4 Best Bench Alternatives

As a business owner, you focus on generating more revenue and often forget mundane tasks such as bookkeeping and accounting. A bookkeeping platform can help you ensure that your finances are accurate and up-to-date. 

Since financial clarity and efficiency are paramount for business, choosing the right accounting platform can help you succeed from stagnation. While Bench Accounting has carved out its niche as a trusted name in online bookkeeping services, it’s not the only player in the field. 

Whether you’re a startup looking for streamlined solutions or an established business aiming for enhanced performance, exploring alternatives could unlock new possibilities tailored just for you. 

From personalized support from the experts to competitive pricing and automation for repetitive back-office tasks, doola Bookkeeping ticks all the boxes, making it a perfect fit for businesses of all sizes and industries.

Join us as we unpack four compelling competitors to Bench Accounting—each bringing their unique flair and powerful tools designed to deliver results that go beyond mere numbers! 

Get ready to discover how these contenders can elevate your financial management experience while keeping your bottom line healthy.

Why Is Choosing the Right Bookkeeping Platform Important?

A bookkeeping platform provides you with a centralized and efficient solution for recording, organizing, and analyzing financial transactions. They will help you stay on top of your finances by creating monthly or quarterly reports that outline all profits, losses, and cash flow.

However, these platforms are gifts that keep on giving. From automating your transaction categorization to providing reliable financial reporting and ensuring compliance with tax regulations, the opportunities are endless.

1. Streamline Financial Management

Bookkeeping platforms automate mundane bookkeeping tasks such as recording transactions, generating reports, and tracking expenses. This not only saves time but also reduces the chances of human error in accounting processes. 

2. Improved Accuracy

Using manual bookkeeping methods can lead to errors, which can have serious repercussions. On the other hand, bookkeeping platforms use advanced algorithms and automation techniques that significantly reduce human error and improve data entry accuracy.

3. Real-Time Access to Information

The bookkeeping platform gives you real-time access to essential financial information like cash flow, revenue growth, profit margins, etc. This allows you to make quick decisions based on current financial data without wasting time waiting for updates from the accounting team.

4. Cost-Effective Solution

Most bookkeeping platforms offer flexible pricing plans tailored according to business size and needs – making it a cost-effective choice compared to traditional accounting services. It also eliminates the need to hire additional staff to manage finances, thus reducing labor costs. 

5. Compliance with Tax Regulations 

Tax laws are constantly changing, and failing to keep up with them can lead to penalties and fines for businesses. However, these bookkeeping platforms help businesses stay updated with changing tax laws, making it easier to file accurate and timely tax returns.

6. Expert Support

Most platforms offer expert support from certified bookkeepers to keep your books in order. This can be beneficial for small businesses that do not have the resources to hire a full-time accountant but still need professional guidance in managing their finances.

Why Should You Look for Bench Alternatives?

Bench Accounting has gained popularity among small business owners due to its affordable pricing and user-friendly interface. However, it may not be the right fit for everyone since other options offer more value for your business.

1. High Costs

Bench Accounting can be more expensive than its alternatives, starting at $249 per month. Businesses on a tight budget or with simpler accounting needs may find better value for their money with other bookkeeping solutions. 

2. Not Suitable for Advanced Accounting Needs

While Bench Accounting is primarily for bookkeeping, it may not meet the needs of businesses that require accrual-based bookkeeping since it is much more suitable for cash-based accounting. 

3. It Leaves You Behind

Instead of providing real-time updates like most accounting software, Bench finalizes books for a given month at least a month later. By the time they are ready, the information will become outdated and not useful for decision-making. 

This means that businesses may not have access to accurate, up-to-date financial information at any given time, hindering decision-making and financial planning processes. Also, if you haven’t done your books in a long time, you’ll need to pay extra to catch up. 

4. Limited Integrations

If you’ve been doing your books in another system, you can’t import the individual transactions into Bench. This can lead to manual data entry workarounds or even errors in financial records when using multiple systems simultaneously.

5. Lackluster Customer Service

Some clients have complained that it takes a long time to connect with a human at Bench. While this might work well for some businesses, others may prefer having a dedicated accountant who can provide personalized support and advice tailored to their specific financial needs.

6. Minimal Tax Planning

Bench focuses primarily on bookkeeping and does not offer tax planning or filing assistance. This can be a significant drawback, as taxes play a crucial role in any business’s financials.

4 Best Bookkeeping Alternatives to Bench

#1 doola Bookkeeping

One of the best alternatives to Bench, doola Bookkeeping is an all-in-one solution that handles your back-office needs, including bookkeeping, accounting and tax filings. So you get more time to concentrate on scaling your business instead of being buried under endless paperwork.

From organizing receipts to tracking expenses, it will help you streamline financial management and eliminate the need for manual data entry by automatically syncing your bank account transactions into your books. 

This saves you time and resources spent updating your books and getting them ready for year-end accounting and tax filing. You also get support from dedicated bookkeepers who provide monthly financial statements and expense overviews to keep you in control of your finances. 

What Sets doola Apart?

Unlike many other bookkeeping services that offer a generic package, doola provides tailored solutions that address unique challenges affecting businesses and help them achieve their financial objectives.

Whether you want dedicated bookkeeping software to manage your books, need tax advisory and filing assistance, or have fallen behind and need to catch up, doola has you covered. This level of dedication to clients has earned us a loyal customer base and numerous positive reviews.

