Bench is a financial technology company that automated bookkeeping for small businesses. They combine user-friendly software with a team of professional bookkeepers to manage your finances. This subscription service provides cloud-based access to your financial data and reports. Bench had raised $53 million in funding and employs approximately 650 people at its Vancouver headquarters.
It was decidedly different from other services. It was exceptionally turnkey that was largely quite good at what it did and was very helpful for the distracted business owners out there. It had critics though. When Bench did make a mistake it was often described in catastrophic terms. But it had incredibly competitive pricing, making it quite attractive.
Just a few weeks ago Bench Accounting sent an ominous email telling customers they had 48 hours to agree to pay 50 percent more for their service. They had virtually no communication with customers before this email was sent. If you didn’t agree to the increase, you would be subject to a 75 percent increase a couple of weeks later, it said in an ominous email. You had to buy an annual subscription too (paid in monthly installments). This was unusual in a time when businesses and individuals have considerable purchasing freedom. Many felt it resembled a “shakedown.” It felt unacceptable in the largely customer-driven times we are living in.
Bench wrote: “Important: If you do not reply to this email, your subscription will automatically be updated to an annual package, paid monthly at $349/mo, effective from your January billing date.
“Key changes to your subscription: By continuing with Bench, you agree to a 12-month subscription that is non-refundable and will automatically renew each year. If you wish to cancel your subscription, you must provide 60 days advance written notice before the renewal date, with cancellations effective only on the renewal date. You will continue to be bound by Bench‘s Terms of Service throughout your subscription.”
Not exactly the kind of customer messaging that we have all grown to expect.
It appears that troubling email marked the beginning of the end for Bench. Today, December 27, Bench sent the following email to its customers:
“We regret to inform you that we will be shutting down Bench services. Effective immediately, the Bench platform will no longer be accessible.
“We understand this news may come as a surprise and are committed to helping you navigate this transition in the days to come. For now, please note that your Bench records will be made available for your business use in the future. As of Monday, December 30th, 2024 you will be able to retrieve your records at data.bench.co using your Bench login credentials. This portal will be available for 10 weeks until Friday, March 7th, 2025 at 5pm EST.
“For continued support with your bookkeeping, we recommend exploring Kick, a modern accounting software, which has created an exclusive offer to handle your ongoing needs: kick.co/bench.
“From the entire team at Bench, it has been a privilege to serve you and businesses like yours for the last 13 years. Thank you for being part of our journey. We wish you continued success in the years ahead.
“Bench is a financial technology company that automates bookkeeping for small businesses. They combine user-friendly software with a team of professional bookkeepers to manage your finances. This subscription service provides cloud-based access to your financial data and reports. Bench has raised $53 million in funding and employs approximately 650 people at its Vancouver headquarters.”
The information on Kick.co is very light at this time. It does appear to be significantly cheaper than Bench.co. PriceofBusiness.com will provide more information about Kick as it becomes available.
There is no ads to display, Please add some
