Bookkeeping is a time-consuming task that can consume a lot of your precious time. This holds true even if you use automated software such as Wave. Bench and QuickBooks Live can handle your monthly bookkeeping at a fraction of the cost.
However, the bench has been a major player in virtual bookkeeping, but then QuickBooks Live launched its virtual bookkeeping program. This is providing strong competition.
This article will give you an overview of both the Bench and QuickBooks Live virtual bookkeeping services. We will discuss the differences and highlight their pros and cons. Both services are great, but this guide will help you decide which one is best for your company.
The bench was launched in 2013. It is the most popular online bookkeeping service for small businesses in the United States. The company employs over 100 full-time professional bookkeepers to help business owners navigate the complexities of finances.
You will be assigned three dedicated bookkeepers when you sign up with Bench. One of these bookkeepers will be your account manager. Your account manager will get to know you personally and your company over a phone conversation so they can tailor your account for accurate expense tracking.
Your bookkeeping team will send monthly financial statements to you for your review. You will be sent a Year End Financial package at the end of each year. This includes all the information that your CPA needs to file your taxes.
Remember that Bench is almost entirely hands-off. Sometimes, your bookkeeper might reach out to you to inquire about a transaction. If not, Bench will take almost all of your bookkeeping tasks off your plate.
Software for Bench Proprietary Bookkeeping
Firstly, logging into your account at the Bench website allows you to access your financial information from any device. To track your income and expenses, Bench bookkeepers use proprietary software. This is the best thing about it. You can review and access your books from anywhere at any time.
Even for people with limited financial literacy, the Bench software is intuitive and user-friendly. Large graphs and charts make it easy to understand at a glance. For easy reference, the two most important financial statements – the income statement (or balance sheet) – are separated by tabs.
How does Bench software work? Your account manager will assist you in synchronizing your bank and merchant accounts to ensure that your Bench account receives read-only data automatically. Your bank account is not accessible to your bookkeeper. Your personal information will be protected, so rest assured.
Bench Add-On Services
Bench Tax Filing
While Bench was originally created to be a bookkeeping service they have evolved into an accounting service. Bench Premium includes access to a licensed tax professional.
Bench Premium is a one-stop shop for small business owners. You will only need to submit a few additional documents to file your taxes, as Bench already holds all your itemized transactions.
Catch Up Bookkeeping
There are still options for you if your books are not in order. Bench offers historical bookkeeping. The team will sort through your records and find missing documents.
A financial summary will be provided for each month of historical bookkeeping. You can also request any supporting documents if you wish to apply for Paycheck Protection and SBA disaster loans.
The price for catch-up bookkeeping depends on the average monthly expenses. BenchRetro offers custom pricing if you are more than two years behind.
QuickBooks Live Overview
This Live Bookkeeping, the latest and most personal service in the bookkeeping software industry, is the largest. QuickBooks Live can handle any client, no matter how complex or large. This makes it an ideal choice for businesses looking for flexibility and scalability.
QuickBooks Live, like Bench, matches you with a bookkeeper. Live is different because you will have one bookkeeper who has specialized knowledge in your industry. Your QuickBooks bookkeeper must have at least three years of experience in bookkeeping and be a Certified QuickBooks ProAdvisor.
Your bookkeeper will connect your bank accounts and set up your chart. You’ll be able to chat with them during the onboarding process. The rest of the process is pretty hands-off. Monthly PDF copies of key financial statements will be sent to you. You can also have your bookkeeper walk through the report.
QuickBooks Live Features
Firstly, you must subscribe to QuickBooks Online to be able to participate in QuickBooks Live. QuickBooks Online costs and is not included in the price of Live. QuickBooks Online is top-rated bookkeeping software. QuickBooks offers many features that other bookkeeping programs lack, such as the ability to track expenses per project or class.
You can scan receipts and documents with the QuickBooks app, which allows you to check your finances from anywhere. Although QuickBooks Online software is not for everyone, it’s easy to use.
This can reduce miscommunications when reviewing an unusual transaction or needing to refer to documents.
QuickBooks Live’s video conferencing is what makes it stand out. It’s almost as if you have a bookkeeper with you in the room. You don’t need to video chat. You can reach your bookkeeper by phone or email.
QuickBooks Live Add-Ons
This Bookkeeping is an add-on to itself. QuickBooks is primarily a bookkeeping program. The company also offers two virtual services that will add value to your QuickBooks Online subscription.
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QuickBooks can manage your full-service payroll. This service is available for an additional monthly charge. There are three levels of payroll service. They all offer unlimited payroll runs, automatic taxes, and forms calculation, a payroll portal, and access to your employees’ pay stubs.
The basic QuickBooks payroll plan starts from $45 per month. The Elite plan is $125 a month and the Premium plan costs $75 per month. Some of the more advanced plans offer additional features like time tracking or same-day direct deposits.
Although quickBooks Live will charge $500 onboarding and clean-up fees for users who have been using QuickBooks Online for longer than two months.
For old QuickBooks users, this is not an optional service, but a mandatory fee. This is an acceptable price to pay to get accurate financial reports moving forward, even if your books are messy. This service is available to new QuickBooks Online users who have messy books.