Bench shuts down, leaving thousands of businesses without access to accounting and tax docs

Posted by MTC 十月 14, 2020

With Bench, you get a team of real, expert bookkeepers in addition to software. You’ll always have the human support you need, and a mobile friendly platform to access your up-to-date financials. To shed more light, I worked as a bookkeeper for the better part of a year and was also involved in the Tax side in my initial internship with the firm.

Owner’s Draw vs. Salary: How to Pay Yourself

Accounting is a high-level process that uses financial information compiled by gross vs net a bookkeeper or business owner, and produces financial models using that information. Bookkeeping is the process of recording daily transactions in a consistent way, and is a key component to building a financially successful business. Bookkeepers take care of the day-to-day financials, like posting credits and debits, maintaining the general ledger, and completing payroll. If you’re unsure if cash basis bookkeeping will work for your business, talk to us. We’d be happy to understand the needs of your business and determine if Bench is a good fit for you.

Taxes

Other factors include your credit profile, product availability and proprietary website methodologies. Connecting your bank account gives your bookkeeping team access to your transaction history and account statements—nothing more. You’ll receive real support from real humans, allowing you to take the guesswork out of running your business. Based in Vancouver, Canada, and employing over 600 people, Bench positioned itself as North America’s “largest bookkeeping service for small businesses” as of September 2024. Paloma Concordia talks about money mindset and why investing in yourself and tools like Bench Accounting and FreshBooks always pays off. See why small businesses love Bench through real reviews, affirming our promise to provide accurate books and peace of mind.

• Message your bookkeeper in the Bench app and get a response within 24 business hours.
• There’s no extra fee or hourly charges for support—we’re always happy to nerd out about bookkeeping and your financial statements.
• Its co-founder and CEO, Ian Crosby, departed shortly after.
• 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.
• If you’re a Bench customer, are you staying put with the company under new ownership or are you going elsewhere with your bookkeeping needs?

Bookkeeper 360

Additionally, leveraging Accounting Services for Small Business can provide professional support and guidance to ensure your financial processes are streamlined and compliant. We take care of bookkeeping and tax for small business owners. And we do it in a way that’s never been done before—by pairing intuitive software with real, human bookkeepers. It’s giving entrepreneurs more time to focus on what they care about.

A simple guide to some common accounting terms, and why they matter. Explore GnuCash’s features, safety, and comparisons with Bench Accounting, QuickBooks and other alternatives. Your concise guide to understanding GnuCash’s role in financial software. However, these factors do not influence our editors’ opinions or ratings, which are based on independent research and analysis. Our partners cannot pay us to guarantee favorable reviews.

• Bench needed to find a way to scale its service-intensive business without having to hire endless numbers of human bookkeepers.
• Despite this strong financial backing, former employees suggest that Bench struggled to balance its dual identity as both a technology company and a service provider.
• With our Bookkeeping & Tax plan, you get expert tax prep, filing, and year-round tax advisory support.
• See why small businesses love Bench through real reviews, affirming our promise to provide accurate books and peace of mind.
• The company’s entire website is currently offline except for the notice, leaving thousands of businesses in the lurch.
• Picking the right fiscal year for your business can save you and your accountant a lot of time, money and stress.
• We are here to help you streamline your accounting needs efficiently and effectively.

Simple, straightforward pricing for everything your business needs.

Learn how to handle your small business accounting and get the financial information you need to run your business successfully. Unearned revenue may be a liability on the books but it does have many benefits for small business owners. Retained earnings are like a running tally of how profitable your business has been since it first started up.

Leave your bookkeeping and taxes to the professionals

Detailed charts, graphs, and summaries offer quick insights into your business’s financial health, aiding in better decision-making. After you sign up to Bench, a member of our bookkeeping team will assist you in connecting all your financial accounts securely to our platform. This enables you and your Bench team to work together seamlessly from the start. Get intuitive software that syncs directly with your small business accounts to deliver tidy, perfect books each month.

Best Free Accounting Software for Small Businesses

Looking to learn more about our bookkeeping or tax filing services? We’ll help you find the right plan and pricing for your business.Sales business hours are weekdays from 7am to 6pm PST. Brokerage services for bench accounting login Atomic are provided by Atomic Brokerage LLC (“Atomic Brokerage”), member of FINRA/SIPC and an affiliate of Atomic, which creates a conflict of interest. See details about Atomic, in their Form CRS, Form ADV Part 2A and Privacy Policy.

Make informed decisions with expert tax advice

As is the case for most things, the Bench story is more nuanced and complicated than can be summed up in a short social media post. You probably won’t be surprised to hear that Bench board members have been privately frustrated by Crosby’s account. But you may not be aware that some former Bench executives have been angry about Crosby’s social media posts. This piece also has the unfortunate distinction of https://www.scatteredtreasures.org/transforming-the-ledger-the-revolutionary-impact-2/ sparking the first express legal threat that I’ve received in the course of my reporting since I started this newsletter over four years ago.

Is it safe & secure to connect my accounts with Plaid?

Customers will be given the choice to port their data or keep their service under new ownership, Employer.com told TechCrunch. Bench’s previous recommendation to file for a six-month extension with the IRS to look for a new bookkeeper is no longer needed if customers decide to stay on, Employer.com said. We also support clients that use other merchant processors.