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Bench accounting services shutting down

bench.co

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Re: Bench accounting services shutting down

#321

Post by beepbopboopp »

aimazon wrote: post #9

The company is over a decade old and was not cheap to use, I don't think they could have suddenly run out of money as customers typically pay upfront and are in long term contracts. Could it be staffing issues? Corporate misbehavior? Data loss? Ransomware? Has a member of their team gone rogue? Misappropriation of funds? We were bench customers until a few months ago, paying thousands of dollars per year for what cou…

Im betting secured debt was called. Given the "instant" nature, it likely means a debt covenant was broken, that is one of the few things that can shut a company down in 24 hours.

Doubley so if the business isnt really profitable.

Re: Bench accounting services shutting down

#322

Post by Kwpolska »

ottoaj wrote: post #164

my wife's company was literally talking to bench support few days ago for her last year LLC & personal taxes that they have been delaying for months. this new is crazy. Anyone looking help with only LLC & personal takes then just email me here and we'll help you out: vip@joinotto.com

So you run a bookkeeping company, yet your wife is using a competitor?

Re: Bench accounting services shutting down

#324

Post by Kwpolska »

This thread is full of accounting service founders promoting their product, often with a discount for Bench refugees. Why are there so many of those accounting startups and how do they manage to survive in such a crowded market? Or are they also going to do a last-minute shutdown when the VC money runs out?

Re: Bench accounting services shutting down

#325

Post by [deleted] »

Kwpolska wrote: post #324

This thread is full of accounting service founders promoting their product, often with a discount for Bench refugees. Why are there so many of those accounting startups and how do they manage to survive in such a crowded market? Or are they also going to do a last-minute shutdown when the VC money runs out?

[deleted]

Re: Bench accounting services shutting down

#326

Post by theanonymousone »

I don't know much about accounting, but isn't shutting down an accounting service three days before the end of the year a huge slap in the face if the clients of the service, maybe even fraudulent?

And if it is, is it really normal in this sector and "part of the deal" of working with startups?

Re: Bench accounting services shutting down

#327

Post by that_guy_iain »

Kwpolska wrote: post #324

This thread is full of accounting service founders promoting their product, often with a discount for Bench refugees. Why are there so many of those accounting startups and how do they manage to survive in such a crowded market? Or are they also going to do a last-minute shutdown when the VC money runs out?

The reason there are so many is that every company needs an accounting service. You don't need to dominate the market to have a profitable service.

Re: Bench accounting services shutting down

#328

Post by theanonymousone »

beepbopboopp wrote: post #321
aimazon wrote: post #9

The company is over a decade old and was not cheap to use, I don't think they could have suddenly run out of money as customers typically pay upfront and are in long term contracts. Could it be staffing issues? Corporate misbehavior? Data loss? Ransomware? Has a member of their team gone rogue? Misappropriation of funds? We were bench customers until a few months ago, paying thousands of dollars per year for what cou…

Im betting secured debt was called. Given the "instant" nature, it likely means a debt covenant was broken, that is one of the few things that can shut a company down in 24 hours. Doubley so if the business isnt really profitable.

Sorry but is there some source about this for a lame person?
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