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Bench accounting services shutting down

bench.co

201–210 of 399 posts

Re: Bench accounting services shutting down

#201

Earlier quoted context omitted.

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.

For others reading along, one huge difference is that bookkeeping tends to be vastly cheaper per hour. It would get very expensive to pay a CPA to transcribe your credit card statement into Quickbooks (or previously Bench, or whatever else you're using for your ledgers).

Bookkeeping is sufficiently complex that I'd personally rather pay someone to do a good job of than muddle through on my own, but it's not rocket science. Perhaps most importantly, they understand accounting jargon. When my CPA asks me to send over the Fnord-Smootson report, and that's not the exact name of a report in my bookkeeping software, I have no freaking idea how to get that to him. A competent bookkeeper asks whether he needs that report frobnicated by date or by time-value and they work out the details.

A good CPA makes rocket science look easy. You typically pay them crazy amounts per hour, but for only a few hours a year. They take those bookkeeping journals and explain your situation to the IRS in a way favorable to your interests.

You want a good bookkeeper and you want a good CPA. If you can get both of those under the same roof, freaking awesome! Your life just got easier and more profitable.

Re: Bench accounting services shutting down

#202
Come to factsfinancegroup.com

Real people.

Won't bore you with technical talk, your books will simply be done. You will be tax ready and tax efficient.

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We simply want 100 clients.

We'll focus on 100 of you and continue to the moon together.

Re: Bench accounting services shutting down

#203
post #186

Hey everybody -- I'm the founder and CEO of Afino. We offer all of the same services as Bench and ready to help any founder affected by this sudden shutdown. Check out our services on our site (www.afino.ai) and book a priority meeting to talk to me and my team ( https://app.reclaim.ai/m/afino/priority-intro )

Awesome. Since you're here, could you share pricing? I know it may vary, but since you are offering to bring on Bench customers perhaps you could share pricing for similar service as Bench's offerings?

You're right that it varies a lot but we're priced competitively with all of our peers. I haven't seen a quote that we can't beat. We're playing a long game here and aren't going to lose a good customer on price.

Bookkeeping starts at $500/mo, Fed + State Taxes at $2,400. We do a long list of FP&A and fractional CFO services as needed. We get our prospects a detailed quote from just a 30-min call.

Re: Bench accounting services shutting down

#204
post #165

Earlier quoted context omitted.

> I was just sold bench.co [...] made me sign a payment agreement with Capchase. The agreement states that I still owe Capchase the full amount for a year, even if Bench.co shuts down... I might ask a lawyer if that looks like fraud. (And then wouldn't be surprised if the lawyer can quickly make it like the sale never happened, other than your time wasted, and the lawyer fees.) Or maybe ask your state AG's office if…

Do account execs get a heads up about a shutdown? If not, maybe there wasn't a good reason to mention the account exec by name here.

Agreed. Also, even if they did get a heads up, hn is not the place to resolve this kind of dispute. Emailing them, or a lawyer sounds more productive.

Shaming companies publicly is fine; shaming individual workers and posting personal data is bad taste to say the least.

Re: Bench accounting services shutting down

#205
post #45

Bench just forced me to switch to an annual contract a few days ago too. What a bunch of crooks.

I'd be shocked if you didn't get reimbursed. But if you don't, let me know and Afino might be able to mitigate a portion of your losses with a friendly discount. That just ain't right.

Re: Bench accounting services shutting down

#206

Earlier quoted context omitted.

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 offe…

Good point! I like what I see so far in Kick. It's just given the level of pain Bench has just caused me, my businesses, and a couple very unlucky employees in my office + the financial cost = I have to make super duper sure Kick is not related to/involved with Bench in any way shape or form.

If they asked Kick to be listed as an alternative in the closure email or asked them to do a discount nbd I have no issue there. I just want the full story given Bench events.

Re: Bench accounting services shutting down

#207

I was just sold bench.co for my three businesses and the sales person Luc Lewarne made me sign a payment agreement with Capchase. The agreement states that I still owe Capchase the full amount for a year, even if Bench.co shuts down... Does anyone have any contacts or experience with Capchase? I never even started my service, which was supposed to begin January 1st, 2025 and now I will have to pay out 12 months to Ca…

> I was just sold bench.co for my three businesses and the sales person Luc Lewarne made me sign a payment agreement with Capchase.

I'm sorry for the troubles you had, but is it really fair to say the salesman made you sign an agreement?

Re: Bench accounting services shutting down

#208

I was just sold bench.co for my three businesses and the sales person Luc Lewarne made me sign a payment agreement with Capchase. The agreement states that I still owe Capchase the full amount for a year, even if Bench.co shuts down... Does anyone have any contacts or experience with Capchase? I never even started my service, which was supposed to begin January 1st, 2025 and now I will have to pay out 12 months to Ca…

Solidgiant, this is Luc Lewarne. I assure you that I am just as shocked as you are. I woke up today, along with my colleagues, to an email telling us that Bench was insolvent, and that all operations and employment would cease effective immediately. I know what it is like to be mislead in a buying process - it feels terrible. I want to let you know, person to person, that I had no bad intentions or knowledge of Bench’s future when I sold you our services. As for Capchase, I’m pretty sure they haven’t processed a payment from you yet, which means they haven’t sent us any funds. If you contact them, you should be able to get out of it.

Re: Bench accounting services shutting down

#210

Earlier quoted context omitted.

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.

For others reading along, one huge difference is that bookkeeping tends to be vastly cheaper per hour. It would get very expensive to pay a CPA to transcribe your credit card statement into Quickbooks (or previously Bench, or whatever else you're using for your ledgers). Bookkeeping is sufficiently complex that I'd personally rather pay someone to do a good job of than muddle through on my own, but it's not rocket sc…

Absolutely. I am actually not familiar with Bench, so I'm just talking in general, but I've never heard accounts of good experiences with highly parallel XaaS. Your f&a operation sort of necessarily needs to be close to your operation. It's tough to farm it out. There's a big continuity story in your books.
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