Bookkeeping is vital to the success of every business, but business owners rarely have the time (or desire) to manage it themselves. In order to save their time and sanity, many partners with an online bookkeeping and accounting team. There are many options available, ranging from traditional CPAs to tech-savvy online providers. How do you choose the right financial partner for your business?
Today, we will take a look at two popular options: Xendoo Online Bookkeeping and Bench. Both provide quality bookkeeping and tax services, but there are some key differences in features that may tip the scale for you:
- Online bookkeeping and tax services
- Accounting software
- Free trial
In this blog post, we will explore these key differences so that you can make the best choice for your business!
Online Bookkeeping and Tax Services
Xendoo’s online bookkeeping and tax packages start at $295, with a bookkeeping-only plan that starts at $195 per month. We reconcile your books weekly, and deliver your reports as early as the 5th business day of the month, depending on the plan you select!
Bench offers three bookkeeping and tax plans, with prices starting at $299 per month ($249/annual). Bench’s Core package requires a partnership with LendingClub. You can connect your existing bank accounts and debit cards on the Flex and Pro plans, which are more expensive. Tax services are available on all plans, but they do not offer a bookkeeping-only package at this time.
What if you are behind on your bookkeeping? Outside of the ongoing subscriptions, Xendoo and Bench both offer catch up services so you can get previous months’ books in order!
The biggest difference between Xendoo and Bench is the software used to do your bookkeeping and accounting.
Xendoo works with both Quickbooks Online and Xero. The biggest advantage of these two programs is that you own the software. Working with Quickbooks Online and Xero ensures that you will always have access to your financial records, no matter who does your bookkeeping.
Bench only uses their proprietary software, which does not integrate with any other accounting programs. If you ever need to leave Bench, your records will not go with you and your financial history will have to be rebuilt. If you want to be able to hold onto your data, Bench may not be the best choice for your business.
Try Us Out
Both Xendoo and Bench offer a free trial in which we complete your books from the previous month, and provide a Profit and Loss Statement and Balance Sheet.
What happens if Xendoo is not the best fit for you? In that case, we will gladly connect you with others in our network so you can find your ideal financial partner. The completed books and financial reports are yours to keep in your QuickBooks Online or Xero subscription!
If you decide not to work with Bench, you can hold onto the financial reports, but you will no longer have access to the previous month’s bookkeeping as it is done in their proprietary software.
For a brief summary of how Xendoo and Bench compare, check out the chart below:
*Some options may only be available on certain plans.
Who is Right for You?
It depends! Every business owner needs their bookkeeping done, and they deserve the freedom to take their data with them, no matter who they partner with. Xendoo Online Bookkeeping works with industry-standard accounting software, ensuring you will always have access to your financial records and data.
Bookkeeping. You hate it. We love it. We do it. Take your time back and do more of what you love!
Are we a fit for your business? Schedule your free consultation today!