Bench Accounting, a prominent bookkeeping service for small businesses, has unexpectedly closed its operations, resulting in job losses for hundreds of employees and forcing clients to scramble for new solutions just before the year's end.
Vancouver-based bookkeeping service Bench Accounting has announced its sudden closure, putting hundreds of staff out of work and forcing clients to seek alternatives just days from the end of the year. The company that has described itself as North America's largest bookkeeping service for small businesses posted a notice of service closure on its website. It said that as of Friday the platform was no longer accessible.
'We know this news is abrupt and may cause disruption, so we’re committed to helping Bench customers navigate through the transition,' it said. Bench has previously said it had more than 600 employees, more than 12,000 U.S.-based customers and had received investor funding of US$113 million. 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. Calls to Bench's Vancouver office went to voice mail and did not immediately receive a response. B.C.'s Minister of Jobs, Economic Development and Innovation Diana Gibson said in a statement Friday that'our thoughts go out to the people who have lost their jobs, especially during the holidays.' “It’s disappointing any time we hear of a business closing … as this is a private business, I don’t have any information about why it's closing,' she said. She added that B.C. had a strong financial tech sector, and the government would continue to support those businesses. Bench's website said customers would be told how to access their data by Dec. 30, and that the material would be available for download until March 7. '(You’ll) be able to enter your Bench login credentials to download your current and prior year-end financials, as well as any documents you’ve uploaded such as receipts and bank statements,' it said. It said customers should file for a tax extension to get extra time to find a new bookkeeper to file their taxe
BENCH ACCOUNTING CLOSURE BOOKKEEPING JOB LOSSES SMALL BUSINESSES
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