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

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Ebola cases jumps to over 13,700: WHO
Geneva, Oct 30 (IANS/EFE) The World Health Organization (WHO) confirmed Wednesday that 13,703 people have been infected with the Ebola virus since the epidemic began in March.
 
 
Obama praises health workers fighting Ebola as 'heroes'
Washington, Oct 30 (IANS) US President Barack Obama Wednesday paid honour to healthcare workers who have treated Ebola patients in West Africa, calling them "heroes" deserving to be applauded rather than discouraged.
 
 
Cyprus, Greece, Egypt to forge tripartite cooperation
Nicosia, Oct 30 (IANS) Cyprus, Greece and Egypt Wednesday moved closer to forging a common strategy on energy, security and regional issues.
 
 
North Korea plans to quarantine foreigners entering country
Pyongyang, Oct 30 (IANS) North Korea has plannned to quarantine all foreigners that enter the country to prevent the spread of the deadly Ebola virus, the State Emergency Anti-epidemic Committee said Wednesday.
 
 
 

Latest from the Network

Storm forces evacuation of 1,000 people in Argentina
Buenos Aires, Oct 30 (IANS/EFE) The Argentine government Wednesday activated an emergency plan to help those affected by the powerful storm that struck 17 municipalities in Buenos Aires province over the past 24 hours...
Read more on Politics Balla
 
Melissa Rivers wants answers not money
Melissa Rivers wants answers about Joan Rivers' death. The TV producer, who is preparing to file a multi-million dollar wrongful death lawsuit against the Yorkville Endoscopy Clinic in New York City, where her mother...
Read more on Celebrity Balla
 
Robert Pattinson is moving back to London
Robert Pattinson is reportedly moving back to London to be with FKA twigs. The 'Rover' actor - who previously admitted he considers Los Angeles his home - is planning to relocate to his native England soon, as he is...
Read more on Celebrity Balla
 
Emma Watson was 'very nervous' before her feminism speech
Emma Watson was ''very nervous'' before speaking at the United Nations (UN) headquarters. The 24-year-old actress, who gave a speech about gender inequality as she launched the HeForShe campaign in her role as UN Women...
Read more on Celebrity Balla
 
Harry Styles is upset his vomit is being sold on ebay
Harry Styles thinks ''it's worrying'' his vomit is being sold on eBay. The 'Steal My Girl' hitmaker was surprised when fans erected a heartfelt shrine on the side of a busy Los Angeles freeway after he was recently...
Read more on Celebrity Balla
 
Ebola cases jumps to over 13,700: WHO
Geneva, Oct 30 (IANS/EFE) The World Health Organization (WHO) confirmed Wednesday that 13,703 people have been infected with the Ebola virus since the epidemic began in March. Of that number, 13,676 of the cases were...
Read more on Business Balla
 
Obama praises health workers fighting Ebola as 'heroes'
Washington, Oct 30 (IANS) US President Barack Obama Wednesday paid honour to healthcare workers who have treated Ebola patients in West Africa, calling them "heroes" deserving to be applauded rather than discouraged...
Read more on Politics Balla
 
Poland, Israel to step up efforts to further cooperation
Warsaw, Oct 30 (IANS) Polish Prime Minister Ewa Kopacz and visiting Israeli President Reuven Rivlin said Wednesday that their countries have agreed to step up efforts to further cooperation in various fields. The two...
Read more on Politics Balla
 
Cyprus, Greece, Egypt to forge tripartite cooperation
Nicosia, Oct 30 (IANS) Cyprus, Greece and Egypt Wednesday moved closer to forging a common strategy on energy, security and regional issues. Foreign ministers Ioannis Kasoulides from Cyprus, Evangelos Venizelos from...
Read more on Politics Balla
 
French soldier killed in clash in northern Mali
Paris, Oct 30 (IANS) A French soldier was killed Wednesday during a violent clash with a terrorist group in northern Mali, France's President's Office said. The sergeant in a commando parachutist unit was killed...
Read more on Politics Balla