Bench’s Sudden Shutdown: What It Means for Business Owners

In an unexpected announcement, Bench, a prominent Canadian accounting startup, has ceased operations effective immediately.

The company, known for its software-as-a-service (SaaS) solutions catering to small and medium-sized businesses, left customers reeling with the message posted on its website: “We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible. We know this news is abrupt and may cause disruption, so we’re committed to helping Bench customers navigate through the transition.”

Thousands of Businesses Affected by the Shutdown

Just hours before the announcement, Bench’s website claimed over 35,000 U.S. customers, according to an Internet Archive snapshot. Now, only a shutdown notice remains on the site, leaving users frustrated and uncertain about the future.

Lessons Learned for Small Businesses

Bench’s sudden shutdown underscores the risks businesses face when relying on third-party platforms for essential operations such as accounting and tax management. While SaaS platforms offer significant convenience, this incident highlights the importance of:

1. Regular Data Backups: Ensure financial records are stored securely and independently of any single platform. Not doing so can open your organization to legal and reputational damage.
2. Contingency Plans: Have alternative solutions in place to mitigate potential service disruptions.
3. Due Diligence: Evaluate the stability and transparency of service providers before entrusting them with critical business functions.

Let OptfinITy Keep Your Organization Running

While OptfinITy cannot stop a vendor from going out of business, OptfinITy will help counsel our clients on ways to make sure they are properly backed up.  For a free no obligation consultation, please contact us at 703-790-0400 or sales@optfinity.com.