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Bench accounting services shutting down

bench.co

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Re: Bench accounting services shutting down

#331

Post by mcenedella »

iwcrosby wrote: post #231
ttul wrote: post #224

Earlier quoted context omitted.

I advise caution in believing his statements to be true, particularly about Bench’s board and investors. The truth will live in their financial statements, which no doubt will be revealed in bankruptcy proceedings in the coming months.

Ian Crosby here. If you don't believe me, believe the CEO of Shopify who was an investor and partner: https://x.com/tobi/status/1872753436116332994

Ian, I emailed you a couple years ago when I felt Bench had become worse and worse for customers. I was sad to discover that you’d left and I felt the difference was definitely attributable to your departure. I switched providers shortly thereafter.

So, speaking as a former customer, the tragedy and timeline you mention pass the sniff test for me. So glad your next venture has been going well for you!

Re: Bench accounting services shutting down

#332

Post by Kwpolska »

that_guy_iain wrote: post #327
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.

Then how did Bench collapse? How many of those startups have enough customers to be profitable? How could I, as a business owner, decide based solely on their HN advertisements?

Re: Bench accounting services shutting down

#334

Post by that_guy_iain »

Kwpolska wrote: post #332
that_guy_iain wrote: post #327

Earlier quoted context omitted.

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.

Then how did Bench collapse? How many of those startups have enough customers to be profitable? How could I, as a business owner, decide based solely on their HN advertisements?

> Then how did Bench collapse?

We don't know. There have been many companies that collapsed while competitors grew and new competitors started out. Companies collapse for various reasons. One good explanation is that secure debt got called in and that was the end of them.

> How many of those startups have enough customers to be profitable?

Who knows. How many of the VC ran startups are running at a loss to grow but if they just cut back would be profitable?

> How could I, as a business owner, decide based solely on their HN advertisements?

Who knows. Sounds like a foolish thing to do.

Re: Bench accounting services shutting down

#336

Post by digitcatphd »

ezekg wrote: post #73
digitcatphd wrote: post #19

[flagged]

How can Claude file your taxes for you? And without hallucinations? Seems dangerous tbh

Not for filing. The hard part is understanding how to find exemptions, deductions, ect. It has already outperformed both my CPA and tax attorney and at this point I am using it to correct them before taking their advice.

Re: Bench accounting services shutting down

#337

Post by salomonk_mur »

Schiendelman wrote: post #248
ttul wrote: post #218

Earlier quoted context omitted.

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.

In a situation like this, someone with a contract not receiving consideration mere days after signing can probably just not pay. It would be very difficult for a company in the midst of shutting down to fight anyway.

Very likely paid in advance

Re: Bench accounting services shutting down

#338

Post by joshuahedlund »

coldtrait wrote: post #315
Tanoc wrote: post #313

Earlier quoted context omitted.

Nitter's been dead for about a year at this point. I'm pretty sure any Nitter instance still running is using some abstract method and not the actual Nitter system.

Yea I don't think there's an alternative after Elon made changes to Twitter's API

I don’t know how they do it but xcancel works pretty good

https://xcancel.com/ianwcrosby/status/1872724231999381790

Re: Bench accounting services shutting down

#339

Post by joshuahedlund »

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://xcancel.com/ianwcrosby/status/1872724231999381790

Re: Bench accounting services shutting down

#340

Post by adastra22 »

theanonymousone wrote: post #328
beepbopboopp wrote: post #321

Earlier quoted context omitted.

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?

"I'm betting"
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