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Bench accounting services shutting down

bench.co

211–220 of 399 posts

Re: Bench accounting services shutting down

#211

Earlier quoted context omitted.

They had that cert for the last ~3 years and were audited yearly and had a standard package to share with clients so doubt there's much to this rumor

Nope, just confirmed, they refused to share SOC2 Report with their paying customers.

Can someone explain why potential customers would put up with this?

I'd think that the last thing a company wants to do is hire an bookkeeping company that seems shady.

Re: Bench accounting services shutting down

#212

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…

Please do not name individual workers, they were likely unaware and no longer work there.

Shaming companies is fine, shaming individual workers is not; usually they are powerless, likely here too.

Re: Bench accounting services shutting down

#213
post #29

If you’re a tech startup and previously used Bench, I’d strongly encourage you to check out Pilot.com - we work with literally thousands of startups. (Disclaimer: I’m one of the founders.)

Happy pilot customer at both my startups (gyroscope & bit.io), and will be using them again for my third.

Re: Bench accounting services shutting down

#215
post #4

What are the best alternatives?

[flagged]

Collective formally responded on LinkedIn with:

We're sorry to hear about Bench shutting down, particularly coming into tax season.

As a company that specializes in solopreneur finance (formation, accounting, tax and payroll) we know that this time of year is stressful as is. If Collective can support or help you and your business in any way, please reach out at http://collective.com, join one of our Q+A sessions, or reach out to me at hooman@collective.com.

If we're a good fit for your business, use the code HERETOHELP to get a discount off of your membership.

We have years of experience working with former Bench customers and our team is working through the weekend to help any small businesses who need urgent help. We're here to support you.

If you're an employee that was impacted, we also have lots of job openings at www.collective.com/careers.

https://www.linkedin.com/posts/hooman_financial-solutions-re...

Re: Bench accounting services shutting down

#216
hmmm another "unicorn" from vancouver that bites the dust, i remember one with an owl as mascot logo can't recall what they did or their names but many ppl from vancouver mentioned it while ago.

I wonder why that place can't compete with American cities, i think even Toronto /Montreal is more successful than Vancouver.

for one the low salary must be demoralizing on top of being one of the most expensive cities in the world.

have there been notable canadian startup unicorn that turned IPO or major acquisition (100x ROI and up?) other than Shopify?

seems like nobody can really compete with America when it comes to creating IPOs and billionaires.

Re: Bench accounting services shutting down

#217
post #43

Bench was a terrible service in my experience. I used it for one of my startups a few years ago. I personally invested a lot into said start-up. I checked my books and everything seemed ok. Eventually I found that they had hidden my Gusto payroll line items from view and they were no longer taken into consideration in my books. This led to a $300k shortfall from where I thought I was vs reality. Their team just shrug…

[flagged]

"Please respond to the strongest plausible interpretation of what someone says, not a weaker one that's easier to criticize. Assume good faith."

https://news.ycombinator.com/newsguidelines.html

Re: Bench accounting services shutting down

#218
post #45

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

Wait a minute, they pushed you into an annual contract? And now that they aren't going to perform their end of the contract? This is fascinating. That smells like actual fraud on their part.

I’m sure all of this will be played out in spectacular fashion in the courts of British Columbia in the coming months. Directors in BC are liable for unpaid wages to employees. No doubt they pulled the rug just in time to ensure people got their statutory severance. But beyond that, anyone hoping for more will have to get in a long line behind secured creditors. Man this sucks.

Re: Bench accounting services shutting down

#219
post #154

Off topic, but what is going on with the comments in this discussion? Seems like a ton of new accounts, and strange behavior like commenting gibberish or exact same comment text within minutes of each other, for example: strattonoak 39 minutes ago | prev | next [–] The no access to data smells like a ransomware event. Why is data not available to export out and everything is taken down and not accessible? Seems like…

My guess is that this page is ranking very high for the kind of search anyone would use for finding out more about the closure. So disgruntled customers are finding the page and complain, competitors are finding the page to use for lead generation.

Yes, this seems to be what happened.

(But the specific accounts mentioned by the GP were a bit of a special case.)

Re: Bench accounting services shutting down

#220
I'm sorry for all those affected by the Bench Accounting shutdown. If any of you are solopreneurs, feel free to reach out to my friend Nate at Cookie Finance. They are a highly trusted accounting platform (US based) that provides full-service accounting/tax. Nate also shared with me that they’ve already worked with a lot of former Bench clients.

His contact info is below.

Nate Coughran info@cookiefinance.co

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