Bench Shutdown: Canada-Based Fintech Firm Providing Accounting, SaaS Services Abruptly Shuts Down Its Operations, Puts Users in Difficult Situation

Vancouver, December 28: Bench, an accounting firm based in Canada, shut down its operations there via a notice of service closure. The firm provides software-as-a-service (SaaS) services and helps small businesses automate their bookkeeping and offer finances for the owners. The sudden shutdown of the accounting services has put the company's customers in a difficult situation.

Bench Accounting was founded in 2012 under a different name, "10sheet Inc", as a fintech company. The company offered its services through cloud-based software subscriptions. Before shutting down, Bench raised around USD 100 million in funding rounds and had around 650 employees in the headquarters in Vancouver, Canada. BSNL Layoffs: Government-Run Telecom Service Provider To Cut 18,000 to 19,000 Jobs To Improve Its Financial Balance, Proposes VRS 2.0.

Bench Notice of Service Closure

Bench shared an official "Notice of Service Closure" in which it wrote, "We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible." The fintech firm said it knew that the abrupt news might disrupt the Bench customers; however, it promised them they would navigate the transition.

The accounting and SaaS firm was pleased to serve small businesses for 13 years and posted, "Thank you for being part of our journey. The Bench Team". It also announced that on the Bench.co website would notify the customers about further information on accessing their Bench data. Barclays Layoffs: British Multinational Bank Fires 15 Wall Street Bankers Before Christmas 2024 Holidays Without Offering Bonuses, Affected File Lawsuit.

Bench recommended that customers use modern accounting software called "Kick" for their bookkeeping and other ongoing needs. With this message, the company assured support for its customers; however, quickly switching to new software may not be the ideal answer or choice due to the abrupt shutdown of the services. Some customers might be unable to access the data used for their bookkeeping. The company did not share any information about recovering lost data. The Bench shutdown was announced on the official website page.

(The above story first appeared on LatestLY on Dec 28, 2024 04:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).