Bench shuts down, leaving thousands of businesses without access to accounting and tax docs

Here’s what you can start collecting now if you’re preparing to apply for a business loan. Learn about ACH transactions with our beginner’s guide. Explore the benefits, risks, and how-to’s of Automated Clearing House payments. Bank reconciliations might be boring, but they’ll save your sanity at tax time. We look at the true cost of doing your own books, and why it usually makes sense to have someone else do it for you.

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There are several reasons to file your tax return retroactively. Understanding your tax deductions as a therapist significantly impacts your taxable income and overall tax burden. By taking advantage of available deductions and maintaining accurate financial records, you can minimize your tax liability and reinvest more money into growing your practice and skills. Curious if you can write off tax preparation fees? Discover what’s deductible for your business and how to save more when it’s time to file.

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We break down the different state taxes your business may be required to pay, and how much they’ll cost you. Many people are unaware that they don’t need receipts to claim common tax deductions. Here are some of the most common ones business owners can make without a receipt. IRS penalties and interest begin accruing immediately if you do not file your LLC tax return. But the good news is that you can return to good standing by filing back taxes and paying your tax obligation.

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Whether it’s an 8 week period or 24 week period, businesses are wondering when they can apply for forgiveness. Here’s what we know about the opening of forgiveness application. The decision to close a business is an extremely difficult one. But once the decision is made, we’ve got you covered on the steps you need to take. The safe harbors you need to know to trial balance maximize your PPP loan forgiveness. The amount of your Paycheck Protection Program loan will depend on your salary expenses.

When liquidity is the end you begin with in mind, you’re not focused on building a great product your customers will love, you’re focused on maximizing investor ROI. This allows startups to make really bad decisions most of the time without facing financial consequences. Often, customers of startups can’t take their business elsewhere because startups have acquired their competitors until there is no elsewhere. Or they are holding information, like your customer data or 4 years of your bookkeeping records, hostage behind a code base that won’t export. According to the Bench landing page (when it’s up), customers will be able to export their data as of December 30, 2024.

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International money transfers are complex and at times, costly. This guide will help you understand forex rates, how to keep your transcations secure and compliant, and what to look for when choosing between banks and online services. Sage Accounting is a popular option used by accounting firms and small businesses both. We examine their pricing, software and packages. Read our review of Sage’s accounting services to see if it Law Firm Accounts Receivable Management is the right solution for your business.

• How much you’ll ultimately owe depends on a few factors, including your filing status and your wages.
• As a founder, you need to fully understand your financials, but you should have a pro managing the day-to-day and even month-to-month.
• It is not easy, as a small business owner with very little power or influence, to stop working with companies that regard you as a product, not a customer.
• Despite high failure rates, many businesses thrive.
• Bench has previously said it had more than 600 employees and had received investor funding of US$113 million.
• Here are the top 8 business bank accounts for LLC owners.

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• You just need a good Excel template (and some elbow grease).
• A guide to outsourcing the things you don’t want to do, so you can focus on what you do best in order to effortlessly scale your business.
• Here’s what it is, and how to hire a good bookkeeper online.
• Teal was acquired by U.S. fintech company Mercury in September, and Mr. Crosby is now listed as Mercury’s head of accounting products.
• So your customer experience will always worsen until it’s so bad you have to move on.
• Many ex-employees, referred to internally as “Benchmates,” have shared their experiences and offered support to colleagues now seeking new opportunities.

We’re sorry to hear about Bench shutting down, particularly coming into tax season. Offering free migration/onboarding for the first 100 clients who join them from Bench. Accounting firm run by an entrepreneur that specializes in small to medium size businesses. The director were probably just holding out for a Hail Mary funding injection. I’d think that the last thing a company wants to do is hire an bookkeeping company that seems shady.

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If you’re a woman and own a business, you might be eligible for the following small business grants. Use this free downloadable 2024 payroll calendar to manage your payroll for the upcoming year. Understand the basics of equity instruments and explore real-world examples with our comprehensive guide. Gain insight into the world of finance and investing today. Explore the importance of debt ratio in gauging financial health.

These were my first clues that things were going down hill. How is it that my customer experience is getting worse, but you’re running ads during the Super Bowl? Bench was months behind on completing my books, and kept blaming me for it. bench accounting Patty Dominguez, a successful business coach and entrepreneur, credits Bench Accounting for its crucial role in her financial management journey. From her corporate disconnect to entrepreneurial success, Patty emphasizes the importance of staying in her „zone of genius” and outsourcing tasks like bookkeeping to Bench. With Bench’s real-time data and financial reporting tools, she keeps a close eye on her business’s financial health, and the platform helps her manage expenses and subscriptions.