The recent news of the Bench Accounting shutdown has sent shockwaves through the small business community. As a leading provider of online bookkeeping services, Bench’s sudden closure leaves many business owners searching for answers and a reliable alternative. In this blog post, we’ll delve into the details of the Bench Accounting shutdown, discuss what it means for you, and outline the steps you can take to secure your financial data and transition to a new accounting solution ie Xero, QuickBooks Online, and more.
Who was Bench?
Bench, founded in 2012, quickly became a prominent player in the online bookkeeping space. Backed by over $100 million in venture capital and employing over 600 people, Bench positioned itself as North America’s largest bookkeeping service for small businesses. They offered a comprehensive suite of services, including historical and monthly bookkeeping, cash flow management, expense tracking, and financial reporting. Bench was particularly popular with e-commerce businesses due to its integrations with platforms like Shopify, Stripe, Square, and PayPal.
Why Did Bench Close?
While the exact reasons behind Bench’s sudden closure remain unclear, several factors likely contributed to their shutdown. Financial challenges, potentially including a called debt due to broken covenants, might have played a significant role. The timing of the closure, right before year-end, suggests a strategic decision to avoid year-end accounting obligations while giving customers some time before tax deadlines.
What This Means for You
If you were a Bench customer, you’re likely wondering what to do next. Bench has stated that customers will be informed on how to access their data by December 30th, with downloads available until March 7th. This data includes current and prior year-end financials, receipts, and bank statements, accessible using your Bench login credentials.
Don’t Just Download Your Data – Migrate!
While downloading your data is essential, it’s crucial to think beyond simply archiving this information. This is an opportunity to migrate to a new accounting solution that provides greater control, flexibility, and features tailored to your business needs.
MMC Convert Can Help
MMC Convert specializes in seamless accounting software transitions. We can help you migrate your Bench data to a variety of leading accounting platforms, including Xero, QuickBooks Online, and more. Our expert team ensures a smooth and accurate transfer of your financial data, minimizing disruption to your business.
Here’s how we can assist you:
- Data Extraction: We’ll securely extract your financial data from Bench before the March 7th deadline.
- Software Selection: We’ll help you choose the right accounting software for your specific needs.
- Data Conversion: We’ll convert your Bench data into a format compatible with your chosen software.
- Data Import: We’ll import your converted data into your new accounting system.
- Validation and Reconciliation: We’ll ensure the accuracy and completeness of your migrated data.
- Ongoing Support: We offer continued support to address any questions or concerns during and after the migration.
Take Control of Your Financial Future
The Bench Accounting shutdown, while unexpected, presents an opportunity to re-evaluate your accounting needs and choose a solution that empowers you to take control of your financial future. Don’t just download your data; migrate to a platform that offers greater flexibility, advanced features, and the support you need to thrive.
Conclusion
The Bench Accounting shutdown is a reminder of the importance of having a reliable and secure accounting solution. MMC Convert is here to help you navigate this transition and ensure your financial data remains safe and accessible. Contact us today to learn more about our migration services and how we can help you find the perfect accounting software for your business.
