Bench Accounting Shutting Down: Implications for Small Businesses

Bench Accounting, formally known as 10Sheet Inc., abruptly ceased operations on December 27, 2024. This unexpected announcement has left thousands of small businesses scrambling to find alternative bookkeeping solutions, particularly as the year-end approaches and tax season looms.  

Impact of the Bench Accounting Shutdown

The Bench Accounting shutdown has created significant disruption for its customers. This sudden loss presents a significant challenge for businesses that relied on Bench Accounting for their bookkeeping needs. The company’s platform is still accessible but only for limited use and a limited period of time. The timing couldn’t have been more crucial as the year comes to a close and the tax season is already in launch position.  

Lessons Learned from the Bench Accounting Shutdown

Bench Accounting’s closure highlights the importance of robust data security and contingency planning for businesses. Relying solely on a single provider for critical financial data can expose businesses to significant risks, as demonstrated by this unforeseen event.  

Moving Forward After the Bench Accounting Shutdown

In the wake of the Bench Accounting shutdown, businesses must prioritize finding alternative bookkeeping solutions. This may involve transitioning to a new software platform, engaging with a local accountant, or implementing new internal bookkeeping procedures.

Sanz Virtual Enterprise, LLC is here to help. Contact us to learn more about our CPA customized Accounting and Tax Preparation services available online and/or in office.

Conclusion

The Bench Accounting shutdown serves as a stark reminder of the importance of proactive financial management and the need for businesses to have a comprehensive understanding of their financial data.

Disclaimer: This article provides general information and commentary on the Bench Accounting shutdown. It does not constitute professional financial or legal advice. You can read up more on the developments of the Bench Accounting shutdown here https://techcrunch.com/2024/12/30/bench-to-be-acquired-after-abruptly-shutting-down/. Also see, https://blog.accountingprose.com/bench-accounting-shuts-down

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