Financial Reporting

Seven questions to ask for a quick financial health check of your business. When you’ve just started your business, it’s simple to keep using personal bank accounts to cover expenses. Here are the top 8 business bank accounts for LLC owners. Learn how this essential financial document can help track your income and expenses.

Here’s how to understand the difference, so you can pick the most affordable loan for your business (and avoid paying more than you expect). It’s an important step in setting bench accounting login up your small business finances. Learn how to open a business bank account. But there’s easy benefits to be had in starting a bank account and keeping your business and personal funds separate. To preserve an LLC’s liability protection, you need to keep your personal and business expenses separate.

Our dedicated team of bookkeepers, tax pros, and small business experts are with you every step of the way. This compensation helps us provide tools and services – like free credit score access and monitoring. Shopping for small business accounting software can be painful and confusing. Here’s the basics you need to know to stay on top of your books and taxes. Overhead is the cost of staying in business—learn how to track how much you’re really earning and build rock-solid profit projections. Learn how to handle your small business accounting and get the financial information you need to run your business successfully.

A business income statement includes both gross and net income. Understanding fixed costs can help you become more profitable (and make better business decisions). Unearned revenue may be a liability on the books but it does have many benefits for small business owners. Here’s our guide on how to calculate gross income for the PPP.

Unfiltered reviews from Small Business Owners in America

• Here are 30 areas of your business you can automate today.
• Understanding tax deductions for real estate agents can significantly reduce your taxable income.
• Master the fundamentals of construction accounting with this guide.
• Learn how Bench Accounting helped small business owner Kat Niambi regain control of her finances and focus on her passion for spiritual counselling.
• Here’s how she handles her financial admin, while staying sane.
• What’s the difference between personal and business bookkeeping, and which one do you actually need?

Year end tax planning is a great way to reduce the cost of your tax bill, but you need to make these moves before December 31 in order to see the benefits next year. A balance sheet lets you see the big picture and understand how much your business owns, owes and how much is left for you. Use this financial statement template to see how much cash you have on hand for a specific period. In this step-by-step guide, you’ll get to know key terms, the exact steps to take to get IRS-compliant and a checklist of all the things you need to get caught up. Part design agency, part online business, GFDA uses profanity and bold design to inspire millions of fans and customers around the world. Boxelder Consulting is a tax resolution firm with clients in 50 states.

How to Create a Business Emergency Fund and Why They’re Important

• Don’t drown in the IRS website—read our plain-language guide to filing your small business taxes.
• Everything you need to know to get tax-season ready and maximize your returns.
• How seasoned entrepreneur Steve Schmidt bounced back from a financial setback with the help of Bench Accounting.
• If you’re running your own Shopify store, you might need a better accounting solution.
• No two LLCs are alike—they can even have different tax filing deadlines.
• If you want retirement benefits, federal disability insurance, or any other kind of Social Security, you need to pay Social Security tax.

If you’re a small business owner, you may not know what a registered agent is and if (or why) you need one. A clear shipping policy for your online store saves you time and keeps your customers informed. Business hacks are tips and tricks that help business owners and managers do more with limited resources. Take the confusion out of payroll, and avoid costly fines, with our how-to payroll guide. By automating parts of your business, you can improve inefficiencies, reduce costs, eliminate human error, and increase customer satisfaction. The Inflation Reduction Act of 2022 has several provisions that can help small business owners.

No more hopping between apps to track your financials. Track every business transaction and performance metric like a pro, and run a smarter business right away. Powerful yet intuitive financial reports come standard with Bench. See what running a business is like with Bench on your side. Each month, we may check in with you to ensure your books are accurate and your deductions are maximized.

New Feature: Your Transactions Can Now Be Tagged by Product, Service, Client and More

We’ve compiled the best small business loans of 2024 in eight categories, so you can find the one that fits for your business. When you’re ready to dump DIY bookkeeping and outsource to a pro, you’ve got a few options. Here’s an inside look at how we do your books. We’ve compiled some common questions and info here for tax professionals working with Bench.

