{"id":7144,"date":"2022-02-17T14:48:16","date_gmt":"2022-02-17T14:48:16","guid":{"rendered":"https:\/\/imaginalityhaven.com\/?p=7144"},"modified":"2025-10-01T13:16:52","modified_gmt":"2025-10-01T13:16:52","slug":"frequently-asked-questions","status":"publish","type":"post","link":"https:\/\/imaginalityhaven.com\/index.php\/2022\/02\/17\/frequently-asked-questions\/","title":{"rendered":"Frequently Asked Questions"},"content":{"rendered":"

$\"bench$ <\/p>\n

Beyond day-to-day operations, having your bookkeeping taken care of by a professional expedites the tax filing process. You\u2019ll have all the numbers you need to fill out the forms quickly with IRS-compliant reports for your tax return. The ability to \u201cmanage by area\u201d within your income statement can prove invaluable in figuring out areas your cash is being wasted.<\/p>\n

Why Consider EcomBalance for Your Accounting Needs<\/h2>\n
Although Bench was eventually acquired by Employer.com, the damage was done. Clients were left questioning the reliability of venture-backed services that burn through funding without long-term sustainability. In contrast, Maxim Liberty just celebrated 20 years in business in May 2025. As a lean, U.S.-based company delivering resources from India with a focus on personalized service and operational stability, Maxim Liberty has earned stellar client ratings year after year.<\/p>\n
<\/iframe><\/div>\n<h2>We\u2019re helping thousands of small business owners like you<\/h2>\n<p>It automatically pulls up a range of well-known banking institutions, including Chase, Bank of America, and Wells Fargo. By the time you finish reading, you\u2019ll know if Bench lives up to the hype or if another bookkeeping solution is your answer. As you can see, Bench offers both bookkeeping as a standalone package and bookkeeping + tax. However, the 25% savings for paying in full up front is difficult for most startups to take advantage of. For S-corps, C-corps, and partnerships, you can add-on personal filing for 1 partner or shareholder for just $59\/mo when billed annually or $69\/mo when billed monthly. Every report accessible in the Bench platform can be exported to an Excel file for easy sharing with anyone from business partners to accountants.<\/p>\n<h2>Bench vs. Pilot: Accuracy and support<\/h2>\n<p>The sudden closure of Bench accounting has given a warning sign to businesses relying on third parties to manage their books. Its downfall shows us why it\u2019s essential to have financial transparency, sustainable business models, and a contingency plan in place. Get your bookkeeping, income tax prep, and filing done by experts\u2014backed by one powerful platform.From startups to agencies, Bench works with Omaha small businesses. Get your bookkeeping, income tax prep, and filing done by experts\u2014backed by one powerful platform.From startups to agencies, Bench works with Charlotte small businesses. BenchTax will take over your entire filing process from start to finish, which should save you a great deal of time and energy.<\/p>\n<ul>\n<li>Each month, your existing bookkeeper will continue to organize your business transactions and get to work on your books.<\/li>\n<li>Bookkeeping is an integral part of running a financially healthy business.<\/li>\n<li>We\u2019ll do a month of your bookkeeping in one business day, and deliver a set of financial statements for you to keep.<\/li>\n<li>And, in the event that someone handling your books has to take a leave of absence, another bookkeeper can take over, so you don\u2019t have to worry about service gaps.<\/li>\n<li>Check out our visual reports to get insights on your business and make smart decisions.<\/li>\n<li>We don\u2019t offer any of those services, but we do partner with other companies (like Gusto and Freshbooks) that specialize in different areas of business admin.<\/li>\n<li>You also have the option to add your bank statements to serve as a backup method for reconciling accounts, but I chose to skip this step since everything in the automatic connection looked good.<\/li>\n<\/ul>\n<h2>Accounting Services<\/h2>\n<p>You even get access to our tax professionals, who can advise you on minimizing your tax bill. We’re as reliable as the Panther’s footwork, so you can focus on growing your business. This comprehensive approach means businesses can rely on one trusted provider for all their financial management needs.