Features, Services, and Benefits of Using Bench.co
June 20, 2022
Accounting for small businesses can be a time-consuming and complex process. The tax code itself is always evolving with new rules and updates. And when your business grows, your financial needs grow with it.
You’ll be creating even more invoices, financial statements, journal entries, and the list goes on.
This is why most small businesses are now turning to tools like Bench.co for their accounting needs. Bench can easily automate your accounting processes and free up time for things that actually matter, such as growing your business.
Bench provides your business with an all-encompassing accounting solution that includes bookkeeping, banking, and taxation – minus the costly price tag that a CPA comes in.
Notice the Difference with Bench
Bench provides you with the support and expertise of professionals. You won’t have to go through the motions of running a business on your own. A team of small business experts will be there to guide you through. We make sure your books are in order, prepare taxes, and handle your accounting needs. We make this possible by managing and integrating your bank accounts and financial service providers.
Unlike most DIY accounting software suites that come with their own set of problems and learning curves, Bench is as simple as plug-and-play. Our app has been designed with the busy business owner in mind, providing you with all the necessary information to make well-informed decisions. The simple, accessible, and beautiful interface is a testament to that fact.
This means you receive accurate and updated reports and financial statements are available on a single user interface. Everything you need is available right here at Bench, eliminating the need to switch from one app to another.
If you require the expertise of a small business expert, we have resources to accommodate those needs as well. Bench Tax Advisors will provide you with tax planning services throughout the year. You can also consult with Bench’s Client Research Team to answer important questions. Are you considering if it’s worth changing your corporate structure? Unsure about your sales tax obligations?
Our team is here to help you with your needs. We’ll provide informed, result-driven advice that supports your small business.
What You Get with Bench[MZ1]
One-on-One Expert Support
Our staff is with you on every step of your entrepreneurial journey – starting the moment you make the switch from tiresome and manual spreadsheets to our accounting software. Let us help you by removing the guesswork involved in business decisions.
You can reach our support teams by email and phone. Our reps are real people, not robots, and they won’t waste your time by needlessly transferring the call to other departments.
Powerful Financial Reporting
Bench generates financial performance reports and connects your bank accounts for a seamless experience. This allows you to properly track key performance metrics, evaluate how your business is doing, stay on top of spending, and make smarter business decisions with your money every step of the way.
Stress-free Tax Filing
Bench provides you with a powerful accounting solution that prioritizes ease of use and synchronization – tracking your expenses and balancing your books without causing any stress to you. This all-in-one solution lets you file your taxes and calculates what you owe come tax season.
It’s designed to be cost-effective and makes sure you’re tax compliant – year-round. No more year-end surprises – Bench also lets you get your overdue books caught up and provides you with access to year-round advisory services.
Features and Benefits at a Glance
Tidy and Accurate Books
With Bench, you can finally say goodbye to accounting errors. Bench ensures that your financial records are properly and accurately organized, every single time – without exceptions.
You won’t have to waste several hours in the day trying to figure out why your balance sheet failed to balance out.
If your books don’t balance out, Bench will alert you and point out the issue. This way, you’ll be able to avoid any surprises before generating your balance sheets.
The above is just a simple example of how Bench helps entrepreneurs maintain accurate financial and accounting data for their company.
Another common error that you can avoid with Bench is changes made to the data. Suppose you are editing an Excel sheet that has changed before, but you never got the updated version.
Figuring out such changes can be an extremely time-consuming process. But with Bench and team at your side, you won’t have to concern yourself with such a problem anymore, because all the information is available at your fingertips.
All in all, Bench will ensure that your financial data is organized with accuracy. As such, your accounting records will be more accurate, and your staff can make faster decisions.
Experts on Your Side
Bench provides you with access to trained experts.
In fact, being able to reach our staff members is one of the main advantages of using Bench. So all you have to do is reach out via phone or email, and ask for help or advice.
No bottlenecks, no restrictions, and no wasted time.
Our bookkeepers, tax professionals, and business experts are committed to your business every step of the way. With Bench, you won’t have to run your business alone.
We will make sure to get back to you in one business day (or even less).
You can book a call with our bookkeepers directly through the Bench platform. We are always happy to help whether you need an expert to look into your taxes or simply check-in to see if everything is running as it should.
Catch Up Bookkeeping
Most businesses don’t prioritize bookkeeping – which means that their receipts and invoices keep piling up over time.
If you are behind on your bookkeeping by several months (or even years), catching up on overdue books can quickly become a nightmarish process – especially when the tax season looms near.
With Bench, you can easily get caught up on your bookkeeping requirements (and stay on the right side of tax authorities!).
