Bench Accounting is a virtual accounting service provider that offers bookkeeping and tax support for businesses and individuals. Monthly prices are either $299 or $499 per month, depending on whether you need tax services.
When you sign up, you’ll be matched with a dedicated bookkeeper who is backed by a team of in-house accountants. Your bookkeeper will categorize transactions, reconcile accounts, and prepare reports on your behalf. You’ll also be granted access to an online application that allows you to view the status of your financial data and communicate with your bookkeeper.
The main reason the platform didn’t score better in our Bench Accounting review is that it lacks bill payment and invoicing services, but most companies choose to handle those back-office tasks themselves. Also, it doesn’t have financial planning services like investment and business expansion. Finally, because it operates on proprietary software, it doesn’t sync with commonly used accounting solutions like QuickBooks Online and Xero.
The Fit Small Business editorial policy is rooted in the company’s mission, which is to deliver the best answers to people’s questions. This serves as the foundation for all content, demonstrating a clear dedication to providing valuable and reliable information. Our team leverages its expertise and extensive research capabilities to identify and address the specific questions our audience has—and this ensures that our content is rooted in knowledge and accuracy.
In addition, we employ a comprehensive editorial process that involves expert writers. This process ensures that articles are well-researched and organized, offering in-depth insights and recommendations. Fit Small Business maintains stringent parameters for determining the “best” answers, including accuracy, clarity, authority, objectivity, and accessibility, and these see to it that our content is trustworthy, easy to understand, and unbiased.
Pros
- Matches you with a team of trained in-house bookkeepers
- Includes one prior month of bookkeeping and financial statements in its free trial
- Offers tax-ready financial statements
- Provides tax filing in Premium plan
- Offers catch-up bookkeeping for those behind on their books
- Provides unlimited support, which is included in the monthly price
Cons
- Is proprietary software, making it difficult to switch to another provider
- Requires separate software to perform own invoicing, bill payment, payroll, and inventory
- Offers A/P and A/R tracking as add-ons
- Lacks Android app for communicating with your tax pro
- Won’t let you purchase tax services without a bookkeeping plan
- Offers Premium plan only as an annual contract
Supported Bookkeeping Software | Bench’s proprietary software |
|---|---|
Price (Monthly Contract) | Starting at $299 |
Discounted Pricing | For a limited time, Fit Small Business readers get 30% off for their first three months with Bench |
Assigned a Personal Bookkeeper? | ✓ |
Monthly Account Reconciliations & Financial Statements | ✓ |
Back-office Services Like Customer Invoicing & Bill Pay | ✕ |
Bookkeeper Communications | Telephone and in-app messaging |
Full-service Payroll Available | Via Gusto integration (read our review of Gusto) |
Tax & Consulting Services Available | ✓ |
Average User Reviews | High ratings for its affordable tax and consulting services, although users wished that it offered invoicing and bill pay services |
- Companies and independent contractors seeking bookkeeping and tax preparation services: An annual business income tax return is included in Bench’s Premium plan.
- Companies that don’t want to purchase or learn accounting software: Bench will connect you to a team of professional bookkeepers who will handle your books for you, eliminating the need to purchase do-it-yourself (DIY) accounting software.
- Businesses needing unlimited bookkeeping support: Bench provides you with direct, unlimited communication with its in-house research team, making it easy for you to seek bookkeeping support and guidance. You can schedule a call during regular business hours, Monday through Friday, or you can message your bookkeeper and you’ll receive a response within one business day.
- Companies that have fallen more than two years behind in their bookkeeping: If you have overdue books and tax deadlines are approaching, Bench Retro is worth the additional fee.
- Businesses with complex accounting needs: Because Bench’s bookkeepers are trained to work with a variety of business types, those with complex accounting needs requiring a high level of expertise and support will find that they can handle a wide range of financial tasks. These tasks include handling multiple revenue streams, expense categorization, and varying partner contributions.
