Bench Review: Best Virtual Bookkeeping for Small Business
Do you know why most businesses fail? Poor accounting system. A firm without proper accounting practices is blindly driving a business.
Bookkeeping is an accounting system that records and classifies transactions to maintain accurate books essential for business analysis, financial planning, and better decision making.
Bookkeeping can be time-consuming and stressful, especially for small businesses. One way to keep a firm's business records clean without taking too much of one's time is by using Bench.
Bench is virtual bookkeeping intended for small businesses. It has intuitive software with real human experts that produce accurate records for a sound financial statement.
Bench promises one-on-one support, providing a dedicated bookkeeper supported by a team of in-house experts, which guarantees reports' accuracy. Consistent check-ins for bookkeeping updates can be quickly done by booking a call directly on the Bench app.
Intuitive Financial Software
Because of its intuitive financial software, Bench is easy to access, one-stop online bookkeeping. Connecting accounts in a snap by a synching bank, credit, and payment accounts to import all transactions without worrying about data being compromised and guaranteed that data are protected by 256-bit SSL/TLS encryption, the same encryption level used by banks.
This feature allows businesses to tag transactions with labels like products, clients, and sales channels for easy monitoring of cash flows.
All documents uploaded to Bench, be it receipts or statements, are accessible anytime, anywhere, via a secure connection.
Powerful Financial Reporting
BENCH has The Bench Pulse dashboard with real-time cashflow updates that track transactions, accounts, and money information. This particular feature allows the firm to have a snapshot of their day-to-day and month-to-month business performance. All information in one place, thus no app hopping, which ultimately saves time and money.
Year-End Financial Package
This is the business review, including Income Statement, Balance Sheet, General Ledger, Trial Balance, and Journal Entry Summary.
Working with a CPA? Bench can also work hand in hand with a firm's CPA by giving them relevant information.
Should a business is not working with a CPA, they can opt for BENCH Tax to handle preparation and filing for year-end taxes starting at $600 per year.
Filing for tax is a lot of work, so BENCH brings everything together in one tidy package at tax time.
In line with these, BENCH will also be a tremendous tool for a business if it needs property tracking, third party revenue collection, cash revenue, and cash expense tracking.
Set-Up: Bench will introduce a dedicated bookkeeper to know the business, show how Bench works, and gather the needed information.
Bookkeeping: Every month, the bookkeeper imports business transactions and get to work on a firm's book records. Bookkeepers will be in touch to get relevant information.
Pricing depends on a business's monthly expenses. Below are the following plans to choose from:
- STARTER: Monthly expense below $1k; $139/monthly if billed annually; $159 per month if billed monthly.
- MACRO: Monthly expense from $1k to $7.5k; $159/ monthly if billed annually, $179 per month if billed monthly.
- BOUTIQUE: With monthly expenses ranging from $7.5k to $25k; Annual billing will cost $179 per month while monthly billing is priced at $199 per month.
- VENTURE: Monthly expense of $25k to $50k; monthly is priced at $ 219 for annual billing, $249 per month for monthly billing.
- CORPORATE: With a monthly expense of $ $299/month for annual billing while monthly billing is priced at $349 per month.
The plan includes 15 Financial Accounts. If a business needs more, it can be custom-priced.
Bench Virtual Bookkeeping Advantages
Although virtual bookkeeping is especially helpful to businesses that mostly deal with the digital transaction, Bench can also work with businesses with cash transactions. It has less paperwork compared to local bookkeepers. The software option lets business checkbooks with a customized application designed for business owners. Moreover, virtual bookkeeping is mobile accessible. Business owners can check finances at the tip of their fingertips. Payment is also less expensive compared to that of local bookkeepers. Bench charges a flat monthly rate compared to online freelancers that charge per hour.
Final Thoughts on Bench Virtual Bookkeeping
Bookkeeping is pivotal in budget creation for the business. It creates financial roadmaps where business plans future expenses and anticipates future resources to cover for it.
Overall, Bench virtual bookkeeping is ideally suited for small businesses. It is cost-saving and offers flexibility. Moreover, plans are reasonably priced, and a business's monthly expenses are taken into consideration. Bench virtual bookkeeping offers an experienced bookkeeper, who will take care of your financial tasks. Moreover, Bench also gives small business owners the liberty to work on day-to-day operations with the peace of mind knowing the finances are up to date.
eCommerce Paradise was created by Trevor Fenner of Seattle, Washington in 2015 to help you, the entrepreneur, to start and scale your own eCommerce business. Trevor owns multiple 7-figure eCommerce stores and is a digital nomad, traveling the world while working remotely with the help of his team of virtual assistants from around the world. Trevor is currently located in Bali, Indonesia, and is a passionate skateboarder, surfer, scuba diver, photographer, environmentalist, outdoorsman, fitness and tattoo enthusiast.
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