Running a business is difficult enough without having to worry about bookkeeping. Most business owners would agree that outsourcing financial record-keeping could free up valuable time and resources.
Bench Accounting aims to eliminate the headaches of bookkeeping by providing small businesses access to a dedicated team of financial experts. Recent reviews suggest Bench delivers on its promise of simplified billing and financial oversight.
In this review, we'll take a closer look at Bench Accounting's services, including its technology, security practices, accountants, and onboarding process. You'll get key takeaways to evaluate if Bench is the right fit to outsource your business's financial administration.
Introduction to Bench Accounting
Overview of Bench Accounting
Bench Accounting is an outsourced bookkeeping and accounting service aimed at helping small businesses manage their finances. Founded in 2012, Bench offers small business owners a team of dedicated bookkeepers and accountants to handle all their bookkeeping, payroll, tax preparation, CFO advisory, and other accounting needs. This allows business owners to focus on running their companies while Bench handles the financial backend.
Key things to know about Bench:
- Outsourced bookkeeping, accounting, payroll & advisory services
- Targets main street small businesses with <$5M revenue
- Packages start at $295/mo for core bookkeeping
- All work done by US-based accounting experts
- Promises to save 70+ hours a month in admin tasks
Bench Accounting's Origin Story
Bench was founded in 2012 by Ian Crosby, Lance Jutila, and Jordan Mendell - three entrepreneurs who struggled with bookkeeping early in their careers. Doing it themselves was complex and time-consuming. Hiring an in-house bookkeeper was expensive. So they set out to create a solution.
The idea was simple - provide small business owners with an experienced team of bookkeepers and accountants to handle all their finances. This allowed owners to focus on operating their companies rather than bookkeeping.
Bench started off focusing solely on bookkeeping services. But they quickly expanded into tax preparation, payroll, advisory services, and more as customers asked for help with other financial tasks.
Over the past decade, Bench has grown rapidly as their outsourced accounting model resonates with small business owners. They now serve over 9,000 customers across North America.
Bench's Service Offerings
Bench Accounting provides the following core services:
Bookkeeping
- Transaction categorization
- Reconciliation (bank, credit cards)
- Financial statements
- Expense tracking
- Invoicing
Payroll
- Payroll processing
- Direct deposits
- Tax filings
- W2s
Tax Preparation
- Sales tax
- Quarterly/annual filings
- Expert review for deductions
CFO Advisory
- Cash flow analysis
- Budgeting
- Financial modeling
- KPI tracking
Controller Services
- Mentorship
- Systems implementation
- Process optimization
- Internal controls
These services are handled by Bench's 150+ dedicated accountants based in the US. Customers are assigned a bookkeeping team and account manager for ongoing support.
Ideal Bench Customers
Bench specifically targets main street small businesses with less than $5 million in annual revenue. Their ideal customers include:
Industry
- Professional services
- Healthcare
- Retail
- Construction
- Manufacturers
Company Size
- 5 - 50 employees
- $500k - $5M revenue
Traits
- Rapidly growing
- Limited accounting expertise
- Seeking to scale operations
For these customers, Bench strives to provide financial support and advisory services to enable sustainable business growth over the long-term.
Bench Pricing & Cost Structure
Bench Accounting offers monthly subscription packages based on services needed, starting at $295/mo. Core pricing plans include:
Bookkeeping
- Entry ($295/mo): Up to 100 transactions/mo
- Plus ($495/mo): Up to 250 transactions/mo
- Premium ($895+/mo): 500+ transactions/mo
Add-Ons
- Payroll ($100+/mo)
- Advisory ($200+/mo)
- Tax prep (starts at $600/yr)
There are volume discounts available as well as annual prepay options. Bench estimates most customers save 30-50% over hiring an in-house bookkeeper.
Bench Accounting's Bookkeeping Process
Bench Accounting utilizes a combination of software platforms, structured workflows, and accounting expertise to deliver accurate and timely bookkeeping services to clients.
Technology Stack & Tools
Bench leverages leading cloud accounting software like QuickBooks Online and Xero to access client financial data and seamlessly conduct bookkeeping. Workflow management systems like Asana track tasks and enable collaboration across Bench's distributed teams of accountants. Data analytics tools provide benchmarks and insights to enhance quality and productivity.
Work Structure & Assignment
Bench assigns bookkeeping engagements based on accountant specialization, availability, and suitability to each client's requirements. For example, an accountant experienced with ecommerce merchants may be matched to Shopify clients. Ongoing adjustments ensure proper bandwidth and the right skill sets for each bookkeeping assignment.
Bookkeeping Workflows
Bench accountants follow standardized processes for essential bookkeeping tasks like reconciling accounts, processing payroll, managing inventory, tracking sales taxes, and generating month-end financial statements. Clearly defined workflows combined with purpose-built tools enable efficient and accurate delivery of core services.
Quality Assurance & Accuracy
Multi-step quality control processes verify the accuracy of Bench's bookkeeping. First, account managers review all work. Second, Bench's quality team audits a subset of random client financials monthly. Supported by checklists and analytics, these controls identify areas needing improvement to maintain high standards.
Data Security Best Practices
Bench implements rigorous data security to protect client financial information. Measures include encrypted data transmission, multi-factor authentication, restricted data access, SOC 2 compliance audits, daily database backups, and strict internal policies.
Bench Accounting's Talent & Culture
Bench Accounting has built a global network of qualified accountants to deliver managed bookkeeping services to clients. By leveraging talent around the world, Bench provides access to accounting experts at competitive rates.
