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Time to read: 6 minutes

What to Do Now That Bench Accounting Shut Down?

Let’s be honest—having your financial service provider shut down abruptly is the kind of plot twist no one asked for. 

As of December 27, 2024, Bench Accounting abruptly shut down without notice. A huge sum of clients is now without details or notice that they should have asked for a new provider from Santa instead. 

If you were relying on Bench Accounting, you’re probably feeling a mix of frustration, uncertainty, and maybe even a little panic. That’s valid.

Take a moment to breathe. 

You will get through this, but acting quickly and thoughtfully is important. Below, I’ve outlined key steps you can take to protect your business, recover your financial footing, and build safeguards for the future. And because I know how overwhelming this is, I’ve included advice from a 25 year plus veteran accountant, who answered some of the most pressing questions I’ve received about this situation.

Step 1: Secure Your Financial Position

The first step is about control. You want to stop any unnecessary financial losses and take stock of your recent transactions with Bench.

Stop all future payments immediately. Contact your financial institution or credit card provider to ensure no further charges are made.

Check for recent payments. Look for any payments that may be eligible for dispute, especially if services were not delivered as promised.

Make note of key dates. When did you start using Bench Accounting? When did you stop receiving services? This timeline will be critical moving forward.

This isn’t just about dollars and cents—it’s about reclaiming control amid uncertainty.

Step 2: Gather and Safeguard Your Records

Here’s where you’ll need to channel your inner detective (I know, not what you wanted to hear).

Emails: Download and save every correspondence with Bench Accounting, including invoices and service updates.

Financial records: Back up your bank statements, receipts, and other documents you provided to Bench Accounting.

Service agreement: If you have a copy of your terms of service, save it. It might hold important clues about what happens in situations like this.

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This type of news completely left me flustered and just in a state of shock. I immediately ran to my beloved Mother, Yvette Anderson, founder of Mobile Financial Services, LLC, a 25-year-plus small business accounting veteran, to filter through some of the questions flooding my DMs. While in the middle of getting ready to run an errand, I jumped in her car and began the blitz of questions.

You can listen to the full audio clip here.

Mrs. Anderson stressed that having all your key documents in one centralized place will save you headaches later. “Even if it feels tedious now, think about tax season or future audits—these records are your safety net,” she said.

Step 3: Assess What You Paid For (And What You Didn’t Get)

Now it’s time to evaluate the services you received—or didn’t.

Track your payments and services. Did Bench Accounting deliver for every month you paid? If not, this might be grounds for a refund or dispute.

Identify gaps. If there are missing months of service, note them. This information will be helpful when you talk to your next provider.

It’s not about assigning blame; it’s about understanding where things stand so you can move forward confidently.

Step 4: Transition to a New Provider

This is where the real work begins, and who wants to do that with only 4 days left in 2024 – no one! However finding a new financial professional is critical to keeping your business on track, but it’s not always easy.

Start with referrals. If you don’t know where to begin, reach out. I can connect you with trusted professionals who can help.

Be transparent about your situation. Let potential providers know that Bench Accounting shut down, and you may not have access to all your records. They’ll understand and can help you navigate the transition.

Prepare for higher fees upfront. Rebuilding your financial records will take extra time and expertise, and most providers will charge accordingly.

Pro tip: Focus on finding someone who understands your business and can provide stability and long-term guidance. Mrs. Anderson added, “This isn’t just about cleaning up the mess—finding someone who can help you build something stronger.”

Step 5: Review Your Legal Rights

Here’s the not-so-fun part: Bench Accounting’s terms of service likely included a clause about business disruptions. While this limits your options, it’s still worth reviewing your agreement.

Understand the fine print. Look for liability or business continuity clauses to access your Bench Accounting service agreement.

Consult a business attorney. They can help you evaluate whether you have grounds for claims or disputes. Here at Anderson Law Firm PLLC, we always assist with business disputes. The best action to take before hiring is to document, document, document! Having all of your records will assist greatly in preserving rights you likely do not know you even have!

Understand, this step won’t change what’s happened, but it will give you clarity—and sometimes that’s half the battle when we can back up our claims with stone-cold black-and-white proof!

Step 6: Learn From This Experience

Let’s pause for a moment of real talk. Stop right there if you’re feeling like you should’ve seen this coming. There is no looking bad here. You made the best decision you could with the information you had.

That said, this is a moment to reflect and strengthen your systems for the future:

Vetting matters. Longevity, reliability, and reputation are as important as cost when choosing a provider.

Backup your records. Develop a system to download reports, correspondence, and receipts monthly