In a shocking turn of events, Bench Accounting, once a prominent player in the bookkeeping space, has ceased operations, leaving many small business clients scrambling to figure out what to do next. While the exact reasons for Bench’s closure are still unfolding, early indicators suggest financial instability may have played a significant role. For thousands of small businesses who relied on Bench, this news is more than a headline—it’s a major disruption.
What Happened to Bench Accounting?
While specific details about Bench’s shutdown remain sparse, several signs pointed to potential challenges leading up to this moment:
- Financial Strain: Operating a bookkeeping business at scale requires a strong financial foundation. Bench’s proprietary technology and pricing model may have contributed to unsustainable operating costs.
- Operational Challenges: Rapid scaling without repeatable and robust processes can strain any organization, leading to service inconsistencies or gaps.
- Customer Dissatisfaction: Reviews over the past year indicated some clients experienced delays and unmet expectations, which may have compounded financial difficulties.
Regardless of the exact causes, the abrupt shutdown leaves a significant gap for its former clients.
What Does This Mean for You as a Bench Client?
If you were relying on Bench to handle your books, you’re likely left in a tough spot. Many clients are reporting that their 2024 bookkeeping has not been completed, leaving them in limbo as tax deadlines approach and financial reporting needs pile up.
But don’t panic—there are steps you can take to ensure your business’s finances are back on track.
Steps to Take Now
- Retrieve Your Data:
- Contact Bench to retrieve any historical financial data or documentation they may still have. Time is of the essence as access to these records may become limited when they open it up to retrieve the data.
- Find a Reliable Bookkeeping Partner:
- Look for a bookkeeping firm that has a proven track record of stability and a history of serving small businesses effectively. Prioritize firms that have been in business for a long time and have demonstrated resilience through various market conditions. You cannot do your taxes without the books.
- Transfer of Data:
- Let the Bookkeeping Partner help figure out the transfer of data and how it will work. Avoid rework of all 2024 months if it is possible. This will depend on what level of detail you have and need in the books and also if the books were completed in a quality fashion and up to date.
- Avoid Proprietary General Ledgers:
- One of the challenges with Bench was its use of a proprietary general ledger system, making it difficult for clients to transition to other platforms. Choose a firm that works with industry-standard tools like QuickBooks or Xero, ensuring your data is portable and accessible.
- Focus on Customer Satisfaction:
- Read reviews and case studies to ensure the firm you choose prioritizes customer service. High customer satisfaction scores are a key indicator of a company’s reliability and commitment to its clients.
- Look for Scalable, Repeatable Services:
- Your next bookkeeping provider should have a proven ability to deliver consistent, repeatable results, even as they grow. This ensures that your books will be accurate and timely, regardless of your business’s complexity. Smaller firms we are afraid are just as unstable — especially if the proverbial bus hits your one and only contact.
Why Bookkeeping Express (BKE) Is a Trusted Solution
At BKE, we understand the unique challenges small businesses face. With decades of experience and a reputation for delivering high-quality, scalable services, we’re here to help former Bench clients regain control of their finances. Here’s why we stand out:
- Established Track Record: BKE has been serving over 4,000 franchises and small businesses across multiple industries, proving our ability to adapt and grow with our clients.
- Standardized Tools: We use industry-standard platforms, ensuring your financial data is always accessible and easily transferable.
- Customer-Centric Approach: Our clients consistently praise our personalized, hands-on service, resulting in outstanding customer satisfaction scores.
- Unlimited Time: Schedule time with your accountant as you need it – just a calendly away.
- Repeatable Processes: Our systems are built for consistency and reliability, ensuring your books are always accurate and up-to-date.
Don’t Wait to Get Back on Track
Time is critical when your bookkeeping is disrupted. The sooner you transition to a reliable bookkeeping partner, the sooner you can regain financial clarity and focus on growing your business.
Click here to schedule a free consultation with our bookkeeping expert, and we’ll help you outline the exact steps you need to safely and securely transition from Bench Accounting, recover your financial records, and set up a reliable system to keep your business running smoothly.