Previously, she ran a writing business for three years, and her work has appeared on sites like Business Insider, VaroWorth, and Mission Lane. While it may take awhile to explore these Bench alternatives and find the solution that’s right for your business, this guide should give you a place to start the process. The key is to prioritize your business’s unique needs and take the transition one step at a time to ensure a smooth and effective switch. If you switch from Bench to another bookkeeping service, notify any stakeholders who may be affected, such as investors, lenders or your accountant. Follow these steps to ensure a seamless migration and set your business up for success with your new bookkeeping solution.
How to Read (and Analyze) Financial Statements
Bench partners with Taxfyle for filing your return at the end of the year and offers 1099 reporting, with reports available year-round. Your 1099 transactions will be categorized with the date, details, and the payee name, making it easier to process forms. You’ll have Certified Bookkeeper access to IRS forms for filing and reports that provide the information you need to process your 1099s.
Catch-up bookkeeping available
She holds a Bachelor’s degree from UCLA and has served on the Board of the National Association of Women Business Owners. She also regularly writes about business for various consumer publications. Because each plan depends on many factors, we looked at the value provided in terms of the time and potential money that you’re saving by using the service.
- Here are 11 alternatives to explore, each with a different emphasis in supporting your small business finances.
- Then you can adjust your business strategy if you’re not meeting your goals.
- Also, upon enrollment, you’ll be paired with your own dedicated bookkeeper.
- Bench’s Essential plan includes the preparation of a year-end financial package needed to file your taxes.
- Premium also has filing for sole proprietors, contractors, and businesses (S-corps, C-corps, and partnerships).
Dedicated Bookkeeping Team
To link your bank accounts and credit cards, bench accounting Bench uses Plaid. It automatically pulls up a range of well-known banking institutions, including Chase, Bank of America, and Wells Fargo. With real-time insights, you can make on-the-fly decisions about where to spend and where to save, helping your business stay on budget.
Why You Can Trust Fit Small Business
- Overall, for the small business owner on a budget, Bench is a great solution to your bookkeeping woes.
- If you switch from Bench to another bookkeeping service, notify any stakeholders who may be affected, such as investors, lenders or your accountant.
- If you have any questions, you can get in touch with your Bench bookkeepers via in-app message or by booking a call.
- Kick is the recommended solution by the Bench’s team and they offer a number of rewards for the customers who signup with them as part of the shutdown.
- This feature significantly simplifies the tax preparation process.
An online bookkeeping service also provides easy access to customer support through its in-app messaging option or a quick phone call. Bench offers online accounting services for businesses of all sizes, including bookkeeping for startups. income summary While Bench doesn’t offer accrual accounting services, we specialize in a modified version of cash basis bookkeeping.
- While both offer basic bookkeeping and year-end reporting, Premium has unlimited tax advisory services and federal and state tax filing.
- The difference is that their plans also include invoicing, payments, and expense tracking.
- If you sign up for an annual contract and pay for the year upfront, your price for the Essentials plan breaks down to $249/month.
- The human touch sets Bench apart from purely software-based solutions.