“We will revive Bench’s platform” – Employer.com’s CMO Matt Charney announces

The sudden closure of Vancouver-based Bench Accounting sent shockwaves through the small business community in America, leaving more than 11,000 businesses unable to access critical financial records.

On December 27, 2024, Bench Accounting announced it would cease operations immediately, leaving small business owners scrambling for Bench alternatives during the busiest time of the year — tax season. The closure not only put 450 employees out of work but also locked customers out of vital accounting data needed for tax filings and financial planning.

Customers received a message on Bench’s website that read:

“We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible. We know this news is abrupt and may cause disruption, so we’re committed to helping Bench customers navigate through the transition.”

But for many, this was too little, too late. Small business owners took to LinkedIn and Reddit to voice frustration over years of tax and accounting data locked away with no clear path to retrieval.

“I can’t access my company’s financial records. We were just onboarding with Bench when this happened,” shared one distressed user.

However, just days after the announcement, Employer.com swooped in with an acquisition that aims to bring the platform back to life. Matt Charney, Employer.com’s Chief Marketing Officer, publicly reassured customers:

“We will revive Bench’s platform. Clients can expect continuity and full access to their data. The bookkeepers you trust are staying, and your financial records are safe.”

For the small businesses affected, this acquisition couldn’t come soon enough.

Employer.com, a San Francisco-based HR and payroll company, aims to restore operations quickly, ensure data access, and prevent further disruption to customers.

Matt Charney emphasized:

“This acquisition allows us to not only preserve Bench’s technology but also bring back key personnel. Customers will have access to their historical data and ongoing bookkeeping services without interruption.”

This announcement came as a sigh of relief for many business owners who had been scrambling to file for IRS extensions or seek Bench Accounting alternative accounting providers.

But… what went wrong at Bench?

Despite raising over $113 million in venture capital from investors like Shopify and Bain Capital, Bench struggled with profitability. Sources suggest the company’s rapid growth in tech features outpaced its ability to manage operational efficiency, leading to poor service quality and employee turnover.

Bench’s limitations — including a lack of accrual-based accounting support — alienated larger, scaling businesses. The company relied heavily on automation and AI, which reduced personalized service, causing frustration among clients.

One former client stated:

“The reports were often late, and reconciling them to reality felt like a guessing game. Tax season became a nightmare.” – u/anon_bizowner

This lack of personalization and operational instability set the stage for Bench’s eventual collapse.

While the acquisition by Employer.com promises to restore, and even enhance, services, many small businesses remain skeptical. The suddenness of the shutdown and lack of communication damaged trust in the brand.

Matt Charney and Employer.com’s leadership are aware of these concerns and have pledged immediate access to financial records for clients, along with:

• Seamless platform reactivation
• Retention of in-house bookkeepers
• Access to tax and accounting data without additional fees

Employer.com also announced plans to invest in better customer service and operational transparency moving forward.

Lessons for small business owners

While the fallout from Bench’s shutdown may take months to fully resolve, Employer.com’s intervention provides hope for thousands of small businesses left in limbo. However, the Bench collapse serves as a wake-up call for small businesses to diversify their financial service providers and avoid vendor lock-in.

If your business relies on a single accounting provider, consider backing up data regularly and working with firms that prioritize transparency and data portability.

CoCountant, for instance, is a service that offers a personalized approach to bookkeeping and accounting. Unlike automated solutions, they pair you with dedicated bookkeepers and accountants, ensuring your books are managed by experts, not algorithms.

For business owners, this serves as a reminder to diversify service providers, demand transparency, and choose platforms that offer control and flexibility over your financial data.