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Bench vs Xero
June 03, 2023 | Author: Michael Stromann
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Bench is the online bookkeeping service that provides you tax-ready financial statements from professional bookkeepers.
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Xero is accounting software for small business. Like alternatives, Xero allows to manage invoicing, reconciliation, accounts payable, bookkeeping and more. Share access to your latest business numbers with your team & your accountant – so everyone is up to speed. Xero accounting software lets you work anywhere.
Bench and Xero are both popular cloud-based accounting platforms, but they have distinct differences in terms of their focus and features.
Bench is an accounting service that combines automation with real human bookkeepers to provide small businesses with accurate and reliable financial records. It offers a hands-off approach, where users can securely connect their bank accounts and other financial data sources, and Bench takes care of categorizing transactions, reconciling accounts, and generating financial statements. The platform aims to simplify bookkeeping for business owners who prefer to outsource their accounting tasks and rely on expert support.
Xero, on the other hand, is a comprehensive accounting software designed for small and medium-sized businesses. It offers a wide range of features beyond bookkeeping, including invoicing, expense tracking, inventory management, payroll, and more. Xero provides users with the tools to manage their finances, collaborate with team members, and gain real-time insights into their business performance. It integrates with various third-party apps and offers a customizable experience to meet specific accounting needs.
See also: Top 10 Online Accounting software
Bench is an accounting service that combines automation with real human bookkeepers to provide small businesses with accurate and reliable financial records. It offers a hands-off approach, where users can securely connect their bank accounts and other financial data sources, and Bench takes care of categorizing transactions, reconciling accounts, and generating financial statements. The platform aims to simplify bookkeeping for business owners who prefer to outsource their accounting tasks and rely on expert support.
Xero, on the other hand, is a comprehensive accounting software designed for small and medium-sized businesses. It offers a wide range of features beyond bookkeeping, including invoicing, expense tracking, inventory management, payroll, and more. Xero provides users with the tools to manage their finances, collaborate with team members, and gain real-time insights into their business performance. It integrates with various third-party apps and offers a customizable experience to meet specific accounting needs.
See also: Top 10 Online Accounting software
Bench vs Xero in our news:
2017. Xero integrated with spending tracker Curve
Accounting software provider Xero has joined forces with Curve, a fintech startup that enables users to consolidate multiple bank cards into a single card and easily monitor their spending. The objective of this collaboration is to simplify the process of expense filing by reducing unnecessary complexities. Through the integration, users now have the option to connect the Curve app to Xero, allowing expenditures made using the Curve card to be automatically synced with the accounting software, eliminating the need for manual entry of each expense.
2015. Cloud accounting service Xero raises $111M
New Zealand-based online accounting software firm Xero has successfully secured a $110.8 million funding round with the aim of expanding its presence in the North American market. Including this latest investment, Xero has raised a total of over $240 million from various investors. Xero specializes in offering online accounting software tailored for small and medium-sized businesses, as well as accountants. Recognizing that many small businesses still relied on basic accounting systems or even Excel spreadsheets, Xero anticipated the future shift towards cloud-based solutions. By providing a platform that enables small businesses, accountants, and bookkeepers to perform accounting tasks online and through mobile devices, Xero has revolutionized the way they operate.
2015. Online accounting service Bench raises $7 Million
Bench, the platform that connects businesses with bookkeepers, has successfully concluded a $7 million Series A funding round. Originally known as 10sheet, Bench operated as a hybrid platform combining algorithms and human expertise. Small and medium-sized businesses (SMBs) could enroll in the 10sheet system, which facilitated the direct submission of transaction paperwork for review by a human bookkeeper. However, the company later rebranded as Bench and introduced a new approach. Under this system, every customer is matched directly with a dedicated Bench bookkeeper, offering a personalized one-on-one service. While the technology continues to import transactions from corporate cards and checking accounts, it now also provides the added benefit of direct communication with the assigned accountant.
2015. Xero launched cloud payroll service in US
Cloud accounting startup Xero has unveiled a new product that expands its reach into the back-office realm by offering cloud-based payroll and tax software. Known as Xero Payroll, this solution specifically caters to the needs of over 5 million small businesses in the United States with less than 20 employees. Payroll management can often pose a significant financial burden for these employers, costing between $200 and $500 per month when outsourced to third-party providers. Apart from the outsourcing expenses, there is also the risk of human errors and potential penalties due to incomplete or inaccurate information. Xero Payroll aims to address these challenges by providing small and medium-sized businesses (SMBs) with a cloud-based platform similar to its accounting software. This platform enables seamless employee payment processing and facilitates the electronic filing of state and federal payroll taxes.
2013. Xero Launches New Features and Plans for a Payroll Solution
Xero, the cloud-based accounting solution designed for small businesses, has introduced a range of new features. One of the notable additions is Xero Touch, an updated version of its mobile app for Apple's iOS7. With Xero Touch, users can conveniently perform various tasks directly from their smartphones, such as checking bank transactions, creating invoices, and communicating with their accountant. Additionally, Xero has introduced Xero Files, a user-friendly drag and drop application. This feature enables users to easily upload and attach files such as invoices, expense receipts, contracts, and more, making them readily accessible and organized within the system. Furthermore, Xero Purchase Orders now allows businesses to create purchase orders in a similar manner to how they can generate invoices in Xero. The pricing for Xero's services starts at $19 per month for small businesses, which may vary depending on the volume of invoices and payments processed.
