Accounting Startup Bench Shuts Down, Leaving Thousands of Businesses in the Lurch

Accounting Startup Bench Shuts Down, Leaving Thousands of Businesses in the Lurch

Thousands of small and medium-sized businesses (SMBs) are facing disruption after Bench, a popular accounting software provider, abruptly shut down operations on December 27, 2024. The Canadian-based company, which had raised over $113 million in funding from prominent investors like Shopify and Bain Capital Ventures, provided a platform for businesses to manage their bookkeeping and tax documents. The shutdown has left businesses scrambling to retrieve their financial data and find alternative solutions. Bench's website is currently offline, except for a brief notice informing customers of the closure and advising them to file an extension with the IRS. The company also stated that customer data would be available for download until March 2025. Reactions to the sudden closure have been swift and largely negative. Many businesses expressed frustration and concern on social media, highlighting the disruption caused by the loss of their accounting records. Justin Metros, co-founder an…