In January 2025, Bench Accounting, a popular online bookkeeping service, announced its closure, leaving thousands of small business owners without critical financial support. As the company winds down operations, current and former customers are left with a host of unanswered questions and a disrupted accounting process.
Below, we will address the issues arising from the Bench Accounting closure, how affected businesses can recover, and why partnering with the Outsourced Accounting Solutions (OAS) team at Wolf & Company, could be the key to regaining financial stability.
The Issues Left by Bench Accounting’s Closure
Loss of Access to Financial Data
Bench customers rely on the platform to manage financial transactions, generate financial reports, and file taxes. With the closure, access to these records may become limited or completely unavailable. This is a significant concern for businesses needing accurate, up-to-date financial data to maintain operations, plan for the future, or fulfill tax obligations. For any December 31st year-end customers, this loss can have major impact on timely filings.
Disrupted Tax Filing & Compliance
For many small businesses, Bench was an essential part of managing taxes and ensuring compliance with local, state, and federal regulations. With the closure, businesses could face challenges when it comes to meeting filing deadlines or correcting past filings. This disruption may result in late payments, missed deductions, or compliance issues that could lead to interest and penalties.
Difficulty Transitioning to a New Provider
Finding a new accounting software and outsourced accounting team after a business closure can be daunting. Bench users may find it challenging to seamlessly transfer historical financial data to a new accounting team, which could result in errors or gaps in records.
3 Steps to Recover & Mitigate the Impact
1. Backup & Secure Your Financial Data
The first thing you should do is secure all your financial data. Log into your Bench account and export key documents – such as balance sheets, profit and loss statements, tax filings, and any relevant correspondence – before the platform becomes fully inaccessible. Having a copy of these records ensures you’re prepared to transition to another provider.
2. Reevaluate Your Financial Strategy
Review your current accounting processes and identify areas of concern. Are there gaps in your records? Were your previous reports accurate? Take stock of what might need to be corrected moving forward and be prepared to discuss these issues with your new accounting team.
3. Seek Professional Help Immediately
If you’re unsure how to proceed or if you’re missing critical records, it’s time to consult with a professional. Look for an accountant or accounting firm with experience in working with small businesses, especially those who have recently undergone a transition like yours. These professionals can help identify missing information, reconcile accounts, and get your financials back on track.
Why Partnering with Wolf’s Outsourced Accounting Team is Crucial
Expertise & Reliability
One of the biggest advantages of outsourcing your accounting is the expertise it provides. A skilled outsourced accounting team brings a wealth of experience that can help you navigate the complexities of financial reporting, tax filing, and compliance. The OAS team has the experience, expertise, and available software solutions to help navigate companies through this crucial period and set them up for future growth and stability.
Scalable Solutions for Small Businesses
Outsourcing gives small businesses access to a wide range of financial services without the overhead of hiring a full-time in-house team. Whether your needs are basic bookkeeping or more advanced financial strategy, our outsourced team can tailor their services to match your specific requirements, scaling as your business grows.
Continuity & Stability
A reliable outsourced accounting team can ensure that your financial operations run smoothly and without interruption. This provides peace of mind, knowing your books are being handled properly, even after a sudden disruption like Bench Accounting’s closure. It also allows you to meet tax deadlines, fulfill legal obligations, and maintain a positive cash flow. Wolf has over 110 years of experience and the means to stabilize the financial operations of companies affected by the Bench Accounting closure.
Data Transition & Cleanup
A skilled outsourced team is adept at transitioning financial data from one provider to another. They can help you review your previous records from Bench, correct any inconsistencies, and ensure that your financial data is accurate and up-to-date. This makes for a smoother transition and minimizes the risk of errors down the line.
Moving Forward After Bench Accounting’s Closure
While the closure of Bench Accounting presents significant challenges, it also offers an opportunity to streamline your accounting practices and work with a provider that better suits your current needs. By securing your data, reviewing your financial strategy, and seeking professional help, you can minimize disruptions to your business operations.
Partnering with our OAS group will provide the expertise, stability, and continuity necessary to pick up the pieces and ensure the health of your business moving forward. Contact our team today.