Global Network of Accountants
Bench Accounting sources accounting talent from countries like the Philippines, Nicaragua, Mexico, and Egypt. This allows them to keep costs low while providing native-English speaking accountants with expertise in U.S. accounting practices. All accountants go through a rigorous screening and testing process to ensure they have the necessary qualifications.
Bench's global talent pool gives them the flexibility to scale up or down to meet client demand. They can quickly onboard new accountants as needed. At the same time, Bench's accountants get to work from home while earning competitive wages. This distributed workforce model offers benefits for both the company and its employees.
Recruiting & Onboarding
Bench has dedicated recruiting teams that source qualified accountants from around the world. They look for specific credentials like a finance or accounting degree and proven experience with U.S. GAAP standards. Fluency in English is a must, both verbal and written.
Once recruits pass the screening process, they go through three weeks of intensive onboarding and training. This covers Bench's processes, systems, and client protocols. There is a strong emphasis on U.S. accounting specifics like sales tax and 1099 forms.
Ongoing Training & Development
Bench focuses heavily on continued skills development after the initial onboarding. Accountants have access to an extensive knowledge base and regular refreshers on best practices. As accounting standards and client needs evolve, Bench keeps their teams up to date.
There are also opportunities for upward mobility within the company. Bench encourages their accountants to develop specializations and take on more complex tasks like financial reporting or forecasting. Top performers can get promoted into team lead roles.
Company Culture & Values
Transparency, growth, and work-life balance are pillars of Bench's cultural values. As a distributed workforce, they rely on transparency to align everyone behind central goals. Employees get insights into key company metrics and future plans.
Bench is also passionate about developing talent anywhere in the world. They invest heavily in training and education and offer clear paths for career advancement. This keeps employees engaged while ensuring Bench has the skills needed to serve clients.
Finally, Bench emphasizes sustainability and work-life integration. Accountants can log in from anywhere with flexible schedules. This is key to reducing turnover and keeping talent happy.
In summary, Bench has built an accounting talent engine that balances cost, quality, and company culture through its globally distributed workforce model. This provides the foundation for its managed bookkeeping services.
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Implementation & Onboarding Process
Bench Accounting aims to make the transition to outsourced bookkeeping as seamless as possible. Here is an overview of their step-by-step implementation and onboarding process:
Initial Consultation
The process starts with an initial discovery call to understand the client's accounting needs, challenges, and goals. Bench gathers key details about the client's business, chart of accounts, workflows, software platforms, and more. This ensures Bench assigns the right specialists and customizes services accordingly.
Service Setup & Integration
Next, Bench handles all the setup and integration in the background. They connect the necessary software platforms through secure APIs and import historical data. Bench also configures ledger accounts, bank feeds, invoicing workflows and other services based on the client's specific accounting environment.
Staffing & Allocations
Bench has dedicated teams with specialized expertise in different industries like ecommerce, healthcare, real estate and more. They carefully assign bookkeepers and accountants to client accounts based on workloads, knowledge, and skills. Clients have access to multiple bookkeeping professionals familiar with their business.
Launch Process & Transition
Once everything is set up behind the scenes, Bench transitions day-to-day bookkeeping responsibilities to the outsourced team. Clients can still view and access their data at any time. Bench has a structured handoff process to ensure continuity during the transition. Their team is available to train clients on using Bench's platform as well.
The step-by-step implementation process aims to launch services rapidly while proactively addressing client needs. Bench's specialists manage the heavy lifting so clients can focus on operating their business. Their hands-on approach helps facilitate a smooth transition to outsourced financial services.
Customer Support Resources
Bench provides dedicated resources to help customers get the most out of their bookkeeping services. With knowledgeable account managers, extensive self-service materials, and responsive support channels, Bench aims to make financial management efficient for organizations of all sizes.
Dedicated Account Managers
Every Bench client is assigned an account manager who serves as the main point of contact for questions and reviews. Account managers have accounting expertise and familiarity with each client's specific needs. They conduct regular check-ins to identify opportunities, address concerns, and ensure customers are satisfied with Bench's services.
Self-Service Knowledge Base
Bench offers an online knowledge base packed with helpful materials for DIY financial management. This includes guides and templates covering everything from bookkeeping basics to navigating complex accounting tasks. Whether setting up your Chart of Accounts or producing financial statements, Bench's self-service library has the resources to get the job done right.
Query Assistance Process
If questions come up that the knowledge base content cannot resolve, Bench provides several ways to get answers fast. Customers can email their dedicated account manager, schedule a phone or video call, or access 24/7 online chat support. Simple inquiries are typically handled within a business day, while more complex issues are escalated to senior staff.
Access to Documents & Reporting
All bookkeeping documents and reporting dashboards are accessible through a secure online portal. Customers can log in at any time to view up-to-date financial statements, tax records, bank reconciliations, and more. Bench handles document management so customers can focus on analyzing the data rather than compiling it.
Key Takeaways
In closing, Bench Accounting provides specialized bookkeeping services through their remote workforce model, offering an efficient implementation process and overall value proposition for customers.
Top Reasons to Choose Bench
- Access to dedicated bookkeepers with expertise in various accounting software and principles
- Time and cost savings from outsourcing administrative tasks
- Scalable services that grow alongside your business
- Secure cloud-based platform protecting sensitive financial data
Who Bench Works Best For
The Bench platform is ideal for small business owners and accounting managers needing reliable and accurate financial reporting. It works well for companies that want to delegate bookkeeping tasks so they can focus more on core business operations.
Final Thoughts
With their network of North American accounting professionals, Bench aims to provide small growing businesses with a flexible solution to streamline financial processes. Their services can offer significant time and money savings compared to hiring an in-house bookkeeper. For those needing assistance managing their financial data, Bench is a leading provider of outsourced accounting and bookkeeping in the market today.
