Bench Accounting Closes its Doors

According to an article in the Globe and Mail on December 27th, 2024:
“Bench Accounting, a Vancouver-based bookkeeping company, ceased operations Friday, potentially putting hundreds out of work and leaving customers scrambling for alternatives.”

So what was Bench?
According to former CEO Jean-Philippe Durrios:
“Bench is the world’s largest bookkeeping and tax advisory platform. Our mission: to help every business owner thrive, by providing financial insight and peace of mind in one seamless platform.”

And how did it manage to squander $138 million in private equity?
The description by the former CEO may contain some clues as to why it failed.
It started life in about 2012 as 10Sheet an online service – with “human bookkeepers that oversaw the happenings within their system”.
In July of 2013 it rebranded as Bench, “with more of a focus on human interaction”.

So – was it a bookkeeping platform or a tax advisory service?
And was it based in Canada, or the US?
Why did they pretend to be “the largest bookkeeping service for small businesses in America”?
What about H&R Block, Inc – which is probably 6 times as large?

Bench Accounting Closes its Doors –

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Launch – June 16th, 2023

The MAIN STREET JOURNAL was launched online in 2023, as a kind of Canadian, small business counterpoint to the venerable WALL STREET JOURNAL (WSJ), established in New York City in 1889.

Canada’s small businesses are smaller than most people think.

This is true for people that work in small businesses, for policymakers, business schools, and the business press. The self-employed and other small business owners don’t ‘get no respect’ and yet about 73% of private sector employment in Canada is made up of the 2.85 million self-employed individuals, and 1.3 million small employer businesses which average less than 7 employees.

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