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Thousands of firms lose access to accounting and tax documents when Bench goes down

According to a note on its website, Bench is a Canadian accounting startup that provides software-as-a-service for small and medium-sized enterprises. It has abruptly closed.  

Notice reads

“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.”

With the exception of the message, the company’s whole website is currently down, leaving thousands of businesses in the dark. An Internet Archive snapshot shows that just hours before it was shut down, Bench boasted that it had over 35,000 U.S. customers.

Bench created a software platform to assist clients in managing and storing their bookkeeping and tax reporting papers after raising $113 million from well-known backers including Shopify and Bain Capital Ventures. 

Customers, both old and new, are shocked by the change. Although he no longer utilizes the platform, Radiator’s co-founder and CTO, Justin Metros, stated that years’ worth of his company’s tax and accounting records are still kept there.

Metros said

“I’ve never seen anyone just shut down like that,”

“That’s crazy.” 

On social media, others are expressing their worries. One post, “As a customer, I’m pissed,” having just migrated from QuickBooks to Bench.

According to Bench’s letter, its clients should submit a six-month extension request to the IRS in order to 

“find the right bookkeeping partner.” 

Additionally, it states that clients will have until March 2025 to retrieve their data, with the option to do so by December 30.

Customers are advised to switch to Kick, a new accounting firm that announced in October 2024 that it had raised $9 million in early money, with OpenAI and General Catalyst leading the round. Conrad Wadowski, the founder and CEO of Kick, wrote on LinkedIn to former Bench members, explaining that Kick is

“working to get your financials back in your hands.”

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