Bench, a Canadian accounting startup, has unexpectedly ceased operations. The news was announced through a post on .
As of December 27, 2024, the Bench platform will cease to be available, according to a statement issued by the company. As a professional editor, I would suggest rewriting the text in a more polished style:
“We recognize that this information may come as an unwelcome surprise, potentially causing instability. To mitigate any potential disruptions, our team is committed to providing exceptional support and guidance to Bench clients as they navigate this transition.”
The entire corporate website is currently offline, except for the homepage, leaving thousands of businesses in a state of uncertainty. The Bench company claims to have more than 35,000 US-based employees? Clients were still able to log in and access their accounts just hours before the system was taken offline in response to a security snapshot.
Bench, backed by prominent investors including Shopify and Bain Capital Ventures, has secured $113 million in funding, harnessing this capital to build a robust software platform that streamlines bookkeeping and tax reporting for its clients, simplifying the often-complex process of financial management.
The sudden departure of the financial advisor sends a ripple of surprise through both current and past clientele. According to Justin Metros, co-founder and CTO of a company, millions of dollars’ worth of his firm’s accounting and tax documents remain stored on the platform, even though he personally no longer uses it. Following the shutdown news reported by TechCrunch.
“I’ve never witnessed anyone freeze up in the same manner,” said Metros. “That’s loopy.”
As the debate rages on social media, some individuals are weighing in with their thoughts, including “I’m fed up as a customer,” who has recently switched from QuickBooks to Bench.
Bench recommends that its clients consider filing a six-month extension with the IRS, allowing them to “find the right accounting partner.” The company also notes that clients can expect to receive their data by December 30 and will have until March 2025 to act upon it.
The discovery team recommends that clients consider investing in Kick, a brand-new accounting startup that recently secured a $9 million seed investment in October 2024, led by OpenAI and Basic Catalyst. Conrad Wadowski, CEO and founder of Kick, recently posted a message on LinkedIn to former Bench customers, stating that the company is working tirelessly to provide them with direct access to their financials once more.
As of press time, Bench remained silent in response to TechCrunch’s requests for comment. The startup also failed to provide details on any potential settlement or business relationship it may have had with Wadowski prior to its shutdown.
“When viewed on our website, you’ll notice that we’re rapidly expanding our services to support numerous Benchmark’s clients with their bookkeeping needs,” he told TechCrunch.
As of 2012, Bench had a workforce of over 600 employees, which was a direct result of. Backed by a trio of investors – buyers, Sage, the prominent IT agency, and venture capital firms Contour Enterprise Companions and Altos Ventures. The company was a graduate of the TechStars accelerator program.
Amass a sequence of investments totaling $60 million by the end of 2021. Ian Crosby, the company’s co-founder and CEO, resigned soon afterward.
Crosby stated he was “extremely dissatisfied” to witness Bench’s sudden shutdown, asserting that unnamed board members had orchestrated the move to introduce a fresh, highly skilled CEO capable of charting a distinct path for the organization.
“As this chapter in the history of Bench comes to a close, it serves as a cautionary tale for venture capitalists who believe they can revitalize a company simply by replacing its founding vision.” “It by no means functions effectively,” Crosby wrote.
