Vancouver fintech company Bench Accounting announces sudden shutdown

Follow-up: Bench Accounting to be acquired by Employer.com following abrupt shutdown

Bench Accounting, a Vancouver B.C.-based business that offers on the internet accounting solutions for countless small companies, suddenly closed down on Friday.

The business’s homepage has a “Notification of Solution Closure” message with a brief frequently asked question.

” We are sorry for to notify you that since December 27, 2024, the Bench system will certainly no more come,” the message checks out. “We understand this information is sudden and might trigger interruption, so we’re dedicated to assisting Bench clients browse via the change.”

Workers composed on LinkedIn that they were given up. The business has almost 500 workers, according to LinkedIn.

Clients shared shock at the closure, which comes right before the year finishes up.

” I’m extremely sorry to all the workers impacted, particularly 2 days after Xmas. This is harsh,” composed Will Sparkling wine, creator of SCGC Browse, onLinkedIn “I’m additionally extremely sorry (and certainly directly impacted additionally) for all the 11,000 approximately services that, like us, will certainly require to locate brand-new accounting solutions simply 4 days prior to we close guides for the year.”

Established In 2012, Bench elevated greater than $100 million from leading endeavor companies, consisting of a $60 million roundin 2021 It used greater than 650 individuals at the time.

The business in September described itself as The United States and Canada’s “biggest accounting solution for small companies.”

Bench gathers bookkeeping-related information and makes use of a mix of innovation and its very own accountants to do the manual labor typically needed of company owner and specialists.

Clients will certainly be obtain even more information on exactly how to access their information by Monday, according to the business’s homepage. Bench recommended clients transfer to Kick, one more audit software program service provider, which produced an “unique deal to manage your recurring requirements.”

The business is led by Jean-Philippe Durrios, that was called chief executive officer in 2022.

Ian Crosby, the business’s founder and previous long time chief executive officer that left in December 2021, exposed information concerning his separation in a LinkedIn post on Friday, claiming he differed with the board over method.

” As opposed to remaining to combat with me, they decided simply to simply change me, believing that they can run the business much better themselves,” Crosby composed. “I was entirely persuaded that their method would certainly damage the business. I decided to surrender from the board as opposed to battle. Due to the fact that on the off-chance that I was incorrect, I intended to provide the very best possibilities of doing well.”

He included: “I wish the tale of Bench takes place to come to be a caution for VCs that believe they can ‘update’ a business by changing the creator. It never ever functions.”