What’s the difference between In Progress and Finished reports?
Bench financial reports have two possible statuses: In Progress and Finished.
Here’s what you’ll see if a report is In Progress:
Bench creates one Finished set of financial statements each month, including an Income Statement and a Balance Sheet. Reports that are still being worked on can be viewed, but should be considered preliminary until they have been set to Finished. We notify every client when a monthly set of financial statements is Finished.
In Progress reports provide a real-time snapshot of your finances. Keep in mind that they are not complete; categories may not be accurate, some transactions may not yet be entered, and others may be pending finalization from your bank.
When can I look at my Finished statements?
Once the statements have cleared for the month, Bench will complete your books and deliver the reports as quickly as possible. It takes approximately 1-2 business days for statements to become available. We then compile the reports, which are typically complete fifteen business days into the next month.
Why are my books not Finished on the first day of the next month?
We must allow time for all transactions to be posted to your bank account. This typically takes fifteen business days.
What does Bench need before they can close the books for the month?
- A monthly bank statement, which we pull from your online banking when it becomes available.
- All the receipts for that month (we will prompt you for any receipts we are missing).
- Clarification on any transactions we can’t categorize based on the bank statement or receipt.
Once these three requirements have been met, we mark the report as Finished and it’s ready for use.
If my reports are Finished, can I go back and make changes?
We keep a changelog, so it’s easy to make changes. We keep track of both the previous state and the new updates to a Finished report, so you can submit receipts for a month that has been Finished. We can post adjusting entries in the current month or go back and change the Finished report. Your bookkeeper will know which to do based on the specific case.
Is it possible to look at a preliminary report before the books are complete?
Yes, you can look at in-progress reports for your current month. We know how valuable this information is for your business, and we are working towards making our In Progress reports available in real time.