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' src=\"https:\/\/www.bookstime.com\/wp-content\/uploads\/2021\/12\/cde6e10a-263f-4c39-842b-fb703e30d1e9-2-300x200.jpg\" width=\"256px\" alt=\"bench bookkeeping pricing\"\/><\/p>\n<p>Bench.co relies exclusively on its proprietary <a href=\"https:\/\/www.linkedin.com\/posts\/bookstime_insurance-providers-frequently-revise-their-activity-7361462526091378688-rGtC\/\">Mental Health Billing<\/a> software, which can limit flexibility for businesses. The platform only supports cash-basis accounting, lacking essential features like accrual-basis accounting. This omission makes it difficult for growing businesses to manage accounts payable, accounts receivable, prepaid expenses, unearned revenue, and inventory. Bench also does not integrate with widely used platforms like QuickBooks or Xero, complicating data migration and increasing switching costs. For businesses with evolving needs, these limitations can hinder their growth.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' src=\"https:\/\/www.bookstime.com\/wp-content\/uploads\/2021\/08\/9e3f44af80.jpg\" width=\"250px\" alt=\"bench bookkeeping pricing\"\/><\/p>\n<p>Once your bookkeeper completes your year end financials, your dedicated Tax Coordinator and Bench Tax Advisor will facilitate the preparation, review, and filing of your income tax return. When it\u2019s ready, we\u2019ll reach out to you for the \u201call clear.\u201d Then, we\u2019ll file your taxes and pull funds directly from your account to pay any applicable taxes. Bench.co\u2019s web-based app provides financial reporting functionality. Without stating the obvious, financial reporting helps you run your business more economically. This feature helps you easily identify areas where you\u2019re spending a little unnecessarily, which can help you save.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' src=\"https:\/\/www.bookstime.com\/wp-content\/uploads\/2021\/03\/4892413961-300x200.jpg\" width=\"258px\" alt=\"bench bookkeeping pricing\"\/><\/p>\n<h2>Services<\/h2>\n<p>Bench is America\u2019s largest professional bookkeeping service for small businesses. We use proprietary software, so you don\u2019t need any other bookkeeping software to work with Bench. Every client gets a dedicated bookkeeper supported by a team of <a href=\"https:\/\/www.bookstime.com\/articles\/bench-accounting\">bench bookkeeping pricing<\/a> knowledgeable small business experts.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' src=\"https:\/\/www.bookstime.com\/wp-content\/uploads\/2022\/05\/c304e8b1-758f-419e-9241-9de766d21fd6.jpg\" width=\"250px\" alt=\"bench bookkeeping pricing\"\/><\/p>\n<h2>Frequently Asked Questions (FAQs)<\/h2>\n<p>With this system, bookkeepers record transactions when the money has been deposited into the client\u2019s bank account or charged to their bank or credit <a href=\"https:\/\/en.wikipedia.org\/wiki\/Cash_flow\">cash flow<\/a> card. And if you need advice beyond bookkeeping, you have to add CFO services to your bookkeeping package. 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. The first step in properly vetting any new bookkeeping provider is to understand what your company needs and which solutions have the features and services to meet them. Getting clear on this before you make a switch ensures that when you do make the change, you really improve your business\u2019s back end. The fact is that cash-basis bookkeeping works best for very small businesses, and is outgrown quickly as the business\u2019s financial situation gets more complex.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beyond day-to-day operations, having your bookkeeping taken care of by a professional expedites the tax filing process. You\u2019ll have all the numbers you need to fill out the forms quickly with IRS-compliant reports for your tax return. The ability to \u201cmanage by area\u201d within your income statement can prove invaluable in figuring out areas your […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"class_list":["post-7144","post","type-post","status-publish","format-standard","hentry","category-bookkeeping-2"],"_links":{"self":[{"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/posts\/7144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/comments?post=7144"}],"version-history":[{"count":1,"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/posts\/7144\/revisions"}],"predecessor-version":[{"id":7145,"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/posts\/7144\/revisions\/7145"}],"wp:attachment":[{"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/media?parent=7144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/categories?post=7144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imaginalityhaven.com\/index.php\/wp-json\/wp\/v2\/tags?post=7144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}