It’s a very simple process. All you have to do is gather your invoices and upload them to Bench. The software will then reconcile your accounts to get your books back on track!
Simple to Use – Anytime, Anywhere
One of the biggest advantages of working with Bench, compared to traditional accounting systems, is that it lets you access your financial records whenever you want, and from any device (that has an internet connection).
You can use Bench from your laptop, tablet, mobile, and PC. Just make sure it is connected to the internet and a browser (or our companion app).
Regardless of the size and scale of your business, Bench has a ton of features for you. For example, you can create and send invoices on the go directly from your mobile. Or you can generate and download your accounting statements and reports in a few clicks.
Bench differentiates itself with ease of use, simplicity, and accessibility. There’s no learning curve required with Bench. All you have to do is connect your bank and payment platforms with Bench, and our teams are going to handle the rest so you can breathe a sigh of relief.
We support most payment processors, including PayPal, Shopify, Square, Stripe, Amazon, and Freshbooks.
You can also ask our staff questions by using the dashboard on Bench!
Insights at the Push of a Button
Real-time reporting and generating insights at the push of a button are among the top advantages of working with Bench.
To track your accounts in real-time, all you have to do is connect Bench with your LendingClub business bank accounts to start tracking things like sales, inventory, and expenses.
The data that you’ll generate will help you create powerful insights on a dedicated dashboard so you can track all your accounts and metrics with relative ease.
You won’t have to waste time processing your accounting requests. With Bench, every accounting and tax-related matter can be done in a few steps.
Note: Real-time updates (for immediate updates) are available for users who bank with LendingClub.
Frees Up Valuable Time
Most entrepreneurs spend a big chunk of their time doing manual and repetitive tasks. For example:
- Creating invoices every time they generate a sale – a redundant process
- Tracking and recording transactions in journals – a redundant process
- Creating a payment schedule for clients – a redundant process
Tack on a few more responsibilities involved in running a business’s day-to-day affairs, and you’ll start to realize that things can spiral out of control pretty fast. Most steps of the financial and accounting cycle can be easily automated. And that’s exactly what Bench does best.
You can automate your accounting processes. Start by integrating your bank directly with Bench. This way, whenever you make or receive a payment, a journal entry is automatically recorded and mapped to the appropriate financial account.
With Bench, worrying about year-end surprises is a thing of the past. It’s the most effective way to stay on top of your books and accounting needs, file taxes on time, and gain access to year-round support.
Should you ever need help from our staff (who are real humans, by the way!), we’re only an email or phone call away. Beyond our first-rate suite of accounting capabilities, the team at Bench sets itself apart with top-of-the-line support staff.
Reduce Expenditure and Save Your Money
You must be wondering, how does Bench help your business save money? It makes sense when you think about it.
Think about all the time that entrepreneurs usually waste on repetitive tasks, fixing financial reports, creating balance sheets, generating tax reports, and so on.
And since Bench is designed to be cost-effective, it pays for itself. And who can put a price on peace of mind?
When compared to CPAs, who can cost several thousand a month, Bench is undoubtedly the most affordable and effective way to take control over your accounting needs. More details on pricing here.
Generating invoices is an accounting task that every business has to do, regardless of its scale and industry. And while it’s true that different types of sales require their own type of invoice, the process of generating an accurate invoice is very similar across industries.
Before accounting software like Bench, people spent endless hours using spreadsheets like Excel (sometimes they would do everything manually on paper. This would result in a badly formatted invoice, which would require several minutes to process and create.
This isn’t usually a problem if you’re only creating a few invoices a month. But if you’re generating over 100 invoices per month, including recurring orders with unique details, doing everything manually is a disaster just waiting to happen.
With Bench, you can stay on top of your invoice in a matter of seconds. It’s automated, accurate, and stress-free.
You will also need a specialized payroll system at some point. Bench teams up with Gusto to handle your payroll needs – on a single dashboard. With Bench, you can automate payments, calculate employee benefits, and get accurate payroll information. You can also link your payroll provider to Bench, and our tool will seamlessly import all transactions.
Unlock the Full Potential of Accounting Software with Bench
Bench is an all-in-one solution that takes care of all your bookkeeping, accounting, and CPA needs. When you work with Bench, you get 100% accurate bookkeeping, 24/7 support, and instant access to financial data on the Bench dashboard.
To help you maximize all the advantages of using Bench, our team of accounting and finance experts manages your bookkeeping system in the most effective way to support your business operations, from sales invoices to categorizing transactions to preparing tax reports.
We are available to sync up your accounting software and other financial tools, and to make further recommendations on how you can support your business as it grows and evolves.
Ready to get started? Sign up for our free trial here.