Bench is Closing? Here's How to Keep Your U.S. Business Finances on Track (Even From Abroad)

It's never easy to hear that a service you rely on is closing its doors. If you're a Bench customer, you've likely received the news that their platform will be ceasing operations on December 27, 2024. We understand this transition news is disruptive, especially if you're running a U.S. business from outside the U.S. Don't worry, you don’t need to panic! We’re here to ensure your financial operations remain smooth and compliant.

You likely chose bench for its ease of use in accounting for your US business. While their tools focused on helping US natives manage their businesses, as a non-resident, it's crucial you employ a company that's designed around your specific needs.

Why This Matters for Nonresident U.S. Business Owners

As a nonresident, navigating U.S. tax laws, multi-currency transactions, and reporting requirements adds layers of complexity. You need an accounting solution that not only keeps your books in order but is also built specifically for your unique circumstances. This is especially needed now with recent changes to regulations such as the Corporate Transparency Act requiring BOI reporting. A one-size-fits-all approach won't cut it.

The Solution: Nonresident Tax – Accounting Designed for You

We understand the specific challenges that nonresident entrepreneurs and business owners face when running a U.S. entity. We've designed our AI-powered accounting system specifically to handle your needs, making it effortless to manage your U.S. business financials, no matter where you are in the world.

What Sets Us Apart?

• Effortless U.S. Accounting, Designed for Nonresidents: Our system simplifies your finances by connecting to multiple accounts, automating bookkeeping, and providing you with the insights you need.

• One Price. All The Books. No B.S.: Tired of complex pricing tiers? We’ve got you covered and keep things simple. Our pricing model offers unlimited transactions at one fixed price, ensuring full transparency, clarity, and no unexpected costs. Say goodbye to hidden transaction limits!

• All-You-Can-Book for Only $999.99/year: This includes:

  • Unlimited transactions – go wild!

  • Multi-currency support- money speaks all languages!

  • We'll wrestle with the IRS, you sip your coffee!

  • Personal numbers guru

  • 24/7 financial snapshots

• AI-Powered Automation: Our AI quickly learns your business’s transaction patterns, categorizing them with high accuracy. No more manual data entry. We take care of that for you. Our automation adapts to your business, making US accounting intuitive and straightforward. Our AI system achieves 95% accuracy in initial transaction categorization. The remaining 5% is carefully handled as follows: 4% is reviewed and corrected by our expert human team, ensuring high accuracy. For the final 1%, we may reach out to you for clarification on specific transactions.

• Multi-Currency Support: Connect crucial accounts like Wise and manage transactions in all currencies with automatic conversions to USD. Get a consolidated view of your finances regardless of payment method.

• U.S. Tax-Compliant Reporting: Generate U.S. tax reports with a click. Our system is aligned with IRS requirements, turning your day-to-day bookkeeping into tax-ready documents.

• Crystal Clear Cash Flow: Track every dollar with precision and make informed decisions, no matter your time zone.

• Tax-Optimized Operations: Navigate US tax law efficiently with maximum deductions and compliant practices.

• Simplifies Multi-Currency Management: Easily track finances across multiple currency accounts all consolidated into USD.

Frequently Asked Questions:

• What if my U.S. business grows? Our one-price plan grows with you. No upgrades needed.

• Can I connect multiple business accounts? Absolutely. Connect different accounts, including multi-currency ones, all in one place.

• How fast are financial reports updated? Updates are near real-time. Most transactions are reflected within 24 hours.

• Is your system compliant with U.S. tax regulations? Yes, we're designed to align with IRS requirements and U.S. standards.

• What is the level of accuracy in AI categorizing my transactions? Our AI system achieves 95% accuracy in initial transaction categorization. The remaining 5% is carefully handled as follows: 4% is reviewed and corrected by our expert human team, ensuring high accuracy. For the final 1%, we may reach out to you for clarification on specific transactions.

• Can I customize the chart of accounts for my specific business needs? Our comprehensive chart of accounts is designed to cover the needs of most U.S. businesses across various industries. While we don't currently offer direct customization within the platform, our existing structure is flexible and typically meets all standard requirements. If you have specific needs not covered by our standard chart of accounts, please reach out to our team and we can discuss your needs and find a solution.

Make the Transition to Seamless Accounting

Don’t let the Bench closure disrupt your momentum. Now is the time to adopt an accounting solution designed for you. Make the switch to [Your Company Name] and experience hassle-free U.S. business accounting tailored for nonresident owners.

Ready to get started?

You can check our Accounting service and get started!