The end of 2024 dropped a bombshell on the bookkeeping world: Bench Accounting, North America’s “largest bookkeeping service for small businesses,” suddenly shut down. With Emloyer.com swooping in for an unexpected acquisition, businesses are left scrambling for answers—and alternatives—just as the tax clock ticks louder.
If you’ve spent your holiday downtime googling “Bench Accounting, seriously?” you’re not alone. This article dives into the turmoil with a focus on what SaaS and retail businesses need to know moving forward. Buckle up for insights, advice, and a fresh perspective on navigating the chaos.
It might not be the New Year’s cheer we planned to kick off with, but hey, sometimes the plot writes itself.
Let’s unpack the drama.
In the previous episodes of the accounting drama: What you might have missed
If the holiday festivities had you too distracted to keep up, here’s the recap of what went down (and is still unfolding) in the accounting world.
Bench Accounting was a VC-based bookkeeping service tailored to small businesses, offering subscription-based financial management solutions. Founded in 2012, it grew to become a popular choice for entrepreneurs seeking affordable, reliable bookkeeping services before its abrupt closure in December 2024.
On December 27th—just two days after Christmas—Bench delivered a shocking twist: an abrupt shutdown, leaving over 12,000 U.S. businesses in the lurch without access to essential accounting and tax documents. The plot thickened two days later with whispers of a potential buyer, only for a surprise acquisition announcement to hit on December 30th—an announcement that mysteriously disappeared just two hours later.
Fast-forward through the chaos (or, if you want the juicy details, head to Reddit), and we’re now in a new chapter. Bench’s website is back online, sporting big news: it’s now part of Employer.com, a San Francisco-based HR tech company specializing in payroll and onboarding.
According to what Employer.com’s Chief Marketing Officer Matt Charney told TechCrunch, the plan is to revive Bench’s platform and guide customers on retrieving their data.
On January 2nd, CEO Jesse Tensley chimed in on LinkedIn, offering fresh details on what’s next for Bench clients:
The future, however, remains uncertain. While the plans for recovery are in motion, the abrupt shutdown has left many clients questioning what’s next for their businesses—and whether Bench’s new chapter under Employer.com will deliver the stability they need.
Behind the curtain: What’s the reason for a Bench’s sudden shutdown?
The official script on Bench’s sudden shutdown remains a mystery, with the company offering no direct explanation. However, former CEO and co-founder Ian Crosby has pointed fingers at strategic missteps following his exit in December 2021. Crosby revealed disagreements with the board over the company’s direction, leading to his replacement by a “professional CEO”—a decision he believed would derail Bench.
Crosby hopes Bench’s story becomes a cautionary tale for venture capitalists reconsidering the wisdom of founder replacements, claiming such moves “never work.
The buzz among professionals suggests financial woes could be the culprit. Some experts in the accounting field suggest a broken debt covenant may have triggered a secured debt to be called, forcing the shutdown. Others believe the timing was no coincidence, possibly designed to sidestep year-end accounting obligations while giving clients a slim window to prepare for tax season.
Note that while these theories add color to the narrative, the reality remains a mystery. Bench.co has kept quiet, so for now, we’re left piecing together the puzzle with what the experts are saying and plenty of room for debate.
The “new era” of Bench Accounting: What’s next for retail and SaaS businesses?
Employer.com’s CEO promises continuity and potential upgrades as they take the reins of Bench Accounting. It’s been reported that a wave of accountants previously working with the software were left job-hunting after the shutdown. Now, Employer.com claims to be rehiring some of those employees to stabilize operations—but will it be enough to regain trust?
Let’s face it—trust takes time to rebuild, and your business books can’t wait.
The December 27th shutdown left clients stressed and scrambling, and the uncertainty has only fueled concerns. While Employer.com emphasizes their commitment to preserving Bench’s legacy, the future of the platform—and your data—feels anything but certain.
For those feeling the heat and considering an exit strategy, remember: your financial data is priceless. Stay proactive—reach out for updates, keep an eye on their announcements, and have a backup plan ready.
If switching to new accounting software is on your radar, prioritize solutions with:
- Automation for repetitive tasks (categorizing expenses, syncing transactions, etc.);
- Strong integrations with multiple platforms;
- Historical data imports for a seamless transition;
- Customizable real-time financial reporting;
- Streamlined reconciliation;
- Access to dedicated bookkeepers or CPAs for expert advice and support.
The new era of Bench may hold promise, but staying prepared and informed is your best move right now. For those left in uncertainty, Synder offers a seamless way to restore order and prepare for tax season.
Synder is dedicated to supporting Bench ex-clients through the chaos!
To not repeat, we’ll just say that Synder does everything mentioned above and more. Designed to simplify financial workflows, the software seamlessly integrates with over 30 platforms, bridging the gap between sales channels and accounting systems like QuickBooks (Online and Desktop), Xero, and Sage Intacct.
Here’s what makes Synder the perfect sidekick for Bench customers looking to switch:
- Support in smooth data transfer for both ongoing and historical records to your new system;
- Accountants Directory featuring 60+ trusted professionals ready to assist;
- Retail-friendly sales data transfers tailored to multichannel businesses*;
- GAAP-compliant subscription change tracking for SaaS companies*;
- Free 15-day trial to get you started without stress.
* – if you don’t have access to your Bench data, Synder can retrieve sales details from popular platforms like Amazon, Shopify, Stripe, and PayPal, among others, and deliver accurate, reliable reporting.
Don’t let the Bench shutdown derail your business! Connect with a Synder expert today for seamless data migration, trusted accountant recommendations, and tools to keep your journal entries in top shape. Let’s get your books back on track!
Bonus: A short backup checklist for businesses affected
1. Secure your financial data
Act fast! Secure your financial data: download invoices, reconciliation reports, and tax documents—think anything you’ll need for tax season or audits. Back up this data on secure platforms like cloud storage services (e.g., Google Drive, Dropbox) or external hard drives for added protection.
2. Reach out for updates
Reach out to Bench through their website, support email, or social media for details on accessing your data. Follow Employer.com for updates on the acquisition and any service recovery plans. Staying in the loop is key to avoiding surprises.
3. Engage professional help
Engage a qualified accountant or CPA to review your financial position and prepare for tax season or audits. Some accounting automation software like Synder provides an Accountant Directory to connect with experts experienced in handling transitions like these.
4. Prepare targeted questions for your accountant or CPA
Before meeting with your accountant, compile a list of questions tailored to your business needs. For example:
- How can I reconcile the financial data I recovered from Bench?
- What additional documentation do I need for tax season?
- Are there specific compliance issues I should address due to this transition?
Provide your accountant with an overview of your situation in advance to maximize the value of your consultation.
5. Plan for a smooth transition
Draft a detailed plan for switching to a new system, including data migration schedules, platform onboarding, and staff training. Regularly check your progress and address any issues as they arise. A well-organized transition minimizes disruption and sets your business up for success.
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