![]() We also recommend you look at Bookkeeper360, another accrual bookkeeping solution with great reviews.īut if you’re like most small businesses in the U.S., then cash-basis accounting, and Bench, will likely work well for you and be the easiest to use. If you’re approaching $25M in revenue or planning to IPO soon, then you should be using the accrual method and Pilot may be a better choice. If you’re unsure which method you should be using, it helps to consider your company’s growth plan for the future. Pilot, on the other hand, does all their clients’ books on the accrual basis of accounting. Because your books are in order, the conversion process is easily handled. However, if your external CPA recommends accrual accounting for your tax filing, he or she can easily use your Bench-provided cash-basis financial statements to file an accrual-basis return. ![]() small businesses do their books using the cash basis of accounting. business owners found that more than 80% of U.S. In fact, a 2016 survey we conducted of U.S. Essentially, making accrual adjustments gives our clients better insight in a cost-effective way.Īccrual bookkeeping, which records revenue when earned and expenses when paid, regardless of when cash changes hands, is usually only required for large companies that need GAAP-based financial statements. Using modified cash basis accounting provides more information than you’ll find with basic cash-basis accounting, but with less time and effort than is needed to maintain a full set of accrual accounting records. This helps ensure your customers are paying on time. Those adjustments include tracking outstanding accounts receivables. With this system, bookkeepers record transactions when the money has been deposited into the client’s bank account or charged to their bank or credit card.īench bookkeepers can also complete a modified form of cash-basis accounting by making accrual adjustments. In short, Pilot allows its customers to communicate with bookkeeping and accounting professionals as well, it just comes at a higher price point-especially for CFO-level support.īench provides clients with cash-basis bookkeeping. ![]() That add-on runs, at a minimum, $1,050 per month for up to three hours of advice on financial statements, business metrics, and monthly rolling financial forecasts. You’d have to upgrade to the Select plan, which costs an extra $250 per month at a minimum, to get monthly phone reviews with a bookkeeper.Īnd if you need advice beyond bookkeeping, you have to add CFO services to your bookkeeping package. Pilot customers in the Core bookkeeping package have limited support options. Providing general information on business best practicesīench clients who use Bench for tax filing and tax advisory are welcome to speak with their advisor as frequently as they’d like, too! Our licensed, in-house advisory team will advise on tax planning and efficiency-it’s like having a CPA on staff without the expensive billable hours.Understanding notices from the IRS or state taxing authorities.Sales tax and changing your tax filing status.Some of the things your research team can help with include: If you’re looking for more complex business information, you can also take advantage of unlimited communication with Bench’s in-house research team at no extra cost. You can schedule calls with your dedicated bookkeeper on an unlimited basis, at all pricing levels, whether you need a monthly check-in or a year-end review. Support offeredĪs a Bench bookkeeping client, you’re entitled to unlimited communication with our team, with a maximum response time of 24 hours. This chart offers a brief overview, but we’ll also look at each of those in more detail. However, there are some crucial differences in each service’s features. Features comparisonīoth Bench and Pilot provide the essential bookkeeping services small businesses need, such as recording transactions, providing cash flow information, and generating monthly reports that show how your business is doing financially. Plus, Bench has nearly 700 reviews on Trustpilot and 64 reviews on G2, versus two Trustpilot reviews and 35 G2 reviews for Pilot. Both Pilot and Bench offer bookkeeping services that link your bank accounts and business credit card accounts and automatically record and classify your transactions.īench’s pricing starts at $249 per month when billed annually, versus $599 per month for Pilot, making Bench a more accessible option for small business owners and startups.īoth services also offer tax advisory and tax return preparation for an additional fee.īench is more established than Pilot-we’ve been serving small businesses since 2012, versus 2016 for Pilot, and have 2.5X more employees than Pilot, giving us an unmatched depth of expertise.
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