Bench’s Featured Industry Uses on Fit Small Business
- Best Online Bookkeeping Services: Best overall with a range of services offered at a great value
- Best Online Bookkeeping Services for Freelancers: Best return bookkeeping with Schedule C included
- Best Online Tax Preparation Services for Small Businesses: Best for tax preparation for partnerships and corporations bundled with year-round bookkeeping services
- Best Partnership Tax Return Software: Best full-service partnership return preparation with bookkeeping
- Best Tax Software for Small Business: Best full-service business return preparation with bookkeeping
- Best Small Business Accounting Software: Best online service as an alternative to accounting software
Bench Alternatives & Comparison
Monthly Pricing | Catch-up Bookkeeping | Bill Pay | Invoicing | Tax Filing | |
|---|---|---|---|---|---|
| Starts at $299 | ✓ | ✕ | ✕ | ✓ |
 | Starts at $175 | ✕ | ✕ | ✕ | ✓ |
 | Starts at $300 | ✕ | ✕ | ✕ | ✕ |
 | $190 | ✓ | ✕ | ✕ | ✕ |
Best For | Learn More | |
|---|---|---|
| Businesses looking to outsource their taxes, bookkeeping, and payroll: If you’re seeking one provider who can handle all of your financial needs, Block Advisors is an affordable option. It offers a full menu of financial services and lets you customize an option that works for your business. While Bench offers tax services, only Block Advisors lets you choose from DIY with on-demand support or full-service with a dedicated account manager. | Read our Block Advisors review |
| QuickBooks Online users: QuickBooks Online users don’t have to change software to receive bookkeeping assistance. QuickBooks Live is an affordable add-on that matches you to a live QuickBooks ProAdvisor who will perform monthly bookkeeping services. | Read our QuickBooks Live review |
| Businesses wanting affordable bookkeeping services: If you are on a budget and don’t require tax or consulting services, Merritt Bookkeeping is an excellent option and is more affordable than Bench. Merritt also received the highest user reviews of any online bookkeeping service we’ve reviewed. | Read our Merritt Bookkeeping review |
Our Comparisons of Bench Accounting vs Other Software
| Users Like | Users Dislike |
|---|---|
| Easy to use with an intuitive user interface | No mobile app for Android |
| Remote access lets you access Bench from anywhere | No bill pay or invoicing services available |
| Unlimited year-round tax advisory services | No chief financial officer (CFO) advisory services |
Those who left a Bench bookkeeping review on third-party sites said that the platform is easy to use and that the user interface is very intuitive. They also like the ability to access Bench from anywhere when on the go and its unlimited year-round tax and consulting services. The ability to add transactions from both personal and business accounts is also a bonus. For bookkeeping novices who want a hands-off approach, Bench is an ideal solution.
A common theme among negative reviews is the lack of responsiveness from customer support. One user commented recently that they don’t follow up in a timely manner, and another shared that you can never get ahold of anyone when you need them, only by appointment days later.
Two of the platform’s biggest drawbacks is that it doesn’t offer a mobile app for Android. Plus, the fact that it doesn’t integrate with QuickBooks or any other software means it is difficult to switch providers. Other reviewers said that they wished that it was possible to use the service for bill payment and invoicing. One user also commented that there is a learning curve with the reports but that Bench is quick to assist.
The solution earned the following average scores on these popular review sites:
- Trustpilot[1]: 3.6 out of 5 based on around 1,120 reviews
- GetApp[2]: 4.5 out of 5 based on nearly 310 reviews
- G2[3]: 4.3 out of 5 based on about 75 reviews
Bench Accounting New Features
- Import business transactions from personal accounts: Bench now allows you to connect eligible personal bank accounts and credit cards that are used for business and your information will automatically flow into Bench in real time. Once you indicate which transactions are business-related, your bookkeeper will assign them to the correct accounts.
- Centralized notifications: All of your notifications are now in one centralized location so that you can view a complete list of what is required to complete your books. You can click on a notification task to learn what information is needed, expediting the communication process.
The Bench Accounting pricing guide shows two monthly plans, Essential and Premium, which cost $299 and $499, respectively. If you elect for an annual contract, then monthly prices go down to $249 for Essential and $399 for Premium. Both include monthly bookkeeping and year-end reporting, but Premium gives you more features, such as unlimited tax advisory services and federal and state income tax filings.
Essential | Premium | |
|---|---|---|
Monthly Contract (Price per Month) | $299 | $499 |
Annual Contract (Price per Month) | $249 | $399 |
Monthly Bookkeeping | ✓ | ✓ |
Access to a Dedicated Bookkeeping Team | ✓ | ✓ |
Year-end Reporting | ✓ | ✓ |
Unlimited Communication With Bench’s Research Team | ✓ | ✓ |
Unlimited Tax Advisory Services | ✕ | ✓ |
One-on-One Tax Strategy Planning | ✕ | ✓ |
Annual Tax Filing for Businesses Like S Corporations (S-corps), C Corporations (C-corps) & Partnerships | ✕ | ✓ |
Annual Tax Filing for Sole Proprietors, including Schedule C & 1099-MISC | ✕ | ✓ |
Add-ons:
| ||
Bench could’ve earned higher marks in this criterion if it offered video meetings or a direct number to call for customer support; you must schedule a meeting through the Bench platform. However, one of the most appealing features of the provider is that you have access to unlimited support, no matter which plan you choose.
Also, upon enrollment, you’ll be paired with your own dedicated bookkeeper. They’ll get to know your business, explain how Bench works, and gather everything they need from you to get started, which includes your information for bank accounts, credit cards, loans, and merchant processors. If you need to contact your bookkeeper, you can book a call or message them directly through the app.
Bench received a high score for its offering of three important services: bank and credit card reconciliation, catch-up bookkeeping, and financial statement preparation. It took a slight hit in this category because it doesn’t offer A/R and A/P services, full-service payroll, or any customized services.
The platform is best for freelancers and small businesses with basic bookkeeping needs, such as providing cash-basis financial statements for tax return preparation. It’s an ideal solution if you have limited time or want to outsource your books to a certified bookkeeper so that you can focus on the other aspects of your business. You’ll also have access to a tax professional to help you make tax preparation and filing easier.