Learn how to automate your small business and stop devoting your time to boring tasks. Tracking miles can save you money in taxes, but you need to keep organized. Black business owners and entrepreneurs face unique challenges in growing their businesses. How the 401(k) reduces taxable income for both employers and employees, key features of the plan, and the next steps employers can take.

Sole Proprietorship Taxes: An Overview and Walkthrough

Retained earnings are like a running tally of how profitable your business has been since it first started up. Understanding how income statements and balance sheets work together can help you plan your business’s future growth. A simple guide to some common accounting terms, and why they matter. Accounting software can be your secret weapon when it comes to managing your small business finances. A (relatively) painless rundown of the double-entry system of accounting, and why your business should probably switch to it immediately.

Learn about ACH transactions with our beginner’s guide. The only article you’ll need to read to pick a small business credit card. International money transfers are complex and at times, costly.

The top eight financial relief resources for minority-owned small businesses in the U.S. When you learn how to do a basic cash flow analysis, you’ll feel more confident about making business decisions. Categorizing your expenses correctly will make everything easier, from filing your taxes to developing your budget. Proportionately, black businesses have less access to capital. Switching to an S corporation can shield personal assets, offer tax savings, and attract investors, ideal for businesses facing higher risks and profits.

Here’s what you need to know about the ongoing accounting drama, and going forward as an ecommerce business looking for safe alternatives to bench among its many competitors. We have years of experience working with former Bench customers and our team is working through the weekend to help any small businesses who need urgent help. As a company that specializes in solopreneur finance (formation, accounting, tax and payroll) we know that this time of year is stressful as is. GNUCash isn’t really a business accounting platform. Docyt is here to help businesses keep their books accurate and operations seamless.

“I tried doing my numbers and filing taxes myself, and then I continued to try, and I just was like, I’m spending way too much time being miserable doing this.” See why small businesses love Bench through real reviews, affirming our promise to provide accurate books and peace of mind. Tools and calculators to help you stay on top of your small business taxes and evaluate your financials Free downloadable bookkeeping and tax guides, checklists, and expert-tested accounting templates Get free guides, articles, tools and calculators to help you navigate the financial side of your business with ease.

Weigh the pros and cons of a DIY QuickBooks accounting setup for Shopify sellers. A simple, visual guide to debits and credits. When you get an EIDL loan, you need to stay current with your bookkeeping. How do you decide which is a better fit for your small business?

With Bench’s expert support and real-time insights, he streamlined his finances and focused on growth The virtual office works hand-in-hand with today’s remote businesses and teams, but it’s not actually a byproduct of COVID-19. The EIDL loan has now re-opened for all small businesses who have been financially affected by COVID-19. Our guide covers what you need to know about how the PPP affects your tax filing. If you have received a paycheck protection program (PPP) loan, it’s time to start thinking about how this will impact your taxes. Find out more about how the PPP is more accessible to all businesses.

Bench’s main product was online bookkeeping supported by in-house bookkeepers, offering comprehensive services including historical and monthly bookkeeping, cash flow management, expense tracking, and financial reporting. Bench, a Canada-based accounting startup that offered software-as-a-service for small and medium-sized businesses, has abruptly shut down, according to a notice posted on its website. Online bookkeeping and tax filing powered by real humans

A competent bookkeeper asks whether he needs that report frobnicated by date or by time-value and they work out the details. Perhaps most importantly, they understand accounting jargon. And those are nothing compared to the carnage I’ve observed small biz’s with an employee PT or FT in house doing the books. I’ve had it pretty easy – friends of mine have had PT/local bookkeepers do every form of damage you can think of – it’s a messy world for SMB books.

Wondering whether your business needs a tax advisor? Understanding your tax deductions as a therapist significantly impacts your taxable income and overall tax burden. Discover what’s deductible for your business and how to save more when it’s time to file. The cost of tax preparation varies based on the complexity of your tax return, the experience of the tax professional, and the amount of tax services you seek. The self-employed health insurance deduction is a tax benefit that helps people who own a business pay for health insurance.