The #1 Online Tool For Helping Entrepreneurs of Color Maintain Their Finances in 2019
Every business needs to maintain a meticulous record of their accounts.
They need to make sure all of their expenses, payroll, revenue, and other such information is in order.
No matter how big or a small your business is, you can benefit from good accounting software.
While DIY accounting on spreadsheets is affordable, it is also time-consuming, and you're more likely to have errors in your records. Mistakes in records can lead to fines and audit, which can compromise the reputation of your company.
Fortunately, you can get excellent accounting services without paying a lot of money with services like Bench.
Why Does Every Business Need Online Bookkeeping?
Modern technology has made it easier to manage business accounts effectively.
You can get online bookkeeping services for small business at an affordable cost and enjoy all of the benefits of professionally managed accounting.
Here are some reasons why your business needs online bookkeeping:
- User-Friendly – Most modern accounting software programs are designed with user-friendliness in mind. You don’t need to be a tech-savvy person or a trained accountant to utilize these platforms.
- Suitable for Small Businesses – Most people assume that accounting software programs are for big businesses with a lot of data, but that's not true.
- Accounting software is for all kinds of companies, whether big or small. Small businesses can benefit from such software. It is easier to identify where you’re spending money and how you can save on your business processes.
- Scalable – SaaS accounting software is cloud-based and flexible. You can choose a plan for your business requirements.
- For example, if you're a small business with just a handful of clients, choose a basic package. When your business grows and gains more customers, you can upgrade the plan according to your new requirements.
- Provides Insight into Financial Data – Modern desktop accounting software doesn't just organize your records but also helps you gain information from the data. You can identify trends, determine which products are successful and which are failing, make future projections based on current data, etc.
- Accessible – Cloud computing programs are accessible from everywhere as long as you have an internet connection.
- You can access the records from your mobile phone, send invoices to clients when you’re at home, and look at reports while traveling.
- Saves Time – It is possible to automate much of the accounting process. You don’t need to enter the data manually and sending invoices is easy.
- You can also set invoice reminders to prompt clients for payments if needed. Small business owners are always busy, and this is one less thing they have to do.
As you can see, small business accounting software can help your business in many ways. You need to choose the right program for your requirements. There are hundreds of options available in the market today,
How Can Small Businesses Manage Accounting?
When you search online, you will find a big list of accounting software programs. Some of the biggest names in the field include Wave, QuickBooks, Xero, etc.
These are considered DIY accounting platforms. They provide convenient tools to help you keep your records organized and send invoices to clients, but you will have to do most of the legwork.
There are other options like Bench, which offers a full-fledged accounting service. Here's a look at how businesses can manage to account with both options:
- Businesses can automatically import transactions from compatible platforms like your bank accounts and PayPal to keep their records current. There are still some transactions and expenses you will have to record manually.
- You will also have to set up categories for different costs and assign each transaction to them. If you have a dedicated bookkeeper to help manage the accounts, there will be more need for manual entries. The bookkeeper will handle everything for you.
- Most DIY accounting software programs will come with a chart of accounts. You can use it to categorize all of your expenses effectively and keep the accounts in order. You can either manually create the categories according to business requirements or use the pre-set categories.
- Small business accounting software programs provide detailed reports at the end of each month. You can get information like cash flow statement, balance sheet, income statement, etc. without much effort.
- The records will be much more accurate if you have a system like Bench, where all the information is handled by trained bookkeepers and is in good order.
This is how most modern companies, especially small businesses, handle their accounts.
They enter data, categorize it, and get reports on it.
The process is smoother and much more accurate if you have a team of professional accountants helping you out.
How Does Bench Work?
Bench is different from DIY accounting platform, and it provides a more comprehensive service. Here’s a look at how this program works:
- Consultation – Bench offers a dedicated bookkeeper for every client. You can discuss your business and its requirements in detail with the bookkeeper during the first consultation.
- They will explain how Benchworks in detail and ensure you’re comfortable with the platform.
- Set Up The System – Bench’s expert bookkeepers will help set up a system to manage all finances without errors.
- The system will be tailored to your particular requirements and be highly effective.
- Monthly Bookkeeping – Your dedicated bookkeeper will import all data from your bank account, PayPal account, and other such sources.
- They will sort through and organize all information to ensure your accounts are in order.
- If they need any additional information to ensure the accounts comply with local regulations, they’ll call you directly.
- Financial Reports – You can get both real-time and monthly financial reports from certified professionals. These reports offer great insight into how your business is performing and what needs to change.
- Ready Accounts by Tax Time – The experts from Bench will make sure your accounts are ready and comply with all of the requirements set by authorities.
