Vancouver-based bookkeeping service Bench Accounting has abruptly closed its doors, leaving hundreds of employees jobless.
The company that has described itself as North America's largest bookkeeping service for small businesses says on its website in a 'notice of closure' dated Friday that the platform is 'no longer accessible.' The Canadian PressThe offices of Bench Accounting in downtown Vancouver on Dec. 27, 2024. (Akshay Kulkarni/CBC)Vancouver-based bookkeeping service Bench Accounting has announced its sudden closure, potentially putting hundreds of staff out of work.
The statement acknowledges that the closure is 'abrupt and may cause disruption' and says the firm is committed to helping customers 'navigate through the transition.' Bench has previously said it had more than 600 employees and had received investor funding of $113 million US. It said it moved to Vancouver and changed its name to Bench in 2013, having started out in 2012 as 10sheet Inc. in the U.S.Bench Accounting employed hundreds of people in downtown Vancouver. Its office is seen on Dec. 27, 2024. (Akshay Kulkarni/CBC) The website said customers would be told how to access their data by Dec. 30 and the material would be available for download until March 7. It said customers should file for a tax extension to get extra time to find a new bookkeeper to file their taxes. But the company's former CEO and co-founder Ian Crosby released a statement on social media on Friday, saying he was 'very sad' about the closure.Crosby, who said he was ousted by the company's board about three years ago, said there was a lesson in the fate of the company. 'I hope the story of Bench goes on to become a warning for VCs (venture capitalists) that think they can 'upgrade' a company by replacing the founder. It never works,' he sai
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