Vancouver-based Bench Accounting, North America’s largest bookkeeping service for small businesses, has abruptly ceased operations, laying off approximately 450 employees in a sudden move that has left customers and workers in shock.
The company announced its closure through a “Notice of Service Closure” on its website.
“We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible,” the statement read. Bench thanked clients for their 13 years of support, describing it as “an absolute privilege” to serve small businesses.
The announcement has left thousands of small business customers scrambling for alternatives during the critical tax season. Adding to the confusion, Bench’s social media accounts were reportedly shut down overnight, and the company’s notice provided no immediate details on the layoffs.
However, LinkedIn posts from former employees confirm the layoffs impacted around 450 staff members. Many of these employees, known internally as “Benchmates,” have shared their experiences and extended support to their colleagues now seeking new opportunities.
The closure is particularly startling given Bench’s impressive growth trajectory. Founded in 2012 by Ian Crosby, the company served over 11,000 small business owners across the U.S., scaled to over 650 employees by 2021, and secured more than USD $100 million in funding from investors, including Shopify.
Former CEO Ian Crosby commented on the closure via LinkedIn, hinting at broader issues in the venture capital landscape, stating he hopes Bench’s story “becomes a warning for VCs.”