Financial Information

With Bench you get the actionable information you need with the right level of fidelity, at the right moment in time.

Real-time - updated daily from connected accounts

Monthly books - Data that's been reviewed by a bookkeeper

Yearly financial - IRS ready financials for tax filing

Real-Time Data

What real-time data is best suited for

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. You can use this information for day-to-day decision making.

This is data that's brought into Bench in real-time via your connected accounts.
You have access to this data in real-time and it's updated each time a new transaction passes through one of your accounts.
Bench's machine learning suggests categories based on the transaction details and learnings from our 25K+ present and past customers.
Enhance the precision of your real-time financial insights, you can proactively categorize transactions that have not yet been reviewed by your bookkeeper.
Your bookkeeper will eventually review and validate every single one of these transactions.

Open Bench and see a visual snapshot of your profit and loss and how your business is doing in real-time.

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

You can also dive deeper into your real-time financials in your up to date Income Statement accessible with one click from the menu.

Pro Tip: Based on your business activity, we recommend checking in on how your business is doing a few times a month by viewing your overview.

What your monthly books are best suited for

Your monthly books contain data that's been reviewed and reconciled by your bookkeeping team and has an increased level of accuracy. This information can be used to make large budget decisions, or to apply for loans or funding with a bank or investors.

Your bookkeeping team reviews all your financial information, ensuring everything is captured and categorized correctly.
From time to time, they’ll need your help to categorize certain transactions that might be unique to your business to ensure accuracy. You'll receive notifications in the app and by email when they need your input.
They'll also make monthly merchant and payroll adjustments. We integrate with Stripe, Square, Shopify, and Gusto to make this as seamless as possible.

When you log into Bench, you’ll see a ‘Bookkeeping Status’ so that you know which monthly books are done, undergoing a quality check, are in progress, or require additional input.

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To view completed monthly books, go to your ‘Income Statement’ from the menu

Select a month that is ‘Done’ to view completed books.

Note, if for any completed month new transactions or documents are available after the initial books are done, your bookkeeping team will reopen the books and ensure the new information is accurately captured. It is quite common for this to happen throughout the year as some documents or transactions might be submitted after but don’t worry, we have you covered every time.

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

Pro Tip: Each month when your books are ready, you’ll receive an email from your bookkeeping team so you never miss a beat.

What your Year End Financial Reports are best suited for

At year-end, you’ll get a tidy, annual financial package that is IRS compliant and ready for income tax filing. In addition to tax filing, you can use your year-end financials to easily spot trends and seasonal fluctuations—enabling you to make smarter business decisions in the future.

This is the point at which your data is ready for you or your tax professional to prepare your income tax return.
Your bookkeeper will make all the other meticulous and time-consuming adjustments that the IRS requires, including adjusting for loans, all remaining merchants, all payroll providers, plus more.
The information in your year end financial statements has the highest fidelity and accuracy so that you can confidently file with the IRS.