We at AccuMetrics understand the angst and panic companies are experiencing with the chaos of the Bench sudden shutdown. Nothing can be more distracting to an owner or CEO than having no, limited, or uncertain access to financial information. There are significant lessons to be learned from the impacts of this unanticipated FinTech customer abandonment. We also define steps for your business to avoid being caught up in a situation like this.
The Unanticipated Situation
With no prior notice, on Friday, December 27, Bench, a FinTech online bookkeeping and tax accounting firm, suddenly shut down, laying off its more than 600 employees. Bench reported that it had amassed more than $100M in funding since launching in 2013. In an apparent conflict over strategy, Bench’s start-up CEO was replaced in January 2022; the replacement CEO stepped down in November 2024. With somewhere between 12,000 and 35,000 American, small business clients, many of those customers made advance payments for 12 months into 2025 or were onboarding during Bench’s unexpected shut down.
Services offered at Bench included annual or monthly plans for bookkeeping on a modified cash basis, with no accrual basis available to customers, as well as income tax filing. The only financial software used was proprietary; however, Bench promised that customer data would be available on the platform “forever” after a contract was terminated, or it could be exported into Microsoft® Excel spreadsheets. However, customers were locked out of their accounts after Bench shut down, disrupting their access to essential financial information, introducing chaos into the 2025 tax season.
The Acquisition
On Monday, December 30, Employer.com announced it had acquired Bench, and “many,” but not all Bench employees are being recalled, with the goal being to provide continuity for Bench customers. As a human resources focused company, Employer.com, a new company as of one month ago, offers workforce management software for services such as recruiting, onboarding, and payroll services, with no apparent previous experience with accounting or tax filing services.
Lessons Learned
Above all, business owners should evaluate outsourced accounting/bookkeeping service companies regarding whether they operate with (1) the expertise required to deliver on their services, (2) integrity and transparency, and (3) advocacy for their customers.
On those bases, any company shutdown, divestiture, or acquisition requires longer-term planning that takes into consideration the timing of a transition and mitigates potential impacts to customers. Factors that can minimize or eliminate potential negative impacts include:
- Establishing strong, professional relationships based on trust.
- Ensuring transparency regarding operations, pricing, and contracts.
- Putting the customer first by creating tailored solutions from expertise with proven financial management methods and strategies
- Using “best in class” software systems, known for their transparency, which enable continuous customer access to financial information. While there is a place for new technologies, the priority for your business is its financial health and survival. Developing proprietary software is best left to experts in finance and software development and larger companies with resources dedicated to technology development.
- Defining clear contractual terms, such as the inclusion of termination clauses (e.g. 30-day notice to terminate) and refund eligibility and processing.
- Providing more than only modified cash basis accounting that works for some, but not all customers. Do you know which accounting method your business needs?
How to Protect Your Business From A Bench Situation
Here’s what to look for in a company that advises your business that maintains the integrity and availability of your financial information:
- Advice on what your business really needs, including the best accounting method (i.e. cash vs. accrual accounting), software system, and processes that have controls over assets and superior customer experience.
- Transparency, where you always have access and can take control of your data at anytime, anywhere.
- Best in class, proven systems that are “agnostic,” in other words not proprietary.
- Long-term, vetted experience with the services offered.
- Qualified staff at all levels: CFOs, CPAs, accountants, and analysts.
- Fast response times that resolve problems quickly.
- References.
- Evidence of data security.
- Quality control oversight of work performance.
- Established ethics policies.
AccuMetrics Has Been A Trusted Financial Firm For Over 20 Years
AccuMetrics is a trusted resource, with a 20-year track record of helping CEOs grow their business, maximizing profitability and cash flow to increase entity value. Its BluePrint Assessment analysis provides key guidance on the systems and processes necessary to take your business forward.
AccuMetrics founder Jody Ruth, CPA & NACD.DC, explained: “As a CPA, I founded AccuMetrics on the premise that our clients come first. We believe in transparency and make sure our owners have access and ownership of systems and data. We have proven time and again that we can help our clients pivot successfully when the unexpected happens (remember COVID!). We are ready to help these businesses pivot into a successful path forward.”
Draft Quote: At AccuMetrics, our philosophy is that the foundation for true prosperity is a steady, trusted commitment to building value in an environment of transparency.
About AccuMetrics
AccuMetrics and its predecessor company were founded over 20 years ago on the premise that small and middle market businesses should have expert financial operations resources on an outsourced basis. Deploying its team of accountants, analysists, and data scientists, AccuMetrics serves US based clients, including those with international operations. Offering industry-leading system solutions, along with efficiency tools utilizing AI and machine learning, AccuMetrics utilizes one of the most sophisticated modeling solutions available for cash flow forecasting and building business plans.
Focusing on tech/telecom/SaaS companies and professional service firms in the ad agency or creative agency sectors, AccuMetrics expertise and comprehensive services bring outsourced finance operations solutions tailored for well-funded start-ups through middle-market companies with revenues up to $ 500M.
Drive Financial Success with Tailored, Expert Solutions
Discover the AccuMetrics difference that will take you from where you are today to accomplishing your biggest goals:
- Strategic Planning – Fractional CFO, risk management, M&A, debt funding
- Accounting and Bookkeeping – Controller, monthly close and reporting, systems implementation, transaction processing, payroll
- Financial Planning & Analysis – operating and financial metrics, customer lifetime value, cash flow management, business plans