Bench Accounting, a bookkeeping service based in Vancouver, Canada, has announced its sudden closing, leaving hundreds of employees without jobs and compelled thousands of customers to look for alternate employment only days before the end of the year.
In a statement posted on its website, Bench, which has described itself as North America’s largest auditing services for small companies, revealed that as of Friday, the app was” no more available”. The company made it clear that it would help customers through the move despite the drastic character of the closure.
As per CBC News, Bench had previously reported having over 600 people and more than 12, 000 US-based clients. The business had raised$ 113 million in investor funding. In 2012, Bench relocated to Vancouver and changed its name to 10sheet Inc., which was first established in the US as 10sheet Inc.
The organization has outlined the steps its customers must take to get their data in light of the sudden shutdown. They will be notified by December 30 and have until March 7 to get their current and previous year-end finances as well as shared files like receipts and bank claims. To allow for more time to find a new accountant to file their taxes, customers are advised to request a tax extension.
Calling to Bench’s Vancouver business went unresolved, with the collection going straight to voicemail. Local authorities expressed love for the damaged workers in lighting of the closing. British Columbia’s secretary of careers, economic growth, and creativity, Diana Gibson, extended her thoughts to those losing their jobs, particularly during the holidays.
She acknowledged that the state’s vibrant economic technology industry would continue to receive federal funding, but she noted that no further details about Bench’s shutdown was available at the time, as reported by the Vancouver Sun.
Former CEO speaks out
The shutdown has sparked a backlash from Bench’s past CEO and co-founder, Ian Crosby, who was ousted by the bank’s board three years ago. Crosby expressed his regret over the death of the business and offered his view on the shutdown, which he sees as a cautionary tale for walk entrepreneurs.
I hope the success of Bench serves as a cautionary tale for venture capitalists who believe they may “upend” a business by replacing the leader. It always works”, Crosby said on social media.
Crosby, a University of British Columbia Sauder Business School student, recalled his battle with committee members over their plan for a “new course” in 2021, which he believed would lead to the bank’s death. He continued, saying that when he was replaced by a fresh management team, he chose to quit rather than fight.
Kaz Nejatian, the COO of Shopify, which was an investment in Bench, even supported Crosby’s perspective. ” Bad owners destroyed a great American business by replacing the leader with so-called specialists”, Nejatian wrote on social media, echoing Crosby’s views.
Competitors intervene
Competent bookkeeping firms like Acuity and Better Bookkeeping have reached out to Bench’s former clients and offered their services through social media campaigns as the sudden closure of many businesses leaves many businesses looking for alternatives.
Some have even responded to complaints from former Bench customers and provided solutions for those affected by the disruption.
Many small business owners are struggling to find a new bookkeeping service as the year-end tax filing deadline approaches.
