Vancouver-based bookkeeping service Bench Accounting has announced its sudden closure, potentially putting hundreds of staff out of work.
The company, once billed as North America’s largest small-business bookkeeping service, posted a “notice of closure” on Friday stating the platform is “no longer accessible.”
Bench acknowledges the closure is “abrupt and may cause disruption” and pledges to help customers “navigate through the transition.”
The firm previously said it had over 600 employees and investor funding of $113 million. It relocated to Vancouver in 2013 and rebranded as Bench, having started in 2012 as 10sheet Inc. in the United States. Calls to Bench’s Vancouver office went unanswered.
According to the website, customers will learn how to retrieve their data by Dec. 30, which will remain available until March 7. Bench recommends clients file for a tax extension if needed.
Former CEO and co-founder Ian Crosby, removed by the board three years ago, expressed sadness on social media.
“I hope the story of Bench becomes a warning for VCs that think they can ‘upgrade’ a company by replacing the founder. It never works,” he wrote.
Crosby, a University of British Columbia Sauder School of Business alumnus, said he had been silent since his exit but felt compelled to speak publicly now. He alleged conflicts with board members in 2021 over a “very bad idea” and resigned rather than continue fighting.
Kaz Nejatian, chief operating officer of Shopify, a Bench investor, supported Crosby, saying, “Bad investors destroyed a great Canadian company by replacing the founder with so-called professionals.”
The abrupt announcement blindsided many employees, who learned of the shutdown via internal memos, according to two former staffers who spoke on condition of anonymity. Neither Bench nor its parent backers have publicly clarified whether severance packages will be offered.
Analysts say the surprise closure will prompt existing clients to scramble.
