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September 20, 2013

Bench – Get Ready for Tax Time

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Traditional accounting software can only get you so far. When it comes to preparing financial records and other critical tax documents, most people would prefer to rely on a real, live professional rather than an automated application. Bench is a web app that matches its users with their own personal bookkeepers, who are then available to consult with at any time via telephone, email, or Bench’s mobile app.

Bench assigns an experienced bookkeeper immediately when you sign up for an account, providing you with information on this person’s work experience and educational background. To get your account set up, connect your bank and credit cards to Bench and send over your most recent balance sheets and income statements. You’re then prompted to start snapping photos of business receipts with your mobile phone. Bench will collect your bank statements automatically, from that point on, and make any updates that are necessary for your financial wellbeing. The application will also continue collecting all the receipts you send in via email. This information is then used to create interactive financial reports, updated ledgers, and all the other documentation your CPA will need at tax time.

The bookkeeper that Bench has partnered you with will track everything going on inside your bank accounts, helping make sense of your big picture financial situation. Bench integrates with many of the most popular invoicing apps and POS terminals, making it easy for small business owners to take advantage of the service.

Practical Uses:

  • Make sure you’re ready for tax season
  • Have a professional take a look at your financial records
  • Keep track of all your deductible business expenses
  • Ensure your CPA is getting accurate financial documents from your office

Insider Tips:

  • Bench integrates with many invoicing apps and POS terminals
  • Bench does bookkeeping on a cash basis
  • Users can contact their bookkeepers by phone, email, or Bench’s mobile app
  • Data can be exported as a CSV or Excel file

What we liked:

  • Bench makes day-to-day bookkeeping easier for business owners
  • Employees can send their deductible receipts directly to Bench
  • All of Bench’s bookkeepers are recruited from the U.S. and Canada
  • Users can send an unlimited number of receipts and invoices for a flat price

What we didn’t like:

  • Bench doesn’t allow users to customize their ledgers

Alternatives:

Company Info:

  • Launched: July 2013
  • Privately Held
  • Headquarters: Vancouver, Canada
  • Founded by: Ian Crosby, Jordan Menashy, Adam Saint, and Pavel Rodionov
  • Web site: https://bench.co

Costs:

  • $125 per month

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