Financial Reports

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. 

1. 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. 

2. Use the date selector to compare your business performance to previous time periods. 

3. Scroll down to see a snapshot of your top expenses in real time so you can make the necessary adjustments to your budget. 

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. 

1. Access your Income Statement in one easy click from the menu. 

2. 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.

3. View your total net profit, gross profit and operating expenses right at the top.

4. Scroll down to see a summary of each.

5. Dive even deeper into each area by clicking any of the line items to view additional details. 

6. Download your income statement in the format you need and share it with banks, investors, or whoever else needs it.

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.

1. Access your Balance Sheet in one easy click from the menu. 

2. View your total assets, liabilities, and equity right at the top.

3. Scroll down to see a detailed summary of each

4. Dive deeper into each area by clicking any of the line items to view additional details. 

5. Download your balance sheet in the format you need and share it with banks, investors or whoever else needs it.

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

1. Access your 1099 reports in a few clicks from the Tax Center 

2. View a snapshot of your total 1099 expenses as well as your MISC and NEC breakdown

3. 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. 

4. See details on each contractor below

5. Easily toggle between MISC and NEC

6. 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

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.  

1. To access your Year End Financials when they are ready, go to ‘Documents’ from the ‘My Books’ menu item

2. Scroll down to ‘Processed Documents’ and select the ‘Tax’ folder

3. Download your Year End Financials

Pro Tip: If your monthly books are still in progress, make sure you don’t have any outstanding requests from your bookkeeper. 

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