Bench Accounting, North America’s largest bookkeeping service for small businesses, has announced its sudden closure. The Vancouver-based company, known for its online accounting platform, posted a “Notice of Service Closure” on its website on December 27, 2024. Social media accounts on Instagram and Facebook were also taken down overnight, leaving customers scrambling for answers.
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Sudden Closure Shocks Customers
In an email sent to its customers, Bench stated, “We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible.” The notice continued, “We know this news is abrupt and may cause disruption, so we’re committed to helping Bench customers navigate through the transition.”
The unexpected announcement has left many small business owners confused and angry, especially with tax season just around the corner. Customers have expressed frustration over the lack of advance notice and the challenges of finding an alternative bookkeeping solution on such short notice.
A Legacy of Service
Founded in 2012 by Ian Crosby, a Forbes 30-Under-30 winner, Bench Accounting had grown to serve 11,000 small businesses across the United States. The company’s online platform simplified bookkeeping tasks, making it a popular choice for small business owners. Bench’s Vancouver headquarters were home to over 650 employees as of 2021, and the company had raised more than $100 million in funding from prominent investors, including Sage, Altos Ventures, iNovia Capital, Shopify, and BMO T&I.
Impact on Employees
Although Bench’s initial closure announcement did not confirm layoffs, former employees have taken to LinkedIn to share that they and their colleagues, affectionately called “Benchmates,” are now searching for new opportunities. Several professionals in the fintech community have offered assistance, including introductions and job placement support.
Next Steps for Customers
Bench has pledged to assist its customers during the transition period, though specific details remain unclear. Customers are advised to back up any financial data stored on the platform immediately and begin exploring alternative bookkeeping services. Popular options include QuickBooks, FreshBooks, and Wave Accounting, which offer similar features and integrations.
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What’s Next for Bench?
Daily Hive has reached out to Bench for further comments and clarification. At this time, it remains uncertain what led to the sudden closure or whether the company plans to address its customers and employees in more detail. As the story develops, affected parties are encouraged to stay tuned for updates.
The abrupt closure of Bench Accounting marks the end of a 13-year journey that revolutionized bookkeeping for small businesses. While the news is a setback for its customers and employees, the fintech community’s response highlights the resilience and supportiveness of the industry during challenging times.
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