- They will make sure your financial packet doesn’t have any error, and you're paying all the taxes you're required to pay.
Bench manages all of the accounting requirements so you can focus on other aspects of your business. There’s no need to deal with tax season stress, accounting catch-ups, glaring mistakes, and the possibility of audits.
Here’s a look at some of its more compelling features:
1. One-On-One Support
Few bookkeeping platforms provide dedicated one-on-one support from trained professionals. Your expert is always on hand, ready to provide information, straighten accounts, and ensure your company finances are organized.
2. Quality Control
Bench doesn’t take chances and makes sure all accounts are checked carefully and peer-reviewed before sent to the clients.
Experts go over your financials with a fine-toothed comb to ensure they haven’t missed anything and there are no errors.
3. Flexible Support
The platform provides flexible support to all clients. They will work with you, your CPA, and any other finance professional on your team during the tax season.
Bench also has a network of tax experts and CPAs so if you need more specialized advice; they can connect you with reliable professionals in the field.
4. Real-Time Cash Flow
Bench tracks all cash flow in real-time so you can see every transaction, pending invoice, expense, etc., immediately. This is especially beneficial for business owners on the go.
You can access this information from any location and any smart device as long as you have access to the internet.
5. Meticulous Expenditure Tracking
You can track every expense in your account and place them in different categories. For example, an entry can be tagged with labels like raw material, clients, location, employees, contractors, etc.
Such meticulous tracking will help you keep an eye on where you’re spending money.
Platforms like QuickBooks, Xero, and Wave are designed to be user-friendly, but there’s still a big learning curve.
Business owners often have to spend several hours or days trying to understand the different features of the accounting software.
Why waste time when you can use a more straightforward platform?
Bench might require a slightly higher investment, but it saves you valuable time.
Most business owners already have a lot of responsibility on their shoulders, and DIY programs can add to the burden.
Bench is suitable for people who are busy but still want their accounts in order.
7. Flexible Pricing
Different businesses have different accounting requirements. Bench offers tailored and flexible packages based on your needs. Their website has a tool that recommends the best plan based on your monthly business expenses.
You can choose between Starter pack, which starts at $119 per month to the corporate pack, which starts at $299.
You don't have to spend a lot of money to maintain proper records.
8. Communication and Security
You can access Bench from your computer, tablet, iPhone, and similar devices from anywhere.
It is easy to answer categorization requests from team members, communicate with employees with the in-built messaging feature, and request information from Bench.
All of your data is securely locked behind band-grade security and encryption so you can be sure no information will fall into the wrong hands.
If you’re looking for a reliable and efficient platform, Bench is the right choice. Check it out HERE
These are just some many features of Bench that make it stand apart from other alternatives available in the market today. The platform is ideal for young entrepreneurs of color who have a growing business.
What Do You Get With Bench?
Accounting involves numbers and tables. Many people believe that computers are the best choice for churning out numbers and keeping track of large volumes of data.
However, managing accounts requires human input aswell. A strong accounting system combines sophisticated technology with human expertise. That's exactly what you get with Bench.
Every account has a dedicated bookkeeper who makes sure all the data is accurate, and the accounts are in order.
Bookkeepers are also willing to answer any questions and concerns you might have.
For example, they will offer advice on how to reduce your tax burden, manage and improve your cash flow, and comply with the latest tax laws.
With DIY accounting software, these services are only available at an additional cost.
The experts you hire through these services aren’t familiar with your company or its accounts, which means they will take time to come up with adequate solutions.
Bench provides trained professionals with ample experience in the field. The company will also work with your CPA directly during tax time to make sure everything is in order.
They specialize in the field and are familiar with the unique challenges faced by entrepreneurs in this industry.
They're also familiar with all of the relevant laws, taxation requirements, and similar concerns that might impact your company.
Companies That Trust Bench
Many small and mid-sized businesses trust Bench over other free online accounting software available in the market. Some of the company biggest clients include:
Bench has also been featured in well-established publications like an entrepreneur, The Wall Street Journal, Forbes, and The New York Times.
Many successful small business owners not only use this platform but also recommend it to their associates.
You can get a free trial to determine if the software is the right option for you. The trial will help you understand the platform and the services involved.
If you're looking for reliable online bookkeeping services for small business, Bench might be the perfect solution.
If you want to know more about Bench or try it, don’t hesitate to try it out RIGHT HERE.
Their experts will provide all of the information you need to determine if this platform is the right choice for your company. Using a system such as this can go a long way in helping you streamline your bookkeeping processes.