The tools you use at your law firm should save you time, money, or both. Bench fits solidly into the third category. When lawyers can spend less time on bookkeeping and accounting, they can spend more time meeting their clients’ needs and growing their practice. Find out what Bench offers and why we use it here at Lawfecta.
Comparing Other Bookkeeping Options
Bench was born when its creators looked at the gaps left by existing bookkeeping options for small business owners.
Many small business owners rely on DIY accounting software. While this solution is inexpensive, it falls short of what most small businesses need. Users have to go through an extensive setup process to enjoy any automated features, and even then, they still must still spend several hours per month double-checking transactions and ensuring that the software has accurately sorted them. These software options do come with a wide range of features, but some small business owners find that they don’t need the features they’re paying for. The larger your business gets, the more time you’ll need to spend managing your books and adjusting the software to accommodate your increased bookkeeping activity.
Others rely on the services of a local accountant. Falling on the other end of the price scale, this option is often impractical for small business owners. Bookkeepers and accountants often charge an hourly rate, so your expenses will increase steadily as your business grows. Hiring your own accountant allows you to enjoy the benefits of customized bookkeeping solutions. However, you may find that your accountant uses outdated methods and technology, which can significantly increase your monthly bill.
Bench combines the best aspects of both bookkeeping solutions for a unique option that meets the specific needs of small business owners.
Spend Less Time on Bookkeeping
One of the key benefits that Bench brings to the table (or to the bench) is that it allows lawyers to take a hands-off approach to bookkeeping. Unlike an automated bookkeeping software, you don’t need to follow behind your Bench team and double-check everything. Your bookkeepers give you the information you need in a clear, easy-to-navigate format.
Clients also get full access to the Bench bookkeeping platform, making it easy to check reports at work or on the go. The system was designed with end users in mind, so there’s no learning curve and it is completely intuitive. Instead of scouring the FAQs to find out how to look at last month’s financial reports, you can check your data and have the numbers you need in seconds.
As a law firm owner, you know that predictable expenses are a big part of improving your bottom line. Monthly plans at Bench start at $139 and increase from there, depending on the services you need and how large your organization is. Your monthly fee allows you to enjoy unlimited communication with your team, so you don’t have to worry about racking up those billed hours every time you want to touch base about something. Bench offers scalable plans that let you change your monthly commitment to meet the needs of your business.
Easy Access to Your Bookkeeping Team
One of the benefits of working with a local bookkeeper is being able to set up meetings or phone calls whenever you have questions—however, this solution isn’t quite so convenient when your bookkeeper is juggling lots of other local clients, charges you for every meeting, or isn’t available when you are. With Bench, you enjoy easy access to your bookkeeper. Use the Bench platform to send a message and get a response in one business day or less. If you want a more in-depth look at your reports or you have lots of questions, set up a call to discuss your concerns.
What If You’re Behind on Your Books?
Falling behind on financial records at least once seems to be a rite of passage for law firm owners. When your clients’ needs are piling up and every new task seems to be a top priority, it’s natural that bookkeeping falls to the bottom of your to-do list. However, maintaining your books this way long-term can have serious consequences, leading to fees and penalties for late payments, tax audits, and weakened relationships with vendors who rely on timely payments.
Bench offers catch up bookkeeping services as well, helping you get your books back on track and easy to manage. Whether you’re a few months behind or you’re not quite sure when you last looked at a financial statement, your Bench team has it under control.
Synchronizing Your Accounts
As a client, you enjoy streamlined financial reports and statements from Bench. After signing up, you connect your bank and merchant accounts to the software to give your team access to read-only data. Each month, they categorize your transactions and compile data into easy-to-read statements.
Protect Your Information
Peace of mind is priceless, and you can feel safe when you connect your financial accounts to the Bench bookkeeping system. Bench uses 256-bit SSL/TLS encryption, offering bank-grade security to clients.
Figuring Out if Bench is the Right Choice for You
Finding the right bookkeeping service involves evaluating your firm’s needs, looking at your expected growth over coming years, and figuring out which option makes the most of your time. Bench is a beneficial option for law firms that:
• Are based in the United States or Canada
• Have $5 million or less in annual revenue
• Need one income statement for the business, not project-based reports
• Are private, not publicly traded
• Want to free up time to spend on other important tasks
• Often struggle to keep up with accounting and bookkeeping
• Worry about the possibility of errors with their current bookkeeping solution
If bookkeeping has cut into time you could be spending on more important tasks, why not explore other options? Reliability, easy-to-read statements, an intuitive platform, and a set monthly price—Bench has everything that law firms need.
Real humans. Perfect books. Every month, your Bench bookkeeping team imports bank statements, categorizes transactions, and prepares financial statements. Monthly financial statements and expense overviews keep you in control of your money. Visual reports help you see the big picture and give you actionable insights to help you grow your business. This is a hands off bookkeeping system which we highly recommend whether you need monthly bookkeeping or need to catch up on your books, Bench.co does it all (and we use it here at Lawfecta!).
15437 Anacapa Road
Victorville, CA 92392
Mon – Thurs 10am – 5pm
Managing the Chaos From Within
Thursday June 17, 2021 | 12 PM EST
This session will help you take back control of your time and find the tools to make your worklife easier by improving your time management.
Free guide to Outsource Like a Pro
Through outsourcing your daily tasks, you gain valuable time and save costs associated with payroll taxes, staff insurance and benefits, equipment and the required space to accommodate in-house employees.