The Bench dashboard contains two menus: Accounting and Messages. The Accounting tab gives you an overview of your financial standing and allows you to instantly view reports, if needed. You can also upload documents, run reports, and connect your bank accounts from the tab.
Accounting Tab on Bench’s Dashboard
The Message tab enables you to send and receive messages from your assigned bookkeeper.
Message Tab on Bench’s Dashboard
The Accounting tab on your dashboard provides you with real-time updates of your financials, showing exactly how much money you have and how you’re spending it. You can access your income statement, balance sheet, and other reports that are fully customizable. You can tag transactions with labels like products, clients, locations, or sales channels to see exactly how your business is performing.
Click on the tabs below to see each of the reports that Bench Accounting generates.
Presented as a visual chart that is broken down by month, this report gives you a quick glimpse of your revenue, expenses, and net profit.
Sample Profit and Loss Report in Bench Accounting
This report shows the areas of your business where you spend the most money.
Sample Top Expenses Report in Bench Accounting
This shows what your company earns, what it spends, and whether the company is profitable.
Sample Income Statement in Bench Accounting
This provides a summary of your assets, liabilities, and equity at a given point in time.
Sample Balance Sheet in Bench Accounting
With the catch-up bookkeeping add-on, Bench’s bookkeepers can provide overdue bookkeeping services—no matter how far you’ve fallen behind on your books. Your bookkeeper will consult with you, find out how much you owe, update your books accordingly on your behalf, and deliver tax-ready financials. Once you’re caught up, Bench will work with you to transition over to monthly ongoing bookkeeping services.
Bench Accounting integrates with Gusto to help you manage your payroll transactions. Gusto files local, federal, and state payroll taxes automatically and generates W-2s. It helps you manage employees’ information, benefits, and deductions.
While Bench doesn’t allow you to file sales tax returns, you can sign up for its Premium plan to file business tax returns, which includes corporate and partnership returns. Its score took a slight hit in this category because it doesn’t offer CFO advice, but you do have access to unlimited tax advisory services.
Bench’s Essential plan includes the preparation of a year-end financial package needed to file your taxes. To make taxes more hassle-free, you can upgrade to the Premium tier, which includes unlimited bookkeeping and tax support. Premium also has filing for sole proprietors, contractors, and businesses (S-corps, C-corps, and partnerships).
When your books are completed, your dedicated tax coordinator will help you track down forms to help you simplify the filing process. 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 access to IRS forms for filing and reports that provide the information you need to process your 1099s.
How We Evaluated Bench Accounting
We evaluated Bench Accounting based on user reviews, pricing, personal bookkeeper, bookkeeping services, and tax and consulting services.
35% of Overall Score
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.
20% of Overall Score
You should be able to access a dedicated bookkeeper for any questions or advice and one-on-one assistance.
15% of Overall Score
The best online bookkeeping service should offer a wide range of bookkeeping solutions, including catch-up bookkeeping, invoicing, bill pay, bank reconciliation, payroll, and tax filing.
10% of Overall Score
We evaluated whether the online bookkeeping service offered tax and consulting, and the scope of those services.
20% of Overall Score
We consider the opinions of users and the service’s ratings on various review sites. These criteria were disregarded for providers where no reviews were found.
Frequently Asked Questions (FAQs)
Each month, your bookkeeper will import all of your business transactions and categorize them, then reconcile your bank accounts and prepare financial statements. If your bookkeeper has any questions about a particular transaction, they’ll send you an in-app message. When your bookkeeping has been completed for the month, you’ll receive a message inviting you to view your financial statements and account information online.
You can book a call with your bookkeeper or send them an in-app message directly through the Bench app. There’s no extra fee or hourly charges for support, and you’re welcome to reach out to them whenever you have a question.
Once your bookkeeper wraps up your books every month, the information is reviewed by an in-house support team that ensures accuracy. Also, they never make assumptions about your business, preferring instead to reach out with any questions.
Bench Accounting offers two monthly subscription plans, Essential for $299 and Premium for $499. If you sign up for an annual contract, the monthly price goes down to $249 for Essential and $399 for Premium. While both offer basic bookkeeping and year-end reporting, Premium has unlimited tax advisory services and federal and state tax filing.
Once you sign up for Bench Accounting, you’ll be assigned a dedicated bookkeeper who will learn more about your business and help you connect your bank and credit card accounts. They’ll also categorize your transactions and send you monthly reports and a year-end financial package. Premium subscribers will also receive tax assistance.
Bottom Line
Bench Accounting is a great option if you lack in-house accountants or don’t want to purchase or learn how to use accounting software. Bench bookkeepers are trained professionals, so you can be sure that your books are well taken care of, at a fraction of the cost of hiring a local CPA.
If you only need basic bookkeeping and your business makes enough money to sustain the $299 monthly price tag for unlimited monthly bookkeeping support, then Bench is a cost-effective solution. You can try Bench Accounting for free to see if it’s a good fit.
