Bench Accounting, a Vancouver-based company that offers online bookkeeping services for small businesses, shocked customers and employees alike when it abruptly shut down on December 27, 2024. The company’s homepage displayed a message announcing the closure and offering assistance to customers in transitioning to new services. Employees took to LinkedIn to share that they had been laid off, adding to the suddenness of the shutdown. Customers expressed dismay at the sudden closure, especially as it came right before the end of the year, when many businesses would be closing their books.
Founded in 2012, Bench had raised over $100 million in funding, including a $60 million round in 2021. At its peak, the company employed more than 650 people and was considered North America’s largest bookkeeping service for small businesses. Bench utilized a combination of technology and manual bookkeepers to provide a streamlined bookkeeping service for its customers. The company’s sudden closure left many customers wondering how they would access their data and find alternatives for bookkeeping services.
Customers were reassured that they would be provided with more information on accessing their data by Monday following the closure. Bench also recommended that customers transition to Kick, another accounting software provider, which had offered an exclusive deal to handle their ongoing needs. The company, led by CEO Jean-Philippe Durrios, had experienced internal conflict, leading to the departure of co-founder and former CEO Ian Crosby in December 2021. Crosby revealed in a LinkedIn post that he disagreed with the board over the company’s strategy, which ultimately led to his resignation and replacement as CEO.
The sudden closure of Bench Accounting left customers scrambling to find new bookkeeping services just days before the end of the year. Many expressed shock and disappointment over the unexpected shutdown and the challenges it posed for their businesses. Employees, some of whom had just been on calls discussing renewals and expansions with customers, shared their own dismay at being laid off with the sudden closure of the company. While Bench had once been a prominent player in the online bookkeeping industry, its downfall serves as a cautionary tale about the risks of internal conflict and the impact it can have on a company’s employees and customers.
For some, the closure of Bench Accounting served as a reminder of the importance of founder-led companies and the potential risks associated with replacing founders with external leadership. The internal conflict that led to the departure of co-founder Ian Crosby and the subsequent shutdown of the company highlighted the challenges of maintaining a cohesive vision and direction within a rapidly growing startup. As customers and employees sought to navigate the aftermath of Bench’s closure, they were left wondering about the future of the company and the implications of its sudden demise on the broader bookkeeping industry.
