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while I can imagine the frustration, I'm not sure this is a post you want attached to your name if you have to get into a legal battle with them.
Bench accounting services shutting down
281–290 of 399 posts
Re: Bench accounting services shutting down
#282Re: Bench accounting services shutting down
#283FYI: "You will have until Friday, March 7th at 5:00pm ET to download your Bench data from this website."
Additionally, they took down all of their accounting articles without notice. They had valuable summaries on various tax topics. Thankfully, Wayback Machine has archives of my bookmarks. All the more reason to self-host your own archived versions of bookmarks...
is there an easy solution for this? I recently found myself looking through old bookmarks from a long previous project and only about 1/3 worked and it made me sad.
Re: Bench accounting services shutting down
#284Tossing another hat in the game.
https://treewalk.com/bench-accounting-conversion/
Accounting firm run by an entrepreneur that specializes in small to medium size businesses.
Offering free migration/onboarding for the first 100 clients who join them from Bench.
Re: Bench accounting services shutting down
#285I 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…
Thanks Luc for the response, I have emailed Capchase support and they asked me to talk to bench.co I wasn't trying to publicly name you to shame you, but was looking for help in case someone knew where to point me. Hindsight I can see, should have probably left that out. The public page on Bench.co didn't have any contact or way to talk to anyone so I used the only contact I had. I do wish you the best in your next endeavors.
Re: Bench accounting services shutting down
#286Re: Bench accounting services shutting down
#287Earlier quoted context omitted.
Quick note that cash vs accrual basis accounting is orthogonal to whether the balances are correct or not. IANAA but afaik GAAP does not preclude cash basis accounting, provided the conditions where cash accounting is permitted pertain.
you’re right, although cash basis would only fly under GAAP if you earn revenue at the time of cash receipt. In other words, anyone collecting money for services not immediately rendered (any subscription service) should be accrual
I don't think cash basis precludes having a liability on the books for un-delivered services. It just means you recognize the revenue when the payment is received. Lots of small companies use cash basis because it's simpler and easier to understand. IANAA.
Re: Bench accounting services shutting down
#288Re: Bench accounting services shutting down
#289Bench just forced me to switch to an annual contract a few days ago too. What a bunch of crooks.
They also hired at least 20 people in the last 30 days according to LinkedIn