Did That Really Just Happen?: An Entrepreneurs Perspective on the Bench Buyout

To small business owners, fellow entrepreneurs and solo-preneurs affected by the whirlwind that the Bench buyout put you through this holiday season: I’m so sorry that happened, and I’m here to talk through your options – you don’t have to go through this process alone.

As has been reported, Bench abruptly ceased operations on December 27, 2024, leaving many of you in a state of uncertainty. Shortly thereafter, on December 30, 2024, it was announced that Bench would be acquired by Employer.com, a company newly registered in November 2024.

This sudden turn of events may have left you feeling betrayed, uncertain, and even concerned about the future of your business’s financial management. As a fellow entrepreneur who has dedicated my life to building and supporting businesses, I empathize deeply with the emotions you are experiencing.

 Let’s talk about the two paths you have to choose from: do you stay or do you go?

Staying with Bench under Employer.com

Your first option is to continue with Bench, now under the ownership of Employer.com. The new parent company has pledged to honor existing commitments and ensure a seamless transition for clients. However, it’s important to consider that Employer.com is a nascent entity (a super fancy word for brand-spanking-new company), having been established in recent months. With limited operational history, there is clear uncertainty regarding their capacity to manage and sustain the services you have come to depend on.

If you decide to stay, here are the steps you should take:

1. Retrieve and Backup Your Data: Bench had announced that clients have until March 7, 2025, at 5:00 PM ET to download their financial records. This is critical to ensuring continuity and avoiding data loss during the transition period.
2. Monitor Communications: Stay informed about Employer.com’s plans for integrating Bench’s services and any changes to the terms of service or pricing.
3. Assess Service Quality: Regularly evaluate the quality of service under the new ownership. Pay attention to response times, accuracy, and overall reliability.
4. Prepare for Contingencies: Have a backup plan in place should the transition fail to meet your expectations or operational needs.
5. Stay on the Safe Side: and don’t prepay for any future services (lest you find yourself in this situation again).

Seeking a New, Reliable Accounting Partner

The alternative is to embark on the journey of finding a new accounting firm—one that offers stability, reliability and has a proven track record. I want to stress how strongly I know that this prospect is daunting. The process of researching, vetting, and transitioning to a new service provider requires time and effort, resources that are often stretched far to this for small business owners and solo-preneurs like yourself, but it tends to pay off in the long run.

If you choose this route, consider these steps:

1. Identify Key Needs: Evaluate what services you need, such as comprehensive bookkeeping, tax preparation, or industry-specific expertise.
2. Research Trusted Providers: Look for firms with a long-standing reputation and proven success in serving businesses like yours.
3. Consult with Professionals: Seek recommendations from financial advisors or colleagues who understand your industry.
4. Plan the Transition: Ensure a smooth handover by setting clear timelines, transferring data securely, and onboarding with your new provider.

I know the recent upheaval at Bench Accounting may feel overwhelming, but it’s a perfect opportunity to reassess your financial management practices and align with a partner who prioritizes your success! Here at CORE Financial Pros, we are committed to empowering small businesses, entrepreneurs, and solo-preneurs to thrive.

Why CORE Financial Pros may be the Right Choice for Your Business

I strongly believe that your business’s financial management is too important to leave to chance. While staying with Bench under new, untested ownership might appear to be the path of least resistance, it introduces uncertainties that could have far-reaching implications. Transitioning to a trusted partner is an investment in the stability and growth of your business.

At CORE Financial Pros, we are dedicated to providing personalized, stable, and trustworthy accounting services. Here’s how we can help:

• COREconnect Offerings: For solo-preneurs who prefer DIY, hands-on management! We offer affordable, tiered packages supported by our team and a library of resources – starting at $99 USD a month!
• Customized Bookkeeping Services: Tailored to meet the specific needs of your business, ensuring compliance and accuracy.
• Expert Financial Guidance: From tax preparation to strategic decision-making, our team has the expertise to keep your business on track.
• Streamlined Onboarding: Transitioning to CORE Financial Pros is hassle-free, minimizing disruptions to your operations.

As I mentioned above, you’re not alone in these scary times. There are reliable people out there ready and willing to help you feel confident in your finances (like me, in case you missed that not-so-subtle hint)! To learn more about our DIY solutions for entrepreneurs, visit our COREconnect Offerings page to better understand how we’re here to help you feel confident in running your business the way you want to run it!

Don’t stress, you’ll find a solution that works best for you and your business. And if you’re feeling lost making that decision, come chat with us! You’ve got this. 

Sincerely,
Sharrin Fuller