Fintech Firm Bench Accounting Acquired By Employer.com After Abrupt Shutdown

Just days after the sudden announcement of its closure, Vancouver-based Bench Accounting announced on Monday that it has been acquired by San Francisco-based Employer.com. The acquisition ensures continuity for Bench’s customers, marking a dramatic shift from Friday’s shocking news of its immediate shutdown.

Bench’s homepage now displays a message assuring users that their service will continue without interruption under the new ownership. According to a report by TechCrunch, customers will have the option to transfer their data or maintain their service through Employer.com.

Employer.com, which primarily focuses on workforce management software for payroll, compliance, and related services, did not previously offer accounting solutions.

Employer.com’s chief marketing officer Matt Charney told TechCrunch the company will revive Bench’s platform and provide instructions for customers to login and obtain their data.

Bench, founded in 2012, positioned itself as North America’s largest bookkeeping service for small businesses. Using a mix of proprietary technology and human expertise, the company catered to thousands of small businesses, simplifying their bookkeeping processes. Bench raised over $100 million in funding, including a $60 million round in 2021, and employed more than 650 people at its peak.

The abrupt announcement on Friday that Bench was closing sparked widespread concern among its customers and employees. The timing, just days before the year-end, left thousands of small businesses scrambling to secure bookkeeping services during a critical financial reporting period.

Adding to the confusion, Bench suggested on Friday that customers migrate to Kick, another accounting software provider, which offered exclusive deals to assist Bench users, according to GeekWire. However, the Monday announcement of the Employer.com acquisition changes the narrative, with Bench now emphasizing continuity of service through its existing platform.

Following the closure announcement, employees took to LinkedIn to share that they had been laid off. On Monday, TechCrunch reported that Bench is calling employees back to work to ensure a seamless transition under the new ownership.

Jean-Philippe Durrios, who had served as Bench’s CEO since 2022, stepped down from his role in November, according to his LinkedIn profile. Bench’s co-founder and former CEO, Ian Crosby, left the company in 2021, citing strategic disagreements with the board in a LinkedIn post shared last week.

The acquisition aligns with Employer.com’s recent efforts to expand its offerings.

Jesse Tinsley, a Bay Area entrepreneur who also oversees Recruiter.com and BountyJobs, recently acquired the Employer.com domain, according to GeekWire.

For Bench customers navigating the fallout, here are four steps to ensure a smooth transition:

1. Stay Updated on Communications. Monitor your email and the Bench website for updates on how to proceed with accessing your data and continuing your service under Employer.com.
2. Evaluate Service Options. While Bench assures seamless service under Employer.com, it’s a good time to review your business’s bookkeeping needs. Compare other service providers like Kick to ensure you’re getting the best fit for your operations.
3. Download and Secure Financial Records. As part of any transition, make it a priority to back up all your financial data. This ensures you retain access and control, regardless of platform changes.
4. Consult with Financial Professionals. Discuss the situation with your accountant or financial advisor. They can provide guidance on navigating potential disruptions and recommend best practices to avoid any issues during tax season.