Bench Accounting, once a dominant player in the online bookkeeping industry, shocked its customers and employees with an abrupt announcement of its closure on December 27, 2024. The Vancouver-based company, which had positioned itself as North America’s largest bookkeeping service for small businesses, left tens of thousands of customers scrambling for alternatives just before tax season. We're gonna look at the key details of Bench’s closure and explore Bench Accounting alternatives to keep your business on track.
The Rise and Abrupt Fall of Bench Accounting
Founded in 2012 as 10Sheet Inc., Bench Accounting rebranded in 2013 and quickly became a leader in online bookkeeping services. The platform combined cutting-edge software with a team of in-house bookkeepers, offering small businesses a streamlined way to manage their financials. By 2021, the company had raised over $113 million in funding from high-profile investors like Shopify and Bain Capital Ventures.
Despite its growth, the company faced internal challenges. Ian Crosby, the co-founder and CEO, left in 2021 following strategic disagreements with the board. Crosby has since shared his concerns about the leadership changes, stating, “I was totally convinced that their approach would destroy the company. I opted to resign from the board rather than fight.”
On December 27, 2024, Bench announced it would no longer be accessible, leaving businesses without immediate access to their bookkeeping and tax documents. Customers were advised to download their financial data by March 7, 2025, and file for tax extensions if necessary. The abrupt closure has not only disrupted businesses but also impacted over 600 employees who were laid off.
Why Did Bench Shut Down?
While Bench has not provided a detailed explanation for its sudden closure, several factors likely contributed:
Leadership Changes:Crosby’s departure and the appointment of a new CEO in 2022 may have led to strategic shifts that didn’t align with the company’s strengths or customer needs.
Financial Challenges:Despite raising significant funding, scaling a bookkeeping service with both technology and human expertise can be costly and complex.
Customer Dissatisfaction:In recent years, Bench faced criticism for delays in financial reporting and poor customer service. Some long-term users expressed frustration over declining quality, with one customer saying, “Turnover was bananas, and year-end financials kept taking longer to complete.”
Market Competition:Bench operated in a competitive space with emerging players offering innovative solutions and legacy platforms like QuickBooks maintaining strong market share.
What Does This Mean for Bench Customers?
For small businesses that relied on Bench, the shutdown couldn’t have come at a worse time. With tax season looming, former Bench users now face:
Data Access Challenges:Businesses must act quickly to download their financial records before the March 7 deadline.
Finding New Bookkeeping Services:Transitioning to a new platform or service is time-sensitive and requires careful consideration.
Risk of Tax Penalties:Without immediate access to bookkeeping and tax documents, businesses may struggle to meet IRS deadlines.
If you’re a former Bench user, now is the time to explore the best alternatives to Bench Accounting to ensure your business’s financial continuity.
The Best Alternatives to Bench Accounting
Several platforms and services can step in to fill the gap left by Bench. Whether you’re looking for hands-on bookkeeping support or a software solution, here are some top options:
Sam’s List
Why Choose Sam’s List?Designed to match businesses with vetted accountants, bookkeepers, and fractional CFOs, Sam’s List offers personalized recommendations based on your industry and specific needs.
How It Works:Take a short quiz or email the team directly with details about your business, and Sam’s List will connect you with trusted professionals.
Get Started:Explore Sam’s Listor emailfounders@samslist.coto find the right financial partner for your business.
QuickBooks Live Bookkeeping
A trusted name in accounting software, QuickBooks Live offers access to certified bookkeepers who can manage your financials directly within the QuickBooks platform.
How Sam’s List Supports Former Bench Users
AtSam’s List, we understand the urgency and stress caused by Bench Accounting shutting down. That’s why our platform is designed to make finding a new bookkeeping or accounting service as seamless as possible. Here’s what you can expect:
Personalized Matches:Connect with professionals who specialize in your industry and business size.
Trusted Professionals:Every accountant and bookkeeper on Sam’s List is carefully vetted to ensure quality and reliability.
Easy Onboarding:Skip the hassle of searching—let us do the work for you.
If you’re feeling overwhelmed, email us atfounders@samslist.cowith your business details, and we’ll personally introduce you to a qualified financial professional.
The sudden closure of Bench is a stark reminder of the challenges that even well-funded startups can face. For businesses affected, the priority now is to secure their financial data and find a reliable replacement to keep operations running smoothly. Whether you’re searching for a new bookkeeping service or need comprehensive financial support, platforms likeSam’s Listprovide a trusted alternative. Don’t let Bench’s shutdown derail your business—take action today to ensure your financial future remains secure.
