Compare Accounting Solutions
An accounting software or service can help you avoid costly mistakes and get a clear picture of your overall finances. Use Nav to find the right accounting solution for your business.
Overview of Bench Accounting
Bench is a bookkeeping and accounting service that connects small business owners with financial experts. You’ll connect your bank accounts to your Bench bookkeeping account and your dedicated bookkeepers will receive a read-only version of the information. The in-house Bench team then categorizes your transactions and gives you financial statements every month.
You will work with a Bench bookkeeping team to reconcile your business’s monthly expenses. Additionally, you can add on services that track your accounts receivable, accounts payable, and unearned revenue. If you need historical bookkeeping, you can sign up for Bench’s catch-up bookkeeping services.
There’s a free trial, and then there are currently two plans on Bench.co:
- Essential: $249 per month when billed annually ($299 monthly)
- Premium: $399 per month when billed annually ($499 monthly)
The Premium plan fulfills your bookkeeping needs and also provides help with your taxes. Additionally, Bench customers will get discounts from popular business subscriptions that have a partnership with Bench, like Gusto and Stripe.
Also, you can access the Bench app to chat with customer support representatives — although there is only an Apple iOS app available at this time.
Dedicated Bookkeeping Team
Bench
Bench is the all-in-one financial solution that helps you grow your business. Get your bookkeeping, income tax prep, and filing, done for you by experts - backed by one powerful platform. Try for free and save 30% off your first 3 months as a Nav member.
Pricing
Starts at $249/month
Discounts
30% off the first 3 months
Free Trial
Free trial month
Key Features
- Hands-off bookkeeping
- Tax prep and filing
- Unlimited expert support
- Easy-to-use proprietary software
Is Bench Considered an Accounting or Bookkeeping Service?
If you’re wondering whether Bench is a service for bookkeeping or accounting, it can be both. Bench offers both bookkeeping services and tax preparation and filing services. 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. 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.
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. Using this method can be less accurate than accrual accounting, which includes accounts payable and receivable as well.
Why Bench Accounting Is Good for Small Businesses
Bench 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. The functionality of the platform could be especially useful for businesses that have a lot of transactions, like e-commerce or restaurant businesses. An online bookkeeping service also provides easy access to customer support through its in-app messaging option or a quick phone call.
A bookkeeping provider like Bench can help you understand your cash flow better by seeing financial reports and visual reports. Then you can adjust your business strategy if you’re not meeting your goals. To learn more, check out Nav’s accounting software resources.
Is Bench good for taxes? It certainly can be. 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. Bench accounting can help make tax season less of a headache.
Pros and Cons of Using Bench Accounting
Pros
- Your dedicated team completes your business’s bookkeeping for you
- Can also be used for tax preparation and filing
- Exchange as many messages and phone calls as needed with your bookkeeper using the app
Cons
- Bench uses proprietary software so it would be difficult to transition to a different bookkeeping or accounting software
- It costs extra to add on accrual adjustments
- No Android app (and the Apple iOS is only rated 2.8 out of 5 stars)
Bench Accounting Alternatives
Bench could work well for freelancers or small businesses that have easy monthly bookkeeping. But if yours is more complicated, you might look into other accounting software options besides Bench accounting.
Here are some of the top options:
FreshBooks
Great for Invoicing
FreshBooks
The best cloud based small business accounting software. Send invoices, track time, manage receipts, expenses, and accept credit cards. Get 50% off for your first 6 months!
Pricing
Starts at $15/month
Discounts
50% off for 6 months
Free Trial
Free trial for 30 days
Key Features
- Invoicing & accept payments
- Send estimates & proposals
- Recurring billing & client retainers
Intuit QuickBooks Pro
#1 Accounting Software for Small Business
.png)
Intuit QuickBooks
Simplify your accounting with QuickBooks Online. Easily track income, expenses, and more with accounting software designed for all kinds of businesses. Save up to 50% on QuickBooks Online now!
Pricing
Starts at $30/month
Discounts
50% off for 3 months
Free Trial
Free trial for 30 days
Key Features
- Reporting
- Manage receipts, cash flow, and taxes
- Invoicing
- Track inventory
1-800Accountant
Free Live Bookkeeping Consultation
.png)
1-800Accountant
1-800Accountant is ideal for small businesses. Our dedicated team of experienced accounting professionals and tax experts are available year-round to answer questions and engage in proactive planning. Schedule a consultation today to answer your tax and accounting questions, maximize your tax savings, stay compliant and reduce your risk of audit.
Pricing
Starts at $125/month billed annually
Discounts
None
Free Trial
Free Consultation Call
Key Features
- Dedicated accountant in your state & industry
- Tax planning
- Quarterly reviews
Build your foundation with Nav Prime
Options for new businesses are often limited. The first years focus on building your profile and progressing.
Tiffany Verbeck
Digital Marketing Copywriter, Nav
Tiffany Verbeck is a Digital Marketing Copywriter for Nav. She uses the skills she learned from her master’s degree in writing to provide guidance to small businesses trying to navigate the ins-and-outs of financing. Previously, she ran a writing business for three years, and her work has appeared on sites like Business Insider, VaroWorth, and Mission Lane.