Bench Accounting was an excellent solution for bookkeeping and financial management until its sudden closure.
With the news of its shutdown, most businesses are now left looking for a reliable alternative.
In this guide, we will explore:
- What Bench Accounting was and why it shut down
- Key features to consider in alternatives
- The top Bench competitors you can rely on
- How to transition smoothly and maintain financial records
If the recent Bench closure has you looking for a bookkeeping service to handle the heavy lifting of your ecommerce books, look no further than EcomBalance.
At EcomBalance, we specialize in monthly bookkeeping designed exclusively for online sellers on Amazon, Shopify, Etsy, and eBay.
Our team helps you stay organized, reconciles your accounts, and delivers clear monthly reports so you always know where your business stands.
Schedule a free bookkeeping consultation and partner with an expert in all your bookkeeping!
What Is Bench Accounting?
Bench Accounting was a hybrid bookkeeping service that combined cloud-based software with dedicated, real, human bookkeepers.
Businesses were paired with a bookkeeping team to categorize transactions, prepare monthly reports, and provide year-end financials.
Some of its most notable features included:
- Monthly financial statements, including income statements and balance sheets.
- Tailored tax advisory services to help get the most out of deductions.
- 24/7 access to bookkeepers to handle concerns.
- Yearly tax-ready financial packages.
What Happened to Bench Accounting?
In recent months, Bench Accounting shut down. While it had a loyal user base, several factors may have contributed to this decision.
Some of the likely reasons include:
- Increased competition from cloud-based software like QuickBooks, Xero, and FreshBooks.
- Rising costs to maintain the software and human bookkeepers.
- The rise in AI-powered automation has reduced the need for large teams of human bookkeepers.
Reading through Bench Accounting reviews, you will notice frustration over the short timeline for migration and the lack of clarity on long-term data storage.
This makes it critical to act quickly and choose a Bench Accounting alternative that not only fits your current needs but is also stable enough to serve you for years to come.
Key Features to Look for in an Accounting Software
When you’re in the market for a Bench Accounting alternative, you want to get the most reliable bookkeeping service.
Here are the key features you should be looking for:
- Ease of Use: Accounting software should be intuitive and user-friendly. Therefore, ensure you select a tool with a clean dashboard, automation capabilities, and straightforward reporting.
- Dedicated Experts: Look for a tool with a team of bookkeepers that can handle your accounting tasks and offer a personalized accounting service.
- Financial Reporting: At the end of each month, you should receive key financial statements such as income statements and balance sheets.
- Integrations with Top Tools: Look for a solution that connects with your existing third-party applications, such as payment gateways and CRM systems.
- Affordability: Bench was relatively affordable compared to hiring a full-time bookkeeper. As you evaluate alternatives, carefully compare pricing and consider the payment terms, particularly whether they are based on a charge per user or a flat monthly fee.
- Customer Support: When managing your finances, you need prompt answers. So consider providers with strong customer support, whether via live chat, phone, or email.
- Data Security: Accounting software tools handle sensitive financial information. Select a provider that offers two-factor authentication and complies with relevant financial regulations.
Top 7 Bench Accounting Alternatives
With Bench gone, you should explore other reliable accounting options.
Check out our top 7 tools:
1. EcomBalance
EcomBalance is an excellent alternative if you’re looking for human bookkeepers who specialize in providing accounting solutions for your ecommerce business.
Key Features:
- Dedicated Service: Partner with a team of human bookkeepers that can offer ongoing support in your ecommerce accounting needs.
- E-commerce Platform Integration: Our platform supports multiple platforms, including Shopify, eBay, and Etsy, which are seamlessly integrated with software such as QuickBooks Online, A2X, or Xero.
- Monthly Financial Statements: Get all financial reports, such as Profit & Loss, balance sheet, and cash flow statement, delivered by the 15th of each month with actionable insights tailored to your ecommerce business.
- Catch Up and Clean Up Service: If your books are behind or messy, our team will clean them up so your financials are up to date and tax-ready.
Receive a custom pricing quote.
2. QuickBooks Live
The battle between Bench and QuickBooks has been ongoing. So, QuickBooks Live is a strong alternative to Bench if you’re already using QuickBooks and you’re looking for live bookkeepers to handle your accounting.
Key Features:
- Account Reconciliation: Get a dedicated bookkeeper who reviews your bank accounts and credit cards to ensure your books are accurate.
- Monthly Financial Reports: At the end of each month, you’ll get key financial statements like the balance sheet and P&L statement.
- Integration with QuickBooks: A bookkeeper helps set up your chart of accounts in QuickBooks and lets all your bank and credit card accounts flow automatically.
Pricing starts around $19 per month for basic plans, scaling up with additional users and features.
On the downside, QuickBooks Liveworks works only with QuickBooks Online.
3. Pilot
Similar to Bench’s approach, Pilot has a full-service bookkeeping service to handle your books and provide accurate monthly reports.
Key Features:
- Dedicated Experts: Get paired with a dedicated US-based bookkeeper so they can set up your charts of accounts and understand your business operations.
- Monthly Financial Reports: Get monthly standard reports, such as the cash flow statement and balance sheet.
- Integration with Financial Tools: Allows your transactions to flow through payment tools such as Gusto automatically.
Pricing starts at about $499 per month.
However, Pilot comes at a higher base pricing compared to other accounting solutions.
4. Fincent
Fincent combines its accounting software with human bookkeepers to maintain your books and clarify your transactions.
Key Features:
- Dedicated Bookkeepers: Get a team of bookkeepers and CPAs to handle your books and ensure your financials are organized.
- Financial Reporting: Receive your monthly financial statements, such as the balance sheet, on the 15th of every month.
