Lessons from the Closure of Bench Accounting

The recent closure of Bench Accounting has sent shockwaves through small businesses relying on their services. While it’s always unfortunate to see a company shut its doors, this situation has highlighted critical shortcomings in the bookkeeping industry and reinforced the importance of experienced, reliable financial partners.

Warning Signs Were Apparent

For many, the writing was on the wall. Over the past few months, I’ve spoken with several former Bench clients who shared their frustrations:

• Lack of Reconciliations: Many businesses reported that reconciliations were not performed for months, leading to incomplete or inaccurate financials.

• Misclassification of Transactions: Clients saw amounts placed in incorrect categories, creating confusion and casting doubt on the accuracy of their books.

• No Accountant Review: The absence of professional oversight was evident, with no experienced accountant reviewing or validating the monthly financials.

These issues were not just minor inconveniences; they were symptoms of systemic problems that left businesses vulnerable, especially as year-end tax preparation loomed.

Proprietary Software: A Double-Edged Sword

One of Bench’s selling points was its proprietary software. However, this has now become a significant pain point for former clients. With the company’s closure, businesses are finding themselves in a bind:

• Data Portability Issues: Proprietary software means businesses cannot easily export their financial data into industry-standard platforms like QuickBooks.

• Year-End Jeopardy: As the year ends, businesses are scrambling to prepare their books for tax filing, only to discover that they’re unable to transition smoothly.

How Fiscal Founders Sets a Higher Standard

At Fiscal Founders, we’ve built our services to address these exact pain points, ensuring businesses never face the challenges that Bench clients are now grappling with:

1. Industry-Standard Tools: We use QuickBooks, the industry gold standard, which ensures compatibility, flexibility, and ease of use for our clients.

2. Experienced Team: Our team consists of trained professionals with over 15 years of QuickBooks and accounting experience. We don’t just document transactions; we provide meaningful insights and ensure accuracy at every step.

3. Thorough Reviews and Analysis: Each month, we conduct a trended analysis to identify and address potential issues early. Any unusual items are flagged and explained with detailed support to vouch for the source of all data.

4. Seamless Transitions: For former Bench clients or anyone needing to migrate their data, we offer a full-service solution. We can take your files, convert them into CSV format, and upload them into QuickBooks, giving you a seamless reporting experience for 2024 and prior years, if needed.

Closing Thoughts

The closure of Bench Accounting is a cautionary tale for businesses relying on bookkeeping services. It underscores the need for professional oversight, reliable tools, and a commitment to accuracy and transparency. At Fiscal Founders, we’re here to ensure your financial foundation is solid, scalable, and ready to support your growth—no matter the challenges.

If you’re feeling uncertain about your bookkeeping setup or need help transitioning, reach out to us. Let’s turn 2024 into a year of clarity and confidence for your business.