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Your financial year, month-by-month
The tax filing process starts as soon as the financial year ends. But what gets forgotten in the craziness is that tax preparation starts when the clock strikes midnight and the new year begins.
The work that gets put into maintaining your books on a daily, weekly, or monthly basis can make for the easiest tax season and the envy of any entrepreneur friends. Accurately recording your revenues and expenses may have the same thrill of paint drying, but is the backbone of starting a tax return.
Bench handles your bookkeeping month-to-month. Your bookkeeping team will make sure your financials are up to date and accurate. This may require some input from you. Making sure we have the documents and information you can provide is one less question to tackle in tax season.
Your bookkeeping team is an incredibly valuable resource. When they aren’t getting your financials up to date, they’re available to help you understand your business. Any questions that you have regarding your financials will be answered in one business day and calls can be scheduled right in our app.
Thinking of starting out on Bench mid-year? No problem. Learn more about our catch up service and how we can provide you with a cohesive year of financials.
What you experienced before:
- Spending hours every month logging transactions and collecting receipts
- Manually tracking important numbers like your gross revenue and cost of goods sold
- Learning complicated rules to make sure your financials are tax compliant
Your experience on Bench:
- Your bookkeeping team logging every transaction for you only reaching out for clarification when needed
- Immediate access to your important numbers to make informed decisions on the fly
- Consulting your bookkeeping team as your expert on all things tax compliance
End of the year review
Your books are up to date. They’ve been reviewed every month for accuracy. After one last look over, your bookkeeping team will have some final clarifying questions before wrapping up your books for the year.
Once these questions are answered and adjustments are made, your bookkeeping team is ready to provide you with a year end financial package. Included is everything that a tax preparation service would need to get to work on filing your taxes.
Since your bookkeeping team has been in contact with you month-to-month, all that will be left are some big picture items to address. You won’t be digging through your records to find a bank statement or receipt because your team has been collecting them as the year progresses.
What you experienced before:
- A mad scramble to tie up any loose ends or oversights
- Hoping that everything is accurate and categorized properly
- Fingers crossed your accountant will be able to work with your reports
Your experience on Bench:
- One or more review calls to address any loose ends
- A reviewed set of books where everything is accurate and categorized properly
- Being your accountant’s favourite client with the most tax ready books they’ve seen
The tax filing process
The dream of a start-to-finish annual tax solution comes true as Bench handles the tax filing for you. You read correctly, you won’t ever have to worry about your tax filing again. You will receive a year end financial package detailing your year and at the same time, we’re connecting you with a tax professional to review and start on your return.
All that prep work? Their bread and butter. Deductions? Won’t miss one. Filing? No sweat.
From the moment your financial year begins, Bench is guiding you towards an all-time-great tax return. No deduction will be left on the table maximizing your return and minimizing your inputs.
But of course, your tax filing isn’t done in secrecy. There’ll be transparency at every step and your professional will reach out with clear, simple instructions any time your action is required. You will have the final say on your return but once you give it the thumbs up, your taxes will be filed and any applicable fees will be paid.
And just like that, you had your easiest tax season yet.
What you experienced before:
- Long email chains with your accountant with complicated instructions
- FOMO on the best possible return
- Panicking about if you are going to make the filing deadline
Your experience on Bench:
- Crystal clear instructions on what needs to be done
- The best possible return with no work on your part
- A window into where in the process you are and a guiding hand to make the deadline
Additional resources
We like talking tax, read more of our tax resources:
- What is Sales Tax? (A Simple Guide)
- How to File for a Business Tax Extension (Federal)
- Tax Liability: What It Is and How to Calculate It
- The Big List of U.S. Small Business Tax Credits
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