The abrupt closure of Bench, a prominent Canadian accounting startup, has sent shockwaves through the business community. With its website offline and just a mere notice left for its customers, the sudden shutdown has left thousands of small and medium-sized businesses stranded without access to their critical financial information.
Here are the key points surrounding Bench’s closure and the aftermath:
- The notice posted on Bench’s website informed customers that as of December 27, 2024, the platform would cease to be accessible, leaving many unprepared for the disruption caused by the shutdown.
- Bench, which boasted a significant customer base of over 35,000 U.S. clients, had garnered $113 million in funding from notable investors like Shopify and Bain Capital Partners. Its software platform was designed to assist businesses in managing and storing their accounting and tax-related documents efficiently.
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The closure caught many customers off guard, with some, like Justin Metros, expressing their astonishment at the sudden turn of events. Metros, a co-founder and CTO of Radiatorsaid, discovered that years’ worth of his company’s vital financial documents were still housed on the now-inaccessible Bench platform.
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For affected customers, Bench recommended filing a six-month extension with the IRS to mitigate the impact of the closure and advised them to download their data by December 30, offering an extended deadline until March 2025 for retrieval.
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In light of Bench’s closure, customers were directed to Kick, a new accounting startup that recently secured $9 million in seed funding. Kick’s CEO, Conrad Wadowski, reached out to former Bench users, assuring them that Kick was dedicated to helping them regain control of their financial information.
Despite the unanswered questions and lack of response from Bench and Wadowski regarding their business relationship, this unexpected turn of events serves as a cautionary tale for both investors and entrepreneurs alike.
As Bench’s legacy comes to a sudden close, it signifies the importance of business continuity and preparedness in an ever-evolving market. Regardless of the circumstances, the resilience of businesses like Radiatorsaid and the innovative spirit of startups like Kick exemplify the spirit of perseverance in the face of unexpected challenges.
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