Bench Accounting Abruptly Shuts Down Ahead of Tax Season ...

Vancouver’s Bench Accounting, North America’s largest bookkeeping service for small businesses, has unexpectedly closed its doors, leaving thousands of customers scrambling for solutions just as tax season approaches.

First reported by Daily Hive, the Vancouver-based company announced the shutdown via a “Notice of Service Closure” posted on its website.

“We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible,” the notice read. “We know this news is abrupt and may cause disruption, so we’re committed to helping Bench customers navigate through the transition.” The statement thanked clients for their support over the company’s 13-year history, calling it “an absolute privilege” to serve small businesses.

The abrupt closure has sparked confusion and anger among Bench’s clientele, with many voicing their frustration over the timing and lack of warning. Social media platforms, including Instagram and Facebook, appear to have been shut down overnight, further deepening the sense of uncertainty.

Although Bench’s initial announcement did not confirm layoffs, LinkedIn posts from former employees indicate widespread job losses. Many ex-employees, referred to internally as “Benchmates,” have shared their experiences and offered support to colleagues now seeking new opportunities.

Bench’s sudden closure comes as a shock, given its impressive growth trajectory. Founded in 2012 by Ian Crosby, a Forbes 30-Under-30 honoree, the fintech company served over 11,000 small business owners across the United States. By 2021, it had scaled to a workforce exceeding 650 employees and secured over $100 million in funding from prominent investors, including Shopify.

Daily Hive has reached out to Bench for further details, but no additional information has been provided as of publication. Former CEO and co-founder Ian Crosby weighed in on the closure via a post on LinkedIn, stating he hopes Bench’s story “goes on to become a warning for VCs.”

The sudden shutdown has left a significant void in the online bookkeeping space and raised questions about what led to the company’s demise. Customers and employees alike are now left navigating the fallout as one of the sector’s most prominent names vanishes overnight.

This story is developing, and updates will be provided as new information becomes available.