Bench’s commitment to you
Your Bench team is dedicated to making your tax season as smooth and stress-free as possible. We work in the background to do the majority of bookkeeping and as we work on your Year-End Financial Package, we’ll let you know when inputs are needed from you every step of the way. You’re never alone in navigating tax season! We’re your partner throughout the process and we’ll keep you updated as deadlines approach.
It’s also important to mention that while our team is dedicated to getting you through tax season, we may uncover the need to ask you for more information or documents. It’s very normal for these things to come up in the height of tax season while all the major work is under way.
What's needed from you to finalize your Year-End Financial Package (YEF)
Keeping up with your monthly bookkeeping
With Bench, the monthly bookkeeping goes through a meticulous process to ensure accuracy and completeness of information and it can take some time. We start by collecting and reviewing your financial data, categorizing transactions, and doing any required adjustments. You should expect us to reach out your way as we require your input to upload additional or missing documents, re-connect accounts, or categorize transactions.
This collaborative effort between you and your bookkeeping team can take time depending on how quickly you provide the required information and any additional context that’s needed. To set yourself up for success well ahead of tax time, we recommend ensuring you stay up to date with your financial tasks throughout the year.
Pro tip: During tax season, you may want to set a weekly reminder in your calendar to check any outstanding messages or requests from your bookkeeper.
Your timely input is essential
As we work through the tax season together, if your books are in “Your Input Needed” status for any month in 2023, your bookkeeping team needs additional information from you in order to continue working on your books and prepare your YEF. The more context you can provide your team, the smoother and more accurate things will be.
Check what’s needed from you by opening your notifications in the Bench app. You’ll be guided to the correct areas where your input is needed in order to complete your 2023 books.
When things get busy ahead of tax deadlines, it’s even more important for you to tackle these requests from your bookkeeping team as soon as possible so they can complete your year-end financials in time. Without your input, they are often blocked and cannot continue preparing your reports.
Pro Tip: Your bookkeeping team is available for check-ins if you need them in order to speed things up. You can always book a call with your bookkeeper from directly within the Bench app.
Confirming accounts
Your bookkeeper might confirm accounts with you to ensure that we are tracking all business expenses. Sometimes new accounts or cards are opened during the year and it’s important for us to capture them.
As your team is checking your books for accuracy, they might notice transfers to accounts that are currently not being tracked and will need confirmation if they are business or personal accounts.
Filing a tax extension
We understand that as a business owner you’re constantly juggling many things and might not be able to provide your team with documents and inputs in time. If you’re finding yourself falling behind, you should consider filing a tax extension. It’s free, and can offer you more time to get things in order, and has no negative repercussions. Here is all you need to know about filing your tax extension.
Bench Tax Customers: What’s needed from you to complete your filing
If you subscribe to Bench Tax and we are doing your tax filing for you and ensuring you’re getting the most out of your annual return.
Fill out your tax questionnaire as soon as possible
To prepare your tax return, in addition to your completed YEF, your Tax Team also needs to ensure your information is accurate. Even if we’ve previously captured this information, your tax details might have changed, and it is crucial that it is updated.
This year, to streamline the process, we've introduced an online questionnaire that you’ll receive from your Tax Team by email. It's designed to be efficient, taking no more than 30 minutes to complete. It’s really important that you fill it out as soon as possible. Learn more about the tax questionnaire here.
Provide all documents to your Bench Tax Team
Bench relies on the documentation and information you provide in order to ensure accurate and timely bookkeeping and tax filing. If we are missing critical and/or current information about you, your bookkeeping or your tax situation, we will not be able to either file your returns or extensions on time. We require all requested documentation and information as soon as possible, including your approval of the year-end financial package prepared by Bench, no later than 15 business days ahead of your respective federal and state tax deadlines.
We’ll file your tax extensions for you
Bench will file any necessary extensions required for federal and state annual income tax returns, provided that you purchased your tax services no later than 15 business days ahead of your federal and/or state tax deadline. As long as you have provided sufficient information for filing an extension, Bench will do so.