We get it. That email from Bench probably came as a shock. Bench closing its doors means you need to find a new bookkeeping solution, and fast. But don't worry, transitioning to QuickBooks Online (QBO) is easier than you might think! This guide is your lifeline in this unexpected situation, providing a step-by-step walkthrough to seamlessly move your financials to QBO and get back to business as usual.
Why QBO is Your Best Bet
With Bench out of the picture, QBO is the perfect solution for many small businesses. Here's why:
Industry Standard: QBO is one of the most popular accounting software options available, known for its robust features and user-friendly interface.
Scalability: Whether you're a freelancer, a small business owner, or managing a growing company, QBO has a plan that can adapt to your needs.
Feature-Rich: From invoicing and expense tracking to inventory management and advanced reporting, QBO offers everything you need to manage your finances effectively.
Strong Support: QBO boasts extensive resources, including tutorials, help articles, and a vibrant community forum, ensuring you're never left in the dark.
Step-by-Step Migration Guide
Here's a detailed breakdown of the migration process:
1. Sign Up for QuickBooks Online
Visit the QBO Website: Go to the QuickBooks Online website and explore the different plans available. Choose the one that best aligns with your business requirements and budget.
Create an Account: Provide the necessary information to create your QBO account. You'll need to enter your company name, contact details, and select your preferred pricing plan.
2. Set Up Your Company Profile
Enter Company Information: Once you've created your account, you'll be prompted to enter your company's basic information, including legal name, address, industry, and fiscal year-end.
Customize Preferences: QBO allows you to customize various preferences, such as your home currency, date and number formats, and sales tax settings. Take some time to configure these settings according to your preferences.
3. Build Your Chart of Accounts (or Import It From Bench)
Understand the Chart of Accounts: The chart of accounts is the backbone of your accounting system. It's a list of all the accounts you use to track your income, expenses, assets, liabilities, and equity.
Review and Modify: QBO provides a default chart of accounts, but you can customize it to match your specific business needs. Review the default accounts and add, delete, or modify them as necessary.
Consider Account Types: Ensure you have the appropriate account types for your business, such as income accounts (e.g., Sales Revenue, Service Revenue), expense accounts (e.g., Rent Expense, Utilities Expense), asset accounts (e.g., Cash, Accounts Receivable), liability accounts (e.g., Accounts Payable, Loans Payable), and equity accounts (e.g., Owner's Equity).
4. Import Your Data from Bench
Request Data Export: Contact Bench support immediately or go to the link they gave you in that email and request an export of your financial data. This will typically include your chart of accounts, customer and vendor lists, and transaction history.
Choose Import Method: QBO offers several ways to import your data:
CSV Import: If Bench provides your data in CSV format, you can import it directly into QBO using the CSV import tool.
Direct Bank Feeds: Connect your bank accounts to QBO for automatic transaction imports and reconciliation. This is a convenient way to import your recent transactions.
Apps: Explore third-party apps that specialize in migrating data between accounting platforms. These apps can often simplify the import process and handle more complex data transfers.
Verify Data Accuracy: Once the import is complete, carefully review all your data in QBO to ensure accuracy and completeness. Compare your balances with your Bench records to identify any discrepancies.
Verify Bench Had Your Financials Up To Date: With Bench closing they may have had a delay or pause in services, your accounting data may be out of date, verify this by examining your most recent bank statement and general ledger details from Bench.
5. Connect Bank and Credit Card Accounts
Establish Bank Feeds: Link your bank and credit card accounts to QBO to enable automatic transaction imports. This will save you time and reduce manual data entry.
Categorize Transactions Outstanding: Review and categorize your imported transactions to ensure they are assigned to the correct accounts in your chart of accounts.
6. Customize QBO Settings
Explore Settings: Familiarize yourself with QBO's various settings and customize them to suit your preferences. This includes settings for sales, expenses, banking, users, and more.
Set Up Users and Roles: If you have a team, invite them to your QBO account and assign appropriate roles and permissions to control access to your financial data.
7. Ongoing Maintenance and Support
Regular Reconciliation: Reconcile your bank and credit card accounts in QBO regularly to ensure accuracy and identify any discrepancies.
Consistent Categorization: Maintain a consistent approach to categorizing transactions for accurate financial reporting.
Backups: Regularly back up your QBO data to prevent data loss.
Utilize QBO Resources: Take advantage of QBO's extensive resources, including tutorials, help articles, and the community forum, to learn more about the platform and get assistance when needed.
Consider Help: If you need expert help with setting up QBO or managing your finances, consider reaching out to us, we have helped others migrate after a messy Bench break up.
By following this comprehensive guide, you can confidently migrate from Bench to QuickBooks Online and maintain accurate and efficient bookkeeping for your business. Remember to take your time, and ensure all data is transferred over and caught up, if not you could see inaccurate tax return preparation or an increased cost from your tax preparer this year because they have to clean up your books.
If this all seems confusing and to much to deal with at the end of the year feel free to reach out to us at accounting@mana.cpa we can help navigate this transition!
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