Our Response to the Bench Accounting Shutdown, Employer.com Acquisition
It doesn’t go without saying…
First – we’re sorry that Bench Accounting didn’t give you an exit ramp. Feeling stuck when you’re trying to grow and scale a business is frustrating, to say the least.
Let’s talk about the Employer.com acquisition.
Look – over the weekend, Bench ran the craziest liquidation process that we have ever seen. We had less than 48 hours to bid on this, and 10-20 of us in the industry seriously considered it. At the end of the day, the bank and the board chose a new PEO/payroll company(?) that likely made an all cash offer with basically no due diligence – and on an even more expedited timeline than they suggested.
This for a Canadian workforce that serves a U.S. customer base, by a company whose previous claim to fame was spending $450,000 on a website. So the 10,000+ customers that were scattering and 250+ employees that were fired last week are all being begged back now. We’re really not sure how the team they have on LinkedIn is going to handle this.
What we’re doing:
We’re putting our money where our mouth is – $100,000 to be exact – to help former Bench customers transition smoothly through the March 15 and April 15 tax deadlines.
What would we do if we were you?
There are tons of voices out there chirping about what you should do. So take a breath and go to places you trust to see what you should be considering.
G2 Crowd is a place where several of our clients started their search. They have a list of Bench accounting competitors – check it out:
You’ll see us listed as No. 3 – so we’re probably worth considering if you’re a technology company, ecommerce company, or creative agency (these are our specialties).
No money down? This is your business, not a used car.
We know Pilot is on several of those lists with us, too. We know them, but they are shouting “free free free” from the rooftops. They (like Bench) took $100M+ in VC money and can “afford” to do that.
If you want to keep on that train, more power to you, but if you’re tired of that game of musical chairs, keep reading…
At Acuity, we’ve budgeted, planned, and are thinking like accountants (because that’s what you hire us for).
So, why $100,000?
1) Because it’s what we can afford. 2) We have 150 employees to consider, and we’ve calculated the number of Bench customers we can accommodate this quarter and not disrupt their lives or our existing customers.
We still want to be a healthy and operational business come Q2 2025. We were having a Twitter conversation about this over the crazy weekend with some of the folks asking why we would even want to help Bench customers.
We think about our business the way we will think about yours — responsibly.
We are transparent.
A few things we know for sure:
- We’re not the cheapest option. And if that’s what got you into Bench’s dumpster fire in the first place, don’t be fooled twice! Things can sound (and in fact be) too good to be true.
- AI is great, but it’s too early to remove the humans completely (sorry again VCs). We are working with the product teams at the largest technology companies in the space, and we are incorporating AI in the most responsible manner possible, because it’s your financial data. While we’re on the leading edge, we won’t expose your data to AI until it meets our data security standards.
- We’ve built a business model that’s sustainable – whether your business is ecommerce, SaaS, or creative agency. And we’ll help to make your business sustainable, too.
- We’ll put you back in control of your data with our technology partners – Xero or Intuit via QuickBooks Online.
- If we’re not the right fit, we’ll tell you! Plus, we’ll send you in the right direction with some accounting recs that better fit your business’s niche and needs.
What now?
Discover why entrepreneurs are making the switch from Bench to Acuity.
If it sounds like a good fit, book a free consultation with our team and claim your share of the $100,000 we’re dedicating to entrepreneurs affected by Bench.