For many online business owners, the sudden closure of Bench Accounting has left them searching for reliable bookkeeping alternatives. Whether you’re a current Bench client looking for a new home for your books or simply exploring your options, this comprehensive guide will help you find the right bookkeeping solution for your business.
Understanding Your Options
When it comes to managing your books, you have several paths forward. Let’s explore each option to help you find the best fit for your business.
Option 1: Software Only Solution (Be Your Own Bookkeeper)
If you’re comfortable managing your own books, we strongly recommend Xero. Here’s why we love it:
- Complete ownership of your financial data
- Comprehensive customer service
- User-friendly interface
- Robust reporting capabilities
- Excellent bank feed connections + integrations with third party apps
- Strong security measures
- Scalable as your business grows
The key advantage here? You maintain full control of your data. Recent events with Bench demonstrate why this matters – when you use proprietary software, you risk losing access to your financial history if the company closes.
Important Note: Xero is accounting software, not a bookkeeping service. You’ll need to manage it yourself or hire a bookkeeper who can work with Xero (hi, hello, it’s us🙋🏼♀️ and we’re offering a special discount if you’re coming from Bench!)
Option 2: Comprehensive Bookkeeping + Tax + Strategy
If you used Bench’s combined bookkeeping + tax services and you’re looking for an one stop financial shop, this one’s for you. For growing businesses needing full-service financial support, our CFO services might be a good fit:
- Complete bookkeeping services
- Tax preparation and planning
- Strategic CFO guidance
- Budgeting + cash flow forecasting
- Direct Slack access for support
- Semi-annual strategy sessions
- Custom 12-month spend planning
- Uses our favorite software, Xero, where you own your data. (not proprietary systems)
- + more – this service is highly customized and will be suited to your unique business
Option 3: Simple Solutions for Starting Businesses
A Simple Spreadsheet
Perfect for businesses just starting out:
- Low cost
- Complete control over your data
- Simple to implement
- Good for learning basic bookkeeping
- Easy to transition from when you outgrow it
QuickBooks
Pros:
- Widely used and accepted
- Many accountants are familiar with it
- Strong reporting capabilities
Cons:
- Steeper learning curve than Xero
- Can be overwhelming for beginners
- More expensive than Xero
- Customer service can be challenging
- Updates can be disruptive
Why Data Ownership Matters
The recent Bench situation demonstrates a critical lesson: using proprietary bookkeeping software can put your business at risk. When you choose a solution, consider:
- Data Accessibility: Can you easily export your financial information?
- Software Independence: Are you locked into one provider’s system?
- Transition Capability: How easily can you switch providers if needed?
Making Your Decision
Consider these factors when choosing your path forward:
- Your comfort level with financial management
- Time available to handle bookkeeping tasks
- Budget for financial services
- Growth plans for your business
- Need for strategic financial guidance
Taking Action
Whether you choose to manage your own books with Xero, partner with a full-service firm like 1428 Financial, or start with a simple spreadsheet system, the most important step is ensuring you choose the solution that is the best fit for your business.
At 1428 Financial, we’re committed to transparent, secure financial services that put you in control. We use industry-leading software and provide our clients with complete access to their financial data – because we believe your financial information should always be yours.
Need help transitioning from Bench? Let’s talk about creating a smooth transition plan that ensures you maintain access to your financial data while setting up a sustainable system for the future. Schedule a call here.
The content in this blog post is provided for general informational purposes only and should not be considered professional tax or legal advice. The author is not a Certified Public Accountant, and no assurances can be made regarding the outcomes or consequences of tax returns, IRS actions, or any financial decisions based on this information. Readers are strongly advised to consult with a qualified tax professional or legal advisor for personalized guidance specific to their individual circumstances. The author expressly disclaims any liability for decisions made based on the information presented in this blog post.