Bench provides various financial reports that can be used daily, monthly, or yearly at tax time:
- Centralized financial information: See all your financial statements and expenses in one central platform. Check out visual reports to get insights on your business and make smart decisions.
- Financial insights on your own timeline: Whether you need to show the bank your most recent income statement, or just need a real-time snapshot of your financials to help you budget, Bench’s visual reports provide you with the data you need to grow your business.
How to use your real-time financial overview
- This financial snapshot is ideal for a high level pulse check of all your money-in and money-out, even before your books are ready.
- Based on your business activity, we recommend checking in on how your business is doing a few times a month by viewing your overview.
- When you connect your accounts to Bench, not only does it automate the flow of information, but it allows you to view a real-time snapshot across all your financial accounts with new information every time you log in.
- When you open Bench, you’ll land on the ‘Overview’. Here you’ll see a visual snapshot of your profit and loss and how your business is trending over time.
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- Use the date selector to compare your business performance to previous time periods.
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- Scroll down to see a snapshot of your top expenses in real time so you can make the necessary adjustments to your budget.
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How to use your Income Statement
- Your Income Statement shows a deeper view of your financial information, it summarizes your financial transactions to show you how much you earned and how much you spent for a specific reporting period.
- With connected accounts, transactions will appear on your income statement right away, so you can always get a sense of how your business is doing, even before your monthly books are ready.
- Once your books are completed by your bookkeeping team, the accuracy sharpens giving you a more complete view of your overall business health and performance. You can confidently use this information to share with your bank or investors.
- Access your Income Statement in one easy click from the menu.
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- View information for different periods by customizing the date range for your report so you can review the time period that’s most relevant for you.
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- View your total net profit, gross profit and operating expenses right at the top.
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- Scroll down to see a summary of each.
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- Dive even deeper into each area by clicking any of the line items to view additional details.
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- Download your income statement in the format you need and share it with banks, investors, or whoever else needs it.
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Pro Tip: Need help interpreting your income statement? Check out this article from the Bench Blog.
How to use your Balance Sheet
- A balance sheet gives a snapshot of your financials at a particular moment in time. It incorporates every journal entry since your company launched.
- You can get a view of your business health for the long term and can help you see the big picture: your business net worth, revenue, and where it’s kept.
- Your balance sheet is an essential report for getting investors, securing a loan, or selling your business.
- Access your Balance Sheet in one easy click from the menu.
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- View your total assets, liabilities, and equity right at the top.
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- Scroll down to see a detailed summary of each
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- Dive deeper into each area by clicking any of the line items to view additional details.
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- Download your balance sheet in the format you need and share it with banks, investors or whoever else needs it.
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Pro Tip: Need help interpreting your balance sheet? Check out this article from the Bench Blog.
How to use your 1099 Reports
- If your business paid an independent contractor more than $600 in a tax year, you’re required to file Form 1099-NEC
- If your business paid an individual or LLC at least $600 during the year in rent, legal settlements, prizes, or award-winnings, you’re required to file a 1099-MISC
- Access your 1099 reports in a few clicks from the Tax Center
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- View a snapshot of your total 1099 expenses as well as your MISC and NEC breakdown
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- If your bookkeeping team needs additional input for specific 1099 transactions, you’ll see requests to confirm transactions here. Simply click each line item to provide your input.
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- See details on each contractor below
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- Easily toggle between MISC and NEC
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- To make 1099 filing a breeze, your 1099 report from Bench includes: the total amount you paid each contractor during the tax year, payee name, transaction date, method of payment. You can download your report here
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How to use your Year End Financial Reports
- At tax time Bench will prepare the necessary Year End Financial statements for you to confidently file with the IRS.
- To access your Year End Financials when they are ready, go to ‘Documents’ from the ‘My Books’ menu item
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- Scroll down to ‘Processed Documents’ and select the ‘Tax’ folder
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- Download your Year End Financials
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Pro Tip: If your monthly books are still in progress, make sure you don’t have any outstanding requests from your bookkeeper.