Bookkeeping For Those Who Don't Like Using An App

Feb 24 2014, 3:56pm CST | by

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

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

 
 

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