Bench Accounting Startup’s Wild Fall and Last-Minute Revival Detailed

The article discusses the story of Bench, a Canadian accounting firm that was acquired by Employer.com after it suddenly shut down its operations and laid off all of its employees. Here are the key points from the article:

Background: Bench was a successful accounting firm founded in 2014, known for its cloud-based accounting services and innovative approach to bookkeeping.

Sudden Shutdown: On December 27, 2022, Bench shut down its operations without warning, laying off all of its employees and leaving its customers without access to their accounts.

Acquisition by Employer.com: Just a few days later, on January 1, 2023, Employer.com, a payroll and recruitment platform, acquired Benchmark for an undisclosed sum. The acquisition was announced in a tweet by Tinsley, the CEO of Employer.com.

Promises to Revive Bench: Employer.com has promised to revive Bench and honor its customer contracts. The company has re-extended job offers to many former Bench staff and is working to restore access to customers’ accounts.

Uncertainties Remain: Despite these promises, there are still concerns about the sustainability of Benchmark and whether it will be able to provide the same level of service to its customers. The acquisition was completed in a matter of days, which is unusually fast for an acquisition, and Employer.com has no direct experience in accounting.

Concerns About Customer Service: Some former Bench employees have expressed concern that the sudden firing of all staff on December 27 may affect the quality of service provided to customers. While many staff are being hired back, at least some are being offered only 30-day contracts.

Overall, the article suggests that while Employer.com has made promises to revive Benchmark and honor customer contracts, there are still significant uncertainties surrounding the future of the company and its ability to provide high-quality service to its customers.