The human touch sets Bench apart from purely software-based solutions. It’s best for freelancers or small businesses with relatively straightforward financials. Unlike other bookkeeping solutions, we don’t remove your login access after your subscription has ended.

Cash-basis vs. accrual-basis bookkeeping

What I really appreciated about Bench as a small business owner is the access to the research team to ask questions. Bench offers 1099 reporting, with year-round reports available. Any 1099 transactions are categorized according to date, details, and the payee name, so it’s easier to process with the IRS when the time comes. While Bench offers both Accounts Payable and Accounts Receivable support, these are add-ons, under “Specialized Bookkeeping”. Pricing is competitive and doesn’t change based on your business’s annual revenue.

Los Angeles Bookkeeping Services

Implementation costs for Bench Bookkeeping vary depending on the size of the business. Typically, the implementation process is straightforward and can be completed within a few days to a couple of weeks. Small businesses may expect to Bookkeeping for Painters pay around $500 to $1,000 for implementation, while larger enterprises might incur costs ranging from $2,000 to $5,000. This integration streamlines transaction tracking and reduces manual data entry.

Zoho Books – Best for getting started for free

We’ll provide you with a Year End Financial Package for each year of catch up bookkeeping completed—so you can get caught up, filed, and in the clear. The first step is to get an accurate picture of your business finances. Discover what QuickBooks income tax liability means for your balance sheet and how to accurately track and report it. Get advice on how this critical element affects business decisions and operations. Using this software can help you file accurate returns, maximize your deductions and refunds, and lower your risk of paying penalties. Self-prepared returns completed with software aren’t always correct and can end up costing you more money in the long run.

• Otherwise, you’re limited to Gusto for Payroll, which is a separate service you’ll have to sign up for and connect.
• Neglecting to issue these forms or filing them past the January 31 deadline can result in hefty penalties from the IRS.
• Xero is another popular bookkeeping software that offers competitive pricing plans.
• You’ll need to use one of these merchant processors if you want to take advantage of automatic transactions from the start.
• Simple mistakes and overlooked deductions can end up costing you thousands of dollars in overpaid taxes or fines—money that you could have put back into your business.
• Compared with other bookkeeping services, Bench is relatively affordable, starting at $249 per month.

From his early days sharing his love for the Sims to creating a buzz on Twitch and YouTube, Stephen’s journey is a tale of growth, innovation, and smart business strategies. Explore how he skillfully manages his finances using Bench and Freshbooks, and gain valuable insights on leveraging video and networking for business success. Join Bench today and experience the difference of having your financial team just a message away. Say goodbye to piles of paperwork and time-consuming bench accounting pricing manual tracking—we automate inputs directly from linked accounts.

Staying on top of this ensures a stress-free tax season and gives you access to current financial insights, empowering you to make informed, impactful decisions for your business. That means if you want to scale and change providers in the future, you’ll have some trouble. Other providers use Quickbooks Online to make it easier to transfer your bookkeeping services to another provider. One of Bench’s best features is the assignment of a dedicated bookkeeping team to each client. This team, led by a senior bookkeeper, manages your financial records, ensuring accuracy and consistency.

This could make it difficult to switch bookkeeping services later. It does, however, allow you to download Excel files of historical data, which can be uploaded to other programs. But moving the information and verifying it was done correctly can take time. Choosing between Bench and Pilot comes down to how complex your financial operations are and how confident you want to feel in your books. If you’re looking for a service that can scale with your business, provide accurate bookkeeping services, and ensure your data stays portable and accessible, Pilot is built for you. At Pilot, we work to ensure that your bookkeeping service is as accurate as possible.

Pilot and Bench are two popular bookkeeping services that are often compared by people ready to offload their books. Bench did briefly shut down in December of 2024 but was then suddenly acquired. You can read the story in TechCrunch and from the founding CEO and from further anonymous reporting.

At the end of each fiscal year, Bench prepares a comprehensive financial package that includes all necessary documents for tax filing. This feature significantly simplifies the tax preparation process. This affordable bookkeeping service is best for freelancers and small businesses with relatively simple financials.