12/31/2024
The cheapest solution isn't the beat solution. If the rate is too good to be true, it probably isn't...
Bench.co, founded in 2012, was a prominent online bookkeeping service that combined technology with human expertise to assist small businesses in managing their finances. The company raised over $100 million in funding and served thousands of clients across North America, offering services like financial reporting and tax filing support[1][2][5].
On December 27, 2024, Bench abruptly shut down operations, leaving clients without access to their financial data. This sudden closure was attributed to internal disagreements regarding company strategy and direction[2][5]. Clients were advised to transition to alternative services, notably Kick, for ongoing bookkeeping needs[2]. However, following the acquisition by Employer.com, there is potential for service restoration and data retrieval for affected customers[2][6]. The impact on clients has been significant, as many are left scrambling to secure their financial records and find new bookkeeping solutions.
Citations:
[1] Bench Accounting: Online Bookkeeping Services for Small Businesses https://www.bench.co
[2] Vancouver fintech company Bench Accounting announces sudden ... https://www.geekwire.com/2024/vancouver-fintech-company-bench-accounting-announces-sudden-shutdown/
[3] An Inside Look at How Bench Does Your Bookkeeping https://www.bench.co/blog/bookkeeping/inside-look-bench-bookkeeping
[4] Bench Accounting Launches Breakthrough Solution for Business ... https://www.prweb.com/releases/Bench_Accounting_Launches_Breakthrough_Solution_for_Business_Owners_Blending_Personal_and_Business_Finances/prweb19445076.htm
[5] Bench Accounting - Wikipedia https://en.wikipedia.org/wiki/Bench_Accounting
[6] Bench Accounting Shutdown Announcement: Key Takeaways for ... https://www.finaloop.com/blog/bench-shutdown-ecommerce-information
[7] [PDF] COMPANY OVERVIEW - Ivey Business Schoolhttps://www.ivey.uwo.ca/media/3784385/bench-profile.pdf
[8] About Bench Accounting https://www.bench.co/about
[9] Frequently Asked Questions - Bench Accounting https://www.bench.co/faq
Stay tuned for more to the story.
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