Pros:

• Expense tracking ensures nothing gets past you. You also get advanced business metrics to understand your business’ finances inside and out.

• Auto-tagging transactions for seamless categorization and dedicated Bookkeeping support to keep your transactions in order.

• Get paid faster with self-serve invoicing tools designed to streamline your payment process.

• Get monthly financial statements with clear expense overviews from doola’s team of experts, who also give you personalized tax assistance.

Cons:

• It’s not the cheapest option available, but it’s definitely the most value for money.

• No mobile app is available, which can be troublesome for entrepreneurs who are always on the move.

Pricing:

With doola, you get the most transparent, flat-rate pricing plans that offer some of the most competitive rates for dedicated bookkeeping solutions and services, starting at only $25/mo. So, you get precisely what you paid for

Book a demo to learn more about how doola can work for you.

#2 Xero

Xero is another popular cloud-based accounting software that offers a range of features and pricing options for businesses of all sizes. Founded in 2006, Xero has quickly gained popularity among entrepreneurs due to its user-friendly interface and advanced bookkeeping capabilities.

With customizable templates and real-time data, users can easily generate accurate financial reports for their businesses. The software also allows users to create budgets and track expenses against set targets, giving invaluable insights into the financial health of the company.

Pros:

• An impressive array of tools, including accounts payable and receivable, expense tracking, bank reconciliation, project budgeting, reporting, etc.

• Advanced accounting features, such as asset management, fund accounting and tax management.

• Utilize invoicing capabilities with customizable templates, add payment links for easy transactions and send automatic reminders for unpaid invoices.

Cons:

• Lacks advanced bookkeeping and accounting features and add-ons available in other alternatives QuickBooks

• Limited customer support options may not be sufficient for businesses looking for more immediate assistance.

• A Steep learning curve that can be challenging for those unfamiliar with accounting terminology. 

• You are responsible for doing your accounting without any expert support or assistance.

Pricing:

Xero has a tiered pricing model that may be more appealing to businesses with varying needs or just more control over the features they pay for. Their basic plan starts at just $15/month and goes up to $78/month, depending on the features you select.

#3 Freshbooks

If you’re a freelancer or solopreneur who wants to keep track of your billables and stay on top of your income, FreshBooks has all of the bookkeeping power you need. It has everything covered, from the moment you start a project to the time you get paid. 

You can use its time tracking tools to record your hours worked, then use its billing function to generate invoices and automatically accept card payments. Since everything is recorded in one central location, you get a complete overview of the financial health of your business. 

While you can track your expenses, generate income statements, balance sheets and cash flow statements, and even generate activity reports, it lacks advanced accounting and tax management fools available in other options.

Pros:

• Invoicing customization, recurring and scheduled payments functionality, and automatic payment reminders.

• Track expenses and billable hours with expense management and financial reporting features.

• A mobile app to manage your finances on the go, which is beneficial for business owners who travel frequently or have remote teams.

Cons:

• You cannot do bank or credit card integration and reconciliation.

• You have to do simple double-entry manually, which makes user errors more likely.

• It does not offer much flexibility when it comes to customization or creating custom reports according to specific business needs.

Pricing:

Freshbooks’ pricing structure is more flexible, which makes it a better choice for businesses with varying levels of activity throughout the year. Their base plan starts at $19 per month for up to five billable clients, and their advanced Premium is priced at $60 per month for unlimited clients.

#4 QuickBooks Online

QuickBooks Online is one of the most well-known bookkeeping solutions on the market. With its wide range of features and user-friendly interface, it has become a popular choice for businesses of all sizes. 

The platform provides a clear overview of your business finances, including income, expenses, profit and loss, and cash flow. Even those without prior accounting knowledge can easily navigate through the software and perform necessary tasks. 

You can create invoices, track expenses and payments, and manage bills and vendor payments efficiently. It also allows you to sync bank accounts and credit cards directly for easy bank reconciliation.

Pros:

• Top choice of bookkeepers and accountants

• Easy to set up and navigate

• Comprehensive financial management capabilities

Cons:

• Expensive packages

• Costly Add-ons, such as payroll processing, require additional fees.

• The learning curve is too steep for beginners with limited bookkeeping knowledge

Pricing:

Compared to other solutions, QuickBooks Online is relatively more expensive. The Simple Start plan starts at $15 per month but supports only one user. If you want to set up more users and need more advanced features, go with their advanced plan costing $117 per month. 

Why doola Is the Best Fit for Your Business? 

After evaluating and comparing the various competitors, it is evident that doola Bookkeeping stands out among all of the best bench alternatives. Unlike other competitors who offer generic bookkeeping services, we have taken a personalized approach. 

We understand that every business has different financial requirements and, therefore, tailor our services accordingly. This ensures that our clients receive accurate and relevant information that helps them make informed decisions about growing their business.

Our team of highly trained bookkeepers and accountants supports you every step of the way, ensuring compliance with all financial requirements. This not only saves time but also reduces the chances of errors significantly, making it a more cost-effective option in the long run.

We take pride in building long-term relationships with clients and providing ongoing support whenever needed. This dedication to customer satisfaction is reflected in their positive reviews and high client retention rate.

Book a demo with us today to learn what differentiates us!