![]() ![]() Lastly, every bookkeeper knows QuickBooks, some know Xero, and there are hundreds of developers developing software that integrates with QuickBooks. Likely end game is that at some point QuickBooks acquires Xero and moves everyone over to QBO. This is not a situation of the iPhone putting Blackberry out of business, QuickBooks isn't going anywhere. Anything innovative that Xero comes out with QuickBooks is going to quickly copy and add to their product, because they are huge and have the resources to quickly adapt. ![]() For instance, they have payroll rolled out for "a few states and are adding more each month". Why does this matter? The usability of the software from a user experience is about the same, but Xero is still trying to play catch up to QuickBooks On-Line in terms of features. The big dog in the market is QuickBooks On-Line (QBO), and when I say big dog, various version of QuickBooks have easily 10x the number of current customers that Xero has. And it's a very fashionable choice right now due to inroads their marketing has made with the startup community. It's a solid piece of software, certainly works. I'm familiar with Xero and my firm has worked with it, and if someone comes to us already on it, we stay with it. Let me start by saying that my firm is relatively agnostic to software, we work with dozens. Let's address the software question first. The world of accounting/bookkeeping can be a confusing array of options for non accountants. Bench accounting can help make tax season less of a headache.This is a great question. If you sign up for a Premium Bench account, you can get tax services like having your forms finalized and filed all in one place. Is Bench good for taxes? It certainly can be. To learn more, check out Nav’s accounting software resources. Then you can adjust your business strategy if you’re not meeting your goals. An online bookkeeping service also provides easy access to customer support through its in-app messaging option or a quick phone call.Ī bookkeeping provider like Bench can help you understand your cash flow better by seeing financial reports and visual reports. The functionality of the platform could be especially useful for businesses that have a lot of transactions, like e-commerce or restaurant businesses. Why Bench Accounting Is Good for Small Businessesīench can help small businesses with what many owners consider the hardest part of running a business - bookkeeping tasks - at a relatively affordable price when compared to other bookkeeping and accounting services. Using this method can be less accurate than accrual accounting, which includes accounts payable and receivable as well. However, the company uses what is called “cash basis accounting.” This means they account for payments and expenses only after the money is received or spent. ![]() This could be an advantage for any small business owner that doesn’t want to have to work with a separate CPA, and you can often do away with your other accounting software when you sign up for Bench. The pricing will depend on your plan and your business entity, but it’s possible to have Bench take care of your business tax filing. Bench offers both bookkeeping services and tax preparation and filing services. If you’re wondering whether Bench is a service for bookkeeping or accounting, it can be both. Is Bench Considered an Accounting or Bookkeeping Service? Additionally, Bench customers will get discounts from popular business subscriptions that have a partnership with Bench, like Gusto and Stripe.Īlso, you can access the Bench app to chat with customer support representatives - although there is only an Apple iOS app available at this time. The Premium plan fulfills your bookkeeping needs and also provides help with your taxes. Premium: $399 per month when billed annually ($499 monthly).Essential: $249 per month when billed annually ($299 monthly).There’s a free trial, and then there are currently two plans on : If you need historical bookkeeping, you can sign up for Bench’s catch-up bookkeeping services. ![]() Additionally, you can add on services that track your accounts receivable, accounts payable, and unearned revenue. You will work with a Bench bookkeeping team to reconcile your business’s monthly expenses. The in-house Bench team then categorizes your transactions and gives you financial statements every month. You’ll connect your bank accounts to your Bench bookkeeping account and your dedicated bookkeepers will receive a read-only version of the information. Compare Options Overview of Bench Accountingīench is a bookkeeping and accounting service that connects small business owners with financial experts. Use Nav to find the right accounting solution for your business. An accounting software or service can help you avoid costly mistakes and get a clear picture of your overall finances. ![]()
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