businesses in the US apply for the Paycheck Protection Program , Bench saw its sales double and re-hired previously laid-off workers.

Bench Accounting

If you need to speak on the phone there is a calendar to check their availability. You do have an assigned book keeper which makes it more personal. The price may seem steep at first but with the time you free up it is completely worth it. Don’t worry, Akounto will do it for you – and that too free-of-cost.

Perks Of Working At Bench

Bench only handles some aspects of bookkeeping and financials, so it may not be robust enough for organizations with more complex needs. While you can pair Xero and a strong outsourced accounting firm, there is a limit to the type of work – especially accrual-based transactions – that can be managed in Bench.

Bench Accounting

For this I want to make it easy for people to comment on articles and even have thread… Finally, we’ll end with a much more positive Bench review. This reviewer explains how they’re delighted with the customer service provided by Bench. People seem to feel that Bench.co is an extremely responsive and friendly bunch.

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One complaint from users seen in various reviews of Xero is its lack of customer support. The company first points people to Xero Central for online help, learning, and discussions.

  • Passionate for story-telling, Aaron has been involved in copywriting, podcasting, and other creative work.
  • They primarily serve small businesses such as Shopify stores, consultants and agencies.
  • Let’s talk about the service and value I got; It’s just bookkeeping software with a guy sitting in front of it.
  • Some online reviewers have noted problems such as limited customization and categorization.
  • The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities.
  • In general, Bench Accounting isn’t a good fit for businesses that may need to scale or switch providers later on.

Cloud-based accounting software, such as Bench, has been gaining in popularity for some time now. So, keep reading to find out why in our Bench.co review. In our Bench.co review you will learn more about Bench.co features, pros, cons, and factors to consider when choosing your accounting software.

Bench Accounting Alternatives

In fact, Bench shines with third party integration, for example integrating payroll tools like Gusto Payroll or Justworks Payroll. Whenever you wish, you’ll be able to check-in with Bench to ensure things are progressing well. It usually only takes them a day or two to get back to you. Be sure to contact them with your query earlier on in the week, otherwise, you could be left waiting a couple of days extra for a reply.

  • Customers can expect an effective and professional engagement with their team.
  • Upgrade your plan, and cross even more off your to-do list.
  • This is a profile preview from the PitchBook Platform.
  • With Bench, you’re paired with a team of professionals that will update your books each month.
  • Bench has a simple user dashboard that makes it easy to view your financial data, communicate with your bookkeeping team, or run reports as needed.

https://www.bookstime.com/, Inc.America’s largest bookkeeping service for small businesses. Join these awesome teams who use customer feedback to build great products. Being able to engage back with bookkeepers includes them in the product development process. They understand why the product team is working on one thing and not something else. Joshua and the product team were the main Canny users at first.

Frappe Books

Mexico require small business to file their taxes monthly. Because this is a very complicated process, they hire informal accountant, which is a big pain to deal with. Instead, they can use our product, pay half the price and get their declaration instantly. I wish it integrated with Quickbooks as my CPA can easily manipulate the data for reports. Report ranks top products based on user reviews, which helps businesses find the right software. If your business needs invoicing, bill payment, property tracking, or third-party revenue collection, you’ll need to sign up for specialized bookkeeping, which starts at $100 per month.

  • Gift cards work great as an incentive because they offer convenience, flexibility, and instant gratification.
  • At tax time, your bookkeeper will send a year-end financial package with all the information you need to prepare your tax return.
  • Since a team of professionals is handling your books and taxes, there’s no complicated software for you to learn.
  • However, you’ll have to give Bench one month’s worth of filing history to ensure your books are up to date.
  • We appreciate you taking the time to share your experience and feedback.

But moving the information and verifying it was done correctly can take time. Xero makes accounting easy with a cloud-based system accessible from any device that can access the internet. A robust dashboard allows users to track balances, invoices, bills, cash flow, sales, and more.

Bench Co Review

Akounto frees small business owners from the daunting bookkeeping tasks and gives them the assurance of getting their financial books tax-ready on time every time. Receipt Stash simplifies accounts payable bookkeeping by automatically extracting expense information from any receipt or invoice, and categorising items using dynamic supplier rules.

Just like Accountingprose is well-suited for a specific audience, so is Bench. Bench should able to serve Freelancers and Micro Businesses well.

Specialized bookkeeping is necessary if your business requires property tracking, third party revenue collection, or cash revenue and cash expense tracking. Specialized bookkeeping starts at $100 per month in addition to your standard plan. The in-house team at Bench is primarily composed of professional bookkeepers, who can make suggestions to keep your bookkeeping stress free. However, bookkeepers cannot legally provide tax or financial advice – this is the job of a CPA or attorney. Two of the most useful general purpose financial statements – the income statement and balance sheet – have their own dedicated tabs.

We’re here to help small and medium size business owners understand what they want to do and where they want to go. For a very affordable price, Bench will manage the absolutely necessary bookkeeping such as categorizing transactions and managing receipts. Tax service and payroll integration are available as add-ons, and will raise your monthly payment.

Before Canny, feedback from bookkeepers came in from one to one interactions in-person or in Slack. Not only was this inefficient, but the status of various projects was opaque across the organization. Bench has raised over $100 million in funding to date from investors such as Bain Capital, Inovia Capital, Altos Ventures, Contour Ventures, Bank of Montreal, Sage, and Shopify.

Bench uses a proprietary software that is user friendly, even for those that are not computer savvy or financially literate. It has an intuitive layout and delivers financial Bench Accounting information in easy-to-understand charts and visuals. Your dedicated bookkeeper for your business will handle the time-consuming aspects of bookkeeping for you.

Bench Accounting Signals

Icon”Not all of my business accounts can be connected via feed , which requires a drag and drop upload each month.” Fit Small Business content and reviews are editorially independent. We may make money when you click on links to our partners. SSL encryption and employee background checks to protect your financial data. Visual reports to see how business expenses, revenue and profits have changed over time. Automatic import of financial information from linked accounts; there’s no need to send Bench any documentation manually.

This feature helps you easily identify areas where you’re spending a little unnecessarily, which can help you save. Bench is a popular online bookkeeping service that works with clients around the U.S., just like us. We often have potential clients call us and ask, “What is the difference between Bench and Accountingprose? ” or “Why should I choose Accountingprose vs. Bench for my small business? ” 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.