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Bench Review: Accounting Software for Lawyers

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Overview

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What is Bench?

Bench is an outsourced bookkeeping service for small firms. Bench provides an intuitive website to track law firm finances and a team of bookkeepers to do the books. Bench’s proprietary bookkeeping software syncs directly with a firm’s existing bank and merchant accounts to bring business transactions into the Bench ecosystem. From there, the bookkeeping team completes monthly books and prepares firm financial statements.

Starting Cost: $249/month

Pros

DIY
Bookkeeping Service
Cloud-based

Cons

Overview

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Bench Review: Accounting Software for Lawyers Features

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Price & Value

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Innovation & Future-Proofing

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Bench Review: Accounting Software for Lawyers Video

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Product Details

Website

https://bench.co

Core Features

For Managed Accounting, the following are essential features, and you should therefore expect to see a check in every box in this section.

Yes

Focused on Legal

Trust Account Management

Handles Income Taxes

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Pros

DIY
Bookkeeping Service
Cloud-based

Cons

Pros

Advanced Trust Accounting
Bookkeeping Service
CFO Services

Cons

Lack of Integrations
Not DIY
Not for Large Firms

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Frequently Asked Questions

How much does Bench cost?

The service starts at $249/month (billed annually) for the Essential tier. That price covers unlimited communication with a dedicated bookkeeper, monthly books, yearend tax-ready financial packages, profit and loss statement, balance sheet, and 1099 reporting. For $399/month (billed annually), the Premium tier adds a dedicated team of tax professionals to file your personal and business income tax returns.

How does Bench work?

Bench is a bookkeeping and tax advisory service. You work through a combination of web portal and dedicated bookkeeper. As long as you have a modern web browser, email, and phone service, you can use Bench anywhere.

Does Bench offer CFO services?

No, Bench does not offer CFO services.

Does Bench integrate with my Law Practice Management Software?

Bench relies on proprietary software that does not integrate with any LPMS. For transaction and banking information, Bench relies on Plaid, which works with many financial institutions. They also connect to Stripe, Square, Shopify, PayPal, and Amazon.

Can Bench handle my law firm's trust accounting?

Possibly. While not focused on the legal market, Bench is versed in the unique needs of trust accounting.

Can Bench handle my firm's taxes?

Yes, Bench handles taxes for firms on its Premium tier. Those on the Essential tier receive “year-end tax-ready financial packages.”

Will Bench manage my bookkeeping?

Bench will be your firm’s bookkeeper. You can give access to anyone you wish to have access to the files and information Bench prepares. Additionally, Bench offers a Bookkeeping for Accountants service where Bench’s employees do the “grunt work” and a separate accountant does the higher-level work.

Is Bench secure enough for my law firm?

Yes. Bench is an SOC 2 and SOC 3-compliant business. Every employee goes through rigorous background checks. Each customer’s primary point of contact is a North America-based professionally trained bookkeeper.

Is Bench good for solos?

Possibly. The setup and handoff are easy. While Bench lets you hand off some duties for business accounting, their service is Essential service is a bookkeeper and not a CFO. As the person running the firm, you are still responsible for staying engaged and making sure you understand the work being done on your behalf.

Does Bench have an app?

Bench offers a mobile-friendly web interface. It also offers an iOS app, but it was last updated four years ago.

Additional Details about Bench

A Dedicated Bookkeeping Team

Bench bookkeepers work in-house at the company’s Vancouver headquarters. Each business receives a dedicated bookkeeping team, something customer reviews highlight as a valued benefit.

When someone at the law firm has a question about the books, Bench’s team promises response times of 1 business day. Furthermore, firm personnel can schedule a call with its bookkeeping team whenever desired. The company offers unlimited support at no extra charge.

Tax Season Support

For firms on the Premium plan, they deliver a year-end financial package that contains all the information needed to file tax returns.

If the law firm also employs a CPA, they’ll work with that accountant directly to get tax returns filed painlessly and on time.

If the firm has neglected bookkeeping, Bench offers a “Catch Up” service at $199/mo.

Intuitive Software

The software includes interactive visual reports for the Income Statement, Balance Sheet, and Top 10 Expenses to help firm leaders make informed decisions. The website also securely connects and syncs with bank and merchant accounts to minimize duplicate data entry. Finally, a mobile app is available.

Who Bench is for

Solos and firms without the need for or resources of an in-house bookkeeper will find Bench helpful. Bench is also happy to coordinate with an accountant that you currently employ. Bench bookkeepers would do the day-to-day duties so your accountant can focus on higher-value work for the firm.

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