Navigating the Bench Accounting Shutdown: Essential Steps for Law Firm Owners
Following an abrupt shutdown Bench Accounting, a Vancouver-based online bookkeeping service, announced they had been acquired by Employer.com. Leaving thousands of business owners scrambling for a solution without access to their financial information during one of the most critical times of the year—right before tax season.
If you're a law firm owner impacted by the Bench Accounting shutdown, here are the immediate steps to protect your financial data and ensure a smooth transition:
Background on Bench Accounting
Established in 2012, Bench positioned itself as North America's largest bookkeeping service for small businesses. The company combined proprietary technology to deliver comprehensive bookkeeping solutions.
The Abrupt Shutdown
On December 27, 2024, Bench unexpectedly stopped operations, leaving its clients without access to their financial data. The company's homepage displayed a "Notice of Service Closure," and employees reported sudden layoffs. This abrupt shutdown, occurring just before year-end, caused significant disruption for small business owners relying on Bench's services for their bookkeeping and tax preparation.
Employer.com's Acquisition
In response to the turmoil, Employer.com, a San Francisco-based workforce management software provider, swiftly moved to acquire Bench announced on December 30, 2024.
Employer.com has assured customers that their services will continue, offering the option to maintain their accounts on the existing platform or transition their data elsewhere if preferred.
Implications for Bench's Clients
The sudden disruption highlights the importance of having ownership of your financials and a contingency plan for essential law firm software. Bench Accounting uses its own proprietary software meaning you don’t own YOUR data. If you leave, your financial history doesn’t come with you.
Small business owners in the legal industry must remain proactive and vigilant in ensuring the continuity of their financial operations.
Navigating Bookkeeping Challenges Post-Shutdown
Step 1: Stop All Future Payments
Immediately halt all payments to Bench Accounting. If you’ve been charged for services you didn’t receive, dispute those transactions with your bank or credit card company. Ensure you’re not paying for incomplete or missing financial reports.
Step 2: Secure Your Historical Data
Bench uses proprietary software, which means you can’t take your data with you unless you export it. Here’s how to safeguard your records:
Export monthly profit and loss reports (we recommend exporting each month and year).
How To Export: To export a profit and loss report from Bench Accounting, navigate to the "Reports" section within your account, select "Profit & Loss" from the list of reports, choose the desired date range, and then click the "Export" button to download the report in your preferred format
Export monthly balance sheets (we recommend exporting each month and year).
How To Export: To export a balance sheet report from Bench Accounting, navigate to the "Reports" section, select the desired date range, and choose the "Balance Sheet" report; then, you can download it in an Excel format to export the data.
Export the detailed transaction listing report.
How To Export: To export a detailed transaction listing from Bench Accounting, navigate to the "Reports" section within your Bench account, select the desired date range, and then choose the "Export" option to download the transaction data in an Excel file; this allows you to access a comprehensive list of all your transactions with detailed information like date, description, amount, and account details.
This data is essential for:
Filing your tax returns.
Analyzing year-over-year financial trends.
Providing documentation in case of an audit.
Step 3: Transition to a New Accounting Platform
Reach out to us for help transitioning to a new platform while you find a reliable bookkeeping service. We’ll ensure your financial data is seamlessly migrated to a system like Xero or another platform where you maintain ownership of your software and data.
Step 4: Prevent Future Disruptions
To avoid similar issues in the future, follow these best practices:
Check your books monthly. Ensure they are accurate.
Own your accounting software. Platforms like Xero, QuickBooks, and Gusto allow you to retain control of your data. When working with Core Solutions Group, we ensure our clients own their software accounts, so you never lose access to YOUR data.
Why Exporting Data Matters
Your financial data is more than just numbers. It’s a tool for:
Filing accurate tax returns.
Learning from financial trends to guide decision-making.
Providing critical records in case of an audit.
The recent events highlight the critical need for reliable bookkeeping services. If you are one of these law firm owners affected by this difficult transition, reach out to us to see how we can help make this transition as seamless as possible. Our team of experienced professionals offers personalized bookkeeping solutions tailored to the unique needs of law firms, ensuring timely, accuracy, and compliance in your financial records.
Why Choose Core Solutions Group?
Expertise: Our experienced bookkeepers understand the nuances of law firm accounting, ensuring your books are in capable hands.
Personalized Service: We understand that every practice is unique. Our services are customized to meet you where you are and get you to where you want to be.
We ensure you maintain ownership of YOUR data: We’ve always known that some providers insist on gatekeeping your data as a way to keep you as a customer. We do not and have never believed that is the right way to serve business owners and will make sure you always own your data.
Reliability: At Core Solutions Group, we go above and beyond to give you not just exceptional and friendly service but to help you take control of your financial future. We ensure your financial records are accurate and up-to-date, providing you with peace of mind.
Secure Your Law Firm's Financial Future with Core Solutions Group's Expert Bookkeeping Services
We specialize in providing personalized bookkeeping and accounting services tailored to the unique needs of law firms. Our team of experienced professionals is dedicated to helping you understand your numbers while ensuring accuracy and compliance, so you can focus on building a practice that grows profitably.
We offer comprehensive services, including monthly bookkeeping, trust accounting, payroll processing, and financial analysis consultations. Our goal is to provide you with timely and accurate financial reports, allowing you to make informed business decisions and maintain financial stability.
Don't let financial uncertainties hold your firm's back. Contact us today to see how we can support your bookkeeping needs and help you achieve your financial goals.
