This article reports on the story of Bench, a Canadian accounting and bookkeeping service that suddenly shut down its operations in December 2022, leaving thousands of clients without access to their financial records. The company’s employees were abruptly let go, with some being offered only temporary contracts.
The shutdown was attributed to financial difficulties, which were reportedly exacerbated by high operating costs and intense competition in the accounting industry. Bench’s struggles had been ongoing for several months prior to its closure, with multiple rounds of layoffs and restructuring efforts failing to address the issues.
The article highlights the concerns surrounding the sudden change in ownership and the implications for customers who may not be able to access their financial records or receive the same level of service from the new owner, Employer.com. While Employer.com has stated that it will honor customer contracts and fully service their accounts, there are still uncertainties surrounding Bench’s sustainability and whether customers will have access to the same quality of service.
Key points:
- Bench suddenly shut down its operations in December 2022, leaving thousands of clients without access to their financial records.
- The company’s employees were abruptly let go, with some being offered only temporary contracts.
- The shutdown was attributed to financial difficulties, which were reportedly exacerbated by high operating costs and intense competition in the accounting industry.
- Employer.com acquired Bench in a last-minute fire sale, but there are concerns about whether customers will have access to the same quality of service.
- Uncertainties remain around Bench’s sustainability, given its last-minute fire sale.
The article raises questions about the accountability of companies that acquire struggling businesses and the impact on employees and customers who are affected by such transactions. It also highlights the need for greater transparency and regulation in the accounting industry to protect consumers from similar situations in the future.
