Acquisition saves Bench Accounting from abrupt closure
The Canadian-based accounting start-up and software platform has shocked SMEs with its abrupt closure and subsequent acquisition by Employer.com.
Bench Accounting suddenly ceased operating on 27 December 2024, with its website unavailable excluding a notice of the closure, which was then revoked with an acquisition announcement.
The original notice said: “We regret to inform you that as of December 27 2024, the Bench platform will no longer be accessible.
“We know this news is abrupt and may cause disruption, so we’re committed to helping Bench customers navigate through the transition.”
According to TechCrunch, the platform's closure shocked its users and left businesses unable to access accounting and tax documents stored on the site until 30 December 2024.
The company based in Vancouver, Canada revealed companies utilising the site for its bookkeeping services would have until March 2025 to download all data they needed.
The news of the closure came as a shock for multiple e-commerce sellers as Shopify, Stripe, Square and PayPal all had integrations with Bench.
The notice posted by Bench recommended customers migrate to Kick, an accounting start-up.
Accounting practice coach and consultant, Amanda Gascoigne, said the sudden closure of Bench acted as a powerful cautionary tale for everyone, specifically Australian SMEs.
“This situation is a stark reminder that it’s up to us, as professionals and through our bodies, to re-educate small businesses about the immense value we bring to the table,” she said.
“Beyond record-keeping and statutory compliance, we offer insights, strategy, and support that software simply cannot replicate.”
Gascoigne said Bench's downfall was attributed to low fees and financial struggles, which acted as a reminder for accountants to not be afraid to increase their fees.
“As we head into 2025, let’s use this as an impetus to not only value our worth but also to create practices that are profitable, sustainable, and fulfilling,” Gascoigne said.
“This is about more than fees - it’s about avoiding burnout, achieving balance, and delivering meaningful outcomes for our clients.”
However, on 30 December 2024, Bench Accounting re-launched its website with the news it had been acquired by Employer.com.
Employer.com CEO Jesse Tinsley said the acquisition reflected the company’s commitment to expanding its portfolio of services and enhancing the value delivered to small business owners.
“Despite recent headlines concerning Bench’s decision to suspend operations on December 28, we are pleased to reassure Bench customers that Employer.com has been working diligently behind the scenes to ensure a seamless transition,” he said.
Customers were reassured that they would be able to continue with the Bench service and trust in the platform’s stability and data security.
“Bench has always been a trusted partner to small businesses, and we are excited to build on the legacy,” Tinsley said.
“While the challenges Bench recently faced were unexpected, we recognized an extraordinary opportunity to integrate their capabilities into our own suite of solutions.”
“By combining forces, we can create even more value for Bench’s loyal customers while extending the reach and impact of Employer.com’s offerings.”
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