This is an article about the company Bench, which provides bookkeeping services to small businesses and individuals. Here’s a summary of the article:
Bench’s downfall
Bench, a popular accounting platform, suddenly shut down its operations on December 27 without warning, leaving hundreds of employees jobless and thousands of customers without service. The company was acquired by Employer.com, which promises to revive Bench and honor customer contracts.
Employer.com’s acquisition
Employer.com, a human resources technology company, acquired Bench in a last-minute deal over the holiday weekend. The acquisition is unusual because it took place so quickly, and Employer.com has no prior experience in accounting. Despite this, Employer.com claims to be committed to reviving Benchmark and honoring customer contracts.
Uncertainty remains
There are concerns about whether customers will have access to the same quality of service with Employer.com at the helm. Some former Bench employees are being offered only 30-day contracts, which may raise questions about their long-term employment prospects. Additionally, the acquisition has raised eyebrows due to its speed and lack of prior experience in accounting.
Bench’s struggles
Bench was struggling before its shutdown, facing difficulties with customer growth and retention. The company had been working on improving its services but seemed to be heading towards a potential collapse. The sudden shutdown came as a surprise to many, including customers and employees.
Impact on employees and customers
The shutdown has left hundreds of Bench employees without jobs or benefits. Customers are also facing uncertainty about their accounts and bookkeeping services. Some have been told to file for an extension with the IRS while they find a new bookkeeper.
Employer.com’s response
Employer.com claims to be committed to reviving Benchmark and honoring customer contracts. The company has re-offered jobs to many former Bench employees, including Chief People Officer Jennifer Bouyoukos, who is now leading the effort to restore services. However, concerns about the long-term sustainability of Benchmark remain.
Overall, the article highlights the challenges faced by startups in the fintech industry and the importance of strong leadership and strategy for companies to succeed.
