Bench shuts down, leaving thousands of businesses without access to accounting and tax docs

While Bench’s website remains offline, an archived copy listed over 35,000 U.S. customers, although Employer.com later clarified that the actual number is closer to 12,000. Jennifer Bouyoukos, Bench’s chief people officer, confirmed that the company is beginning to recall some of its 600 employees to ensure continuity of services. The story behind Bench’s closure reveals a cautionary tale about startup governance and the relationship between founders https://yijiacn.com/know-who-owns-your-leasehold-improvements-study-the-accounting-and-tax-implications.html and venture capital.

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Some clients said they were left scrambling to find another bookkeeping service. The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends. Customers were also notified in an email, with many left confused and angry at the sudden closure right before tax season. “I hope the story of Bench goes on to become a warning for VCs that think they can ‘upgrade’ a company by replacing the founder. The company’s entire website is currently offline except for the notice, leaving thousands of businesses in the lurch. Bench touted having more than 35,000 U.S. customers just hours before it was shut down, according to a snapshot saved by the Internet Archive.

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When Bench Accounting abruptly shut down operations on Dec. 27, 2024, thousands of small businesses scrambled to recover their financial footing in time for tax season. Even though the shutdown announcement was later followed by news of an acquisition by Employer.com, the entire event raised critical questions for loyal Bench customers. I believe many of these questions offer both cautionary and instructive lessons for all of us, especially regarding business partnerships and vendor selection. With the closure of Bench Accounting, the need for reliable bookkeeping services has become even more critical. By considering the factors outlined above and understanding the benefits of professional bookkeeping, you can make an informed decision and choose a provider that best suits your business needs.

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• This abrupt shutdown, coming just days before the year’s end, has left over 12,000 U.S.-based customers scrambling for alternatives and hundreds of employees suddenly without jobs.
• It is a priority for CBC to create products that are accessible to all in Canada including people with visual, hearing, motor and cognitive challenges.
• Even though the shutdown announcement was later followed by news of an acquisition by Employer.com, the entire event raised critical questions for loyal Bench customers.
• Matt Charney emphasized that Bench customers can now access their accounts and continue their services without interruption.
• Currently, the company’s entire website is offline, displaying only the closure notice.
• See your business’s financial health at a glance, and stay in control of cash flow.

Investors in Bench included Sage, Altos Ventures, iNovia Capital, Shopify, and BMO T&I. Bench employed more than 600 people, according to its website, some of whom posted on LinkedIn after the shutdown notice that they were now looking for work. Bench is now starting to call “many” — but not all — of its employees back to work to ensure continuity, Jennifer Bouyoukos, Bench’s chief people officer, told TechCrunch. Understanding your needs will help you determine the bookkeeping services that align with your goals. Get intuitive software that syncs directly with your small business accounts to deliver tidy, perfect books each month. As the dust settles, the focus shifts to Bench’s customers, employees, and the broader startup ecosystem.

• While its closure marks the end of an era for one company, it offers valuable lessons for the industry as a whole.
• Bench is now starting to call “many” — but not all — of its employees back to work to ensure continuity, Jennifer Bouyoukos, Bench’s chief people officer, told TechCrunch.
• Bench charged our credit card 5k literally days ago and now it’s impossible to login and view our financial statements.
• It’s only a matter of time before cracks start to appear in the facade that’s propped up by flawless marketing and bold claims.
• Once you’ve found a good accounting partner, communicate regularly with them about your concerns relating to their service quality, timeliness of work, or other areas.

Bench specialised in historical and monthly bookkeeping, cash flow tracking, expense management, and financial reporting. Bench Accounting, North America’s largest bookkeeping service for small businesses, has abruptly closed. Keep track of important deadlines, such as tax filing dates, during the transition period. This will ensure that your financial obligations are met even as you switch providers.

Employer.com’s acquisition and efforts to onboard Bench’s former users may provide some relief, but rebuilding trust will take time. For the hundreds of Bench employees who lost their jobs, the future remains uncertain. According to Employer.com, Bench’s previous recommendation to file for a six-month extension with the IRS is no longer necessary for customers who choose to stay with the platform.

• While the exact reasons for the closure remain unclear, the impact is undeniable.
• Learn more about Bench, our mission, and the dedicated team behind your financial success.
• For example, Bench primarily provided cash-basis accounting, leaving clients without accrual-based insights, accounts payable/receivable management, or knowledgeable tax preparation by experienced professionals.
• I believe many of these questions offer both cautionary and instructive lessons for all of us, especially regarding business partnerships and vendor selection.

There’s nothing wrong with pursuing growth, except when it’s at expense of your customer service, team training, and quality of work. Also, while Google can be a great place to find reviews by current and past customers, you might also consider looking on Reddit. Every report accessible in the Bench platform can be exported to an Excel file https://tourlib.net/aref_tourism/poluga.htm for easy sharing with anyone from business partners to accountants.

What Happened to Bench Accounting and Why did it Shutdown?

Having your data organized is crucial for transitioning to a new bookkeeping service. We’ll do a month of your bookkeeping in one business day, and deliver a set of financial statements for you to keep. Perfect books No need to https://projectical.net/the-main-functions-of-the-repair-and-construction.html second guess whether your bookkeeping is done correctly. See your business’s financial health at a glance, and stay in control of cash flow. When you’re evaluating a service provider, look beyond their marketing claims and focus on their history of results.