Inside Bench, people believed that Brex was eyeing an acquisition price between $200 million and $300 million. But a suddenly emerging pandemic helped scuttle the deal talks at the time. This means you can streamline all your bookkeeping tasks with one reliable partner — saving you time, money, and headaches. This will allow for automatic synchronization between your bank accounts and your new bookkeeping platform. From there, select the date range for which you want to export your data and click on “Export.” This includes any bank statements, credit card statements, invoices, and receipts entered into the system.
Learn more about Bench
The sudden closure of Bench has created a competitive scramble in the online bookkeeping space, with providers vying to fill the gap left behind. Learn how to build, read, and use financial statements for your business so you can make more informed decisions. The magic happens when our intuitive software and real, human support come together. Book a demo today to see what running your business is like with Bench. Read reviews from verified users on third-party sites like Capterra and G2 to see how each Bench alternative stacks up in terms of features, ease of use, customer service and value for money. Make sure to read both the pros and cons to get a Certified Bookkeeper realistic view of the software in regular use.
Bench Accounting Shut Down: What Customers Need to Know & Alternatives
Perfect books No need to second guess whether your bookkeeping is done correctly. See your business’s financial health at a glance, and stay in control of cash flow. The Bench platform gives you monthly financial statements and expense overviews to keep you in control of your money.
Financial Reporting
Abbott had enthusiastically pushed the company to go big — while maintaining the role as the board’s friendly skeptic, interrogating Crosby’s plans. Gorin was the worrier — his firm had risked a lot of money on Bench and he largely seemed to want the company to play it safe and keep costs down. Guha, who left Bain Capital Ventures in 2018, stayed on Bench’s board but wasn’t the most active board member. Lee, who had joined the board the earliest, projected a friendly attitude and air of support for Crosby. In 2019, corporate credit card startup Brex approached Bench about potentially acquiring it, sources tell me. In March 2020, top Brex executives were in Vancouver at Bench’s offices to hammer out a deal.
- From there, select the date range for which you want to export your data and click on “Export.” This includes any bank statements, credit card statements, invoices, and receipts entered into the system.
- It can give you the additional time you need to get your paperwork in order as you deal with this sudden transition from Bench to a new financial services provider.
- Perfect books No need to second guess whether your bookkeeping is done correctly.
- Lee, who had joined the board the earliest, projected a friendly attitude and air of support for Crosby.
- While this is understandably upsetting, you may be able to take action depending on when you purchased services.
- For a more detailed comparison of Pilot and Bench features, pricing, and reviews, check out this Pilot vs Bench comparison.
- This piece also has the unfortunate distinction of sparking the first express legal threat that I’ve received in the course of my reporting since I started this newsletter over four years ago.
Best Bench Accounting Alternatives in 2025
This feature allows business owners to get a better understanding of their financials and make informed decisions to improve their bottom line. It’s only a matter of time before cracks start to appear in the facade that’s propped up by flawless marketing and bold claims. This is why you shouldn’t shop service providers based on price alone.
Bench offers two plans – adjusting entries one for basic bookkeeping and another that adds tax filing. Bench isn’t your standard software solution – rather than just a ledger that connects with your bank account, it offers you one-on-one support with a bookkeeping professional. The Accounting Times is your trusted source for the latest accounting news, insights, and research. We deliver expert analysis on financial reporting, sustainability, business trends, and more to empower professionals and students alike.
Was your Canadian business impacted by the recent announcement from Bench Accounting about the service shutdown? While services have resumed following Bench’s acquisition, many finance leaders are still exploring alternative solutions due to the uncertainty—and hello, panic—that the initial announcement caused. Since startups often have the most dynamic needs of all businesses, it’s no wonder we specialize in serving founders. Not only do we have the tools, but we also have the experience to take you from bootstrapping to priced rounds–and beyond. Every report accessible in the Bench platform can be exported to an Excel file for easy sharing with anyone from business partners to accountants. In less than a year, the company’s investor board members began to get cold feet about Bench’s trajectory under Crosby.
- The notice on Bench’s homepage, the only remaining functionality on its website, acknowledged the disruption caused to customers.
- One of the most time-consuming tasks for small business owners is gathering financial data and organizing it for tax filings.
- Bench simplifies your small business accounting by combining intuitive software that automates the busywork with real, professional human support.
- We’ll explore Bench’s features, pricing structure, user experience, and how it compares to alternatives in the market.
- While the former CEO’s account is not without merit, I’ve learned that the CEO had lost the faith of some of the startup’s executives by the time the board intervened.
It’s a web-based application, so you can access it from anywhere with an internet connection. Bench has a dedicated iOS app for Apple users, but Android users are out of luck as of this review in December 2023. Once I installed the app, I could log in to my Bench account, load my financial data, and replace bench accounting login the demo data. From there, I could quickly integrate my bank accounts and download the Bench app from the Stripe App Marketplace to make integrating my account a cinch.