Vancouver-based Bench Accounting, North America’s largest bookkeeping service for small businesses, has unexpectedly ceased operations, leaving customers and employees reeling. Approximately 450 staff members have been laid off, and the company’s platform was officially shut down on December 27, 2024.
Founded in Vancouver in 2012 by Ian Crosby, Bench grew into a major player in the bookkeeping industry, serving over 11,000 small business clients across the U.S. At its peak, the company employed more than 650 people and attracted over USD $100 million in funding from investors like Shopify.
Bench announced its closure through a statement on its website, thanking clients for 13 years of support but providing little clarity about the decision. The suddenness of the closure has caused confusion for small business customers, especially during the critical tax season, and left employees, affectionately called “Benchmates,” scrambling for new opportunities.
Former CEO Ian Crosby addressed the situation on LinkedIn, citing challenges in the venture capital ecosystem, and expressed hope that Bench’s fate serves as a cautionary tale for investors.
The abrupt end of this Vancouver success story has raised questions about the sustainability of rapid growth in the tech sector and left a void for thousands of small businesses seeking bookkeeping support.
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