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Bench bookkeeping software11/21/2023 If you need to borrow money from someone other than friends and family, you’ll need to have your books together. The IRS also has pretty stringent recordkeeping requirements for any deductions you claim, so having your books in order can remove a huge layer of stress if you ever get audited. The more information (and supporting documents) you can give your CPA at tax time, the more deductions you’ll be able to legitimately claim, and the bigger your tax return will be. Keeping an accurate, up-to-date set of books is the best way to keep track of tax deductions (expenses that you can deduct from your taxable income). ![]() It ensures that you don’t miss out on tax deductions Getting your books together and producing financial statements is the only way to gauge the financial health of your small business.Īre sales up? Are your shipping costs too high? Will you have enough money next month to cover payroll? Is cash flow increasing or decreasing? The only way to know for sure is to start bookkeeping. And the only way to know that for sure is to have accurate, up-to-date books. You need to know your net profit in order to do your taxes, and to figure that out, you need to know your total income and expenses. We’ll start with our five favorite reasons. They’re looking for a diverse group of folks who can connect with their mission, and figure out what they need to build in order to have that kind of impact at a massive scale.Bookkeeping is the process of tracking all of your company’s financial transactions, usually by entering them into accounting software or a physical set of “books.” It lets you see exactly where your business is spending money, where your revenue is coming from, and which tax deductions you’ll be able to claim. Essentially we can offer a much better service at a significantly reduced monthly cost.”īench is scaling up their engineering team to augment their offering with business checking accounts that integrate seamlessly with their bookkeeping.Įarlier this year Bench was singled out for The Narwhal List as a young Canadian company that has the potential to scale up and reach world-class status. Being the bank also fundamentally changes our revenue model, with means we reduce subscription costs for our clients. This unlocks things like same-day reconciliation, which is frankly impossible with other data sources. “If we’re the bank, we can get data we trust directly into our system, with no work required by our clients. Even when they connect to best-in-class aggregators, the data is utterly unreliable,” writes Turner. “Right now, our clients have to do tons of work just to get their transaction data into our system. ![]() How are they going to do that? Bank accounts. We will make a profound difference in the quality of life of 1 million people. Originally named 10Sheet, Bench launched out of TechStars NYC in 2012. The company is anything but-its bread and butter is subscription access to cloud-based software in combination with in-house bookkeepers, a hybrid approach that serves clients well. government financial relief programs during COVID-19.ĭuring that time, Bench’s traffic was roughly 7 times what it was pre-COVID.Īnd it turns out having a real human bookkeeper who can talk you through your problems is a huge relief as well.Īccording to Blake Turner, Bench’s Head of Engineering, Bench’s Net Promoter Score is at record highs and their churn is at historic lows, allowing them to maintain a growth rate of 40% through the pandemic, despite serving one of the hardest hit sectors in the US.īench offers accounting services, which at first may sound boring and conventional. Over 6.5 million people visited Bench Accounting’s blog during the lockdown, making it a top resource on the Internet for information about U.S.
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