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Bookkeeping For Those Who Don't Like Using An App
Photo Credit: Forbes Business

Bookkeeping For Those Who Don't Like Using An App

Feb 24 2014, 3:56pm CST | by

Accounting programs like Xero or Intuit’s QuickBooks are awesome for your business. Yet there are still many owners who don’t want to spend the time figuring out the technology or worrying about...

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22 weeks ago

Bookkeeping For Those Who Don't Like Using An App

Feb 24 2014, 3:56pm CST | by

Accounting programs like Xero or Intuit’s QuickBooks are awesome for your business. Yet there are still many owners who don’t want to spend the time figuring out the technology or worrying about recording transactions the right way.

But the alternative is also concerning: How do you find a good bookkeeper? Let’s face it, the process can be hit-or-miss.

So this is where a service like Bench comes in handy. It is really a meld of software and human bookkeeping expertise.

“Every day,” said Jordan Menashy, who is the co-founder of Bench, “we try to find ways to make the process easier. By leveraging technology, we’ve created efficiencies in bookkeeping that bring our costs down, allowing us to pass those savings along to our clients.”

It seems to be resonating. Since July, Bench has grown its revenues at a 30% month-over-month basis. The company also raised $1 million recently from investors like Contour Ventures, Alpine Meridian, Lerer Ventures, Quotidian Ventures, and a team of angels.

So here’s how Bench works: First, you send over your financial information, such as receipts – either via an online upload or FedEx. There is also a hookup with your bank account.

From there, Bench will assign an in-house bookkeeper to your account and he or she will categorize and match your records. This is a big deal since it’s pretty common for business owners to make errors with this process.  “Our goal is to be penny perfect,” said Jordan.

Once all your financial information is in place, you will have access to your income statement and balance sheet. But these are not static. You can drill down on each of the  items.

Bench also has an internal communications system, which looks like Facebook’s newsfeed. With this, you can easily communicate with your bookkeeper. But if you want to use the phone or email, you can do this too.

For all this, Bench has pricing plans that are based on the revenues of your business. The lowest one starts at $100 per month.

Now it’s true that many business owners will still want to use their own app – which is fine. But for those who really do not want to spend much time on this or think it’s a hassle, then Bench has figured out a nice middle ground.

Tom Taulli (@ttaulli) operates MasterCFO, which helps founders with taxes.  He is also the author of “How to Create the Next Facebook,” which is a step-by-step guide for creating a breakout startup.

Source: Forbes Business

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into b ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the D ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hish ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern sta ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

8 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compens ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

8 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industr ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allo ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

8 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Ba ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billi ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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