Because Bench is largely handling bookkeeping through its bookkeepers, the software design for users is simple and easy to navigate. There is nothing complex and so no steep learning curve to start using the system. For complete beginners or those who want to outsource and not worry, Bench is ideal.
Bench offers real-time cash flow updates to its clients. That means users can check in on business performance whenever they want, with up-to-date figures for decision making (as long as the monthly close has been complete).
Transaction tagging allows Bench users to organize data in whatever way works best for their needs. Tagging could be by project, client, location, service, or other category. This helps Bench users dive into what makes the most money, or the profit vs loss for a specific client or project.
An optional add-on, BenchTax, provides full tax services to Bench clients. Bookkeeping and taxes are all done, organized, and completed by Bench and its tax team. Tax advisory services exist all year long, with regular check-ins.
QuickBooks Online is full of features, designed for business professionals who want to DIY their own books. Thus, it is more robust than Bench in the features department. Features include expensive tracking, budgeting, and job costing, along with integrations with other platforms. In addition, Quickbooks Online has thousands of integrations with other systems, such as revenue (Stripe, Square, PayPal), inventory, billpay, etc. so QBO can grow with your company from startup to more mature phase.
QBO allows the user to post journal entries, track inventory, and depreciate fixed assets. A growing company could eventually produce audited financials directly from QBO, while they would struggle to pass an audit with Bench’s cash-basis accounting.
It is possible to add monthly live bookkeeping to QBO with a virtual bookkeeper and an additional cost. This adds an extra layer of expertise to tracking financial information, reconciling, and organizing.
QBO is known as a scalable accounting program, with tiered services and pricing plans based on a company’s needs. Whether it’s starting small with the self-employed plan or moving up to a fully serviced bundle, QBO makes it easy. For any business that will shift or grow over time, QBO flexes with you instead of necessitating an all-new system.
Some QBO users report struggles with user support, with challenges accessing live customer support over the phone. Most of QBO’s customer support comes in the form of online chats, FAQs and knowledgebase, or through other users. For those who are encountering a problem who simply want help over the phone, quickly, it can be a frustrating experience.
QBO is a well-known accounting software system, and one of the most-purchased platforms. As a software business, their focus is on a continual volume of sales. The quality of the product and their relationship with customers may be less of a priority so long as the volume is still coming.
Bench is the ideal user-friendly, easy-to-learn solution for those who want to outsource bookkeeping as much as possible. With a team of expert bookkeepers and the ability to file taxes from the same system, professional assistance is there when you need it. That said, the professional assistance does come at a higher cost than QBO, a more DIY approach.
Finvisor has been helping startups and small businesses get their books right from the start. Reach out to us on our Contact Us page for a free 20-minute consultation of getting your financials right, no matter which software you use.