- Catch-Up Bookkeeping: The bookkeepers will help you bring your books up to date if they are months or years behind.
Pricing starts around $229 per month.
A significant downside is that some users have reported potential accuracy issues when classifying transactions.
5. Wave Advisors
Wave Advisors has trained in-house bookkeepers who take care of your taxes and accounting and keep them up to date in your Wave account.
Key Features:
- Assigned In-house Bookkeepers: Get a team of professional bookkeepers based in North America to respond to your questions and offer personalized accounting assistance.
- Transaction Categorization: Get Wave bookkeepers to review your transactions each month and categorize them on Wave to ensure they are accurate.
- Account Reconciliation: The experts compare your Wave account transactions against your bank or credit card statements to ensure they align and the balances are accurate.
Pricing starts at $149 per month.
However, it’s important to consider that Wave is primarily suitable for small and growing businesses and may not be useful for larger ones.
6. Xendoo
If you are a small business, Xendoo bookkeepers can provide accurate data-driven financial insights.
Key Features:
- Dedicated Bookkeeping: Get assigned bookkeepers and accountants to manage your books.
- Weekly Categorization: The bookkeeping team works every week to categorize bank and card transactions, organize them, and ensure your books are current.
- Multiple Integrations: Connects your transactions to numerous ecommerce platforms and payment processors, so data flows automatically.
Pricing $395 per month.
However, when comparing Xendoo vs. EcomBalance, Xendoo isn’t tailored to offer bookkeeping services for ecommerce.
7. Kick
Kick is an AI-powered bookkeeping service that automates what accountants usually do.
Key Features:
- Automatic Categorization: Get your business transactions categorized by AI and reviewed by an expert for accuracy.
- Customization: Adapt the suggested rules to your business.
- Tax Ready Financials: Receive in-depth reports and insights to plan your finances strategically.
Pricing starts around $35 per month.
A potential limitation could be that Kick’s automated systems might not cover specialized accounting needs, such as complex ecommerce issues.
How to Transition Smoothly from Bench to a New Provider
Once you’ve picked an accounting software from the above options, the next step is to move your bookkeeping data.
Here are the 6 steps to follow:
- Export Your Data from Bench: The first step is to export all your financial statements, bank and credit card activity, tax returns, and custom reports.
- Organize the Exported Data: Ensure the exported data is clean and accurate. Check missing transactions, remove duplicate entries, and verify the account classifications to avoid potential discrepancies later.
- Partner with an Accounting Expert: Collaborate with your accountant to ensure you’ve correctly set the tax codes and chart of accounts in your new accounting software.
- Integrate with Existing Platforms: The next step is to connect your favorite business tools, the payment processors, and other software with your new accounting software.
- Assign New Roles: Set access permissions for your team members and define their user roles, responsibilities, and security requirements.
- Test the Migration: Monitor your new accounting system for at least a month to identify and correct any errors before making the switch entirely.
If you’re an ecommerce business looking for ecommerce bookkeeping services, EcomBalance is built specifically for that.
We integrate seamlessly with QuickBooks or Xero, connecting all your sales channels to ensure accurate, up-to-date records delivered on the 15th and 20th of each month.
We provide the clarity you need to scale your business confidently, from detailed P&L reports to organized reconciliations.
Get started with EcomBalance and simplify your bookkeeping now!
Common Pitfalls to Avoid When Switching Providers
When you’re switching from your Bench Accounting, it comes with risks.
Here are the most common mistakes business owners make:
- Failing to Back Up Data: When you switch from Bench, you may lose access to your financial records, which are crucial for audits, taxes, and future financial planning. So you should back them up in advance.
- Choosing the Cheapest Alternative: It is tempting to select a tool with the lowest cost, but it often lacks essential features, such as customer support, and can limit your growth. Instead, consider the overall value, including the functionality and scalability, before making a choice.
- Overlooking Integrations: Another mistake is choosing a tool that does not integrate smoothly with your payroll, invoicing, or CRM, which can lead to errors and result in double data entry. Always verify the compatibility of your software with your existing tools to ensure a seamless data flow.
- Not Partnering with Professionals: Even if your chosen accounting software is user-friendly, you can still face issues in your setup that can lead to inaccuracies in your tax compliance and reporting. Collaborate with an expert to prevent future headaches and transition smoothly without disrupting your business.
Frequently Asked Questions (FAQs)
Below are concise answers to questions customers have about accounting software:
Is Cloud-Based Accounting Software Better Than Desktop Software?
Yes. Cloud software allows you to access financials from anywhere, collaborate with your accountant in real-time, and benefit from automatic updates.
Desktop software typically requires manual updates and is limited to a single device.
How Secure Is Accounting Software?
Top providers use bank-level encryption, firewalls, and two-factor authentication.
Storing data in the cloud is often safer than keeping it on a local device, which is vulnerable to theft or hardware failure.
How Much Does Accounting Software Cost?
Costs vary widely. Free solutions like Wave exist, while others, such as QuickBooks and Xero, start at around $15 to $30 per month.
Advanced plans, which include payroll, multi-currency support, or inventory, can exceed $70 per month.
Conclusion
Bench Accounting’s shutdown presents an opportunity to explore alternatives with rich features that surpass Bench’s offerings.
Done correctly, the transition to your chosen tool should be seamless, positioning your business for long-term success.
You should prioritize ease of use, integrations, affordability, and security. If you’re looking for a reliable replacement to Bench where you can partner with accountants well-versed in ecommerce bookkeeping, then look no further than EcomBalance.
With us, you gain a dedicated partner who handles the financial side of your ecommerce business every month.
We handle your daily transactions, clean up your financial records, and prepare monthly reports that provide you with real insight into your business performance.
Schedule your free consultation today and partner with reliable ecommerce accountants.
