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Bench accounting services shutting down

bench.co

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Re: Bench accounting services shutting down

#191

Post by kstrauser »

carloshdx wrote: post #25

Im based here in the US, and unfortunately i signed up yesterday after learning about the bookkeeping special...for a small business $1005 is alot...Square (my bank) basically said they cant do anything about it since i autho the payment...Any suggestions?

I'm not a lawyer, but I'd be filing a fraud complaint. They had to have known this yesterday but still sold you a service. At least, that's the argument I'd be making, and I doubt the Bench team will have the bandwidth to dispute complaints right now.

Re: Bench accounting services shutting down

#192

Post by kstrauser »

ibejoeb wrote: post #11
ezekg wrote: post #8

This is really frustrating. I'll admit their services have been going downhill dramatically (all my books Jan-Nov were still open as of last week and usually they would close subsequent month), but I still think shutting down right before the tax year ends is downright scummy. What are the alternatives that handle bookkeeping and tax filing? Maybe I should just get a local CPA...

Definitely a local CPA. Building that relationship will pay off, even if it's just peace of mind.

My local CPA had previously guided me to using Bench. "Accountant" and "bookkeeper" are separate disciplines. My accountant manages my tax filings and other complicated transactions. The bookkeeper makes sure all our ledgers balance out.

Re: Bench accounting services shutting down

#194

Post by ibejoeb »

kstrauser wrote: post #192
ibejoeb wrote: post #11

Earlier quoted context omitted.

Definitely a local CPA. Building that relationship will pay off, even if it's just peace of mind.

My local CPA had previously guided me to using Bench. "Accountant" and "bookkeeper" are separate disciplines. My accountant manages my tax filings and other complicated transactions. The bookkeeper makes sure all our ledgers balance out.

That's a fair assessment. I'd advise hiring a part-time bookkeeper if the transactions are sufficiently numerous or complicated to warrant it. The cpa can handle period closing concerns, trial balances, all that stuff. Many family-sized firms offer this as included, so there might not be much of a difference.

Re: Bench accounting services shutting down

#196

Post by yolo2122 »

conradwa wrote: post #166
yolo2122 wrote: post #148

Earlier quoted context omitted.

Is Kick owned by, affiliated with, or invested in by Bench in any way? Also are any of the C-Level execs from Bench involved in Kick in any way?

Kick is not affiliated with Bench in any way. We've onboarded a significant number of customers from Bench onto Kick before this happened, so this may have been why were were mentioned. We're working fast right now to try to provide resources and help Bench users migrate and will be sharing updates here: https://x.co/kickfinance

Thanks Conrad however in the interest of clarity + transparency can you add some insight/details into how/why this statement came about in both the shut down email customers got today + what is currently posted on the Bench.co page?

"For continued support with your bookkeeping, we recommend exploring Kick, a modern accounting software, which has created an exclusive offer to handle your ongoing needs: kick.co/bench."

Having an "exclusive offer" listed in the initial closure communication/announcement + you having a landing page ready to go sounds like there was more to Bench just happening to mention Kick because your company has "onboarded a significant number of customers from Bench onto Kick before this happened"...

Re: Bench accounting services shutting down

#198

Post by ocdtrekkie »

yolo2122 wrote: post #196
conradwa wrote: post #166

Earlier quoted context omitted.

Kick is not affiliated with Bench in any way. We've onboarded a significant number of customers from Bench onto Kick before this happened, so this may have been why were were mentioned. We're working fast right now to try to provide resources and help Bench users migrate and will be sharing updates here: https://x.co/kickfinance

Thanks Conrad however in the interest of clarity + transparency can you add some insight/details into how/why this statement came about in both the shut down email customers got today + what is currently posted on the Bench.co page? "For continued support with your bookkeeping, we recommend exploring Kick, a modern accounting software, which has created an exclusive offer to handle your ongoing needs: kick.co/bench."…

Hopefully you'll get an answer from Conrad, but the landing page does not mention the shutdown, so I would point out when I was comparison shopping something else recently, their website had dedicated pages to why you should choose them over each major competitor, and a switching discount is also not uncommon.

It's entirely possible this landing page is Kick's competitive offer, and Bench linked to it because it offers all the people they just screwed over by collapsing a discount.

Re: Bench accounting services shutting down

#199

Post by jakecarpenter »

Seems like my experience may not have been typical. I used Bench from 19-23 for a startup and always felt like I was getting great service. I agree that they were a bit expensive, but the financials passed external reviews and always made my investors happy.

It is a shame to see them closing down this way, awful timing and awful treatment of their customers. As a founder, you need to fully understand your financials, but you should have a pro managing the day-to-day and even month-to-month.

Re: Bench accounting services shutting down

#200

Post by tarr11 »

sumeno wrote: post #195
yolo2122 wrote: post #176

Founder/Former CEO Ian Crosby's post about the Bench closure: https://x.com/ianwcrosby/status/1872724231999381790

Is there a version readable for people without twitter accounts?

https://threadreaderapp.com/thread/1872724231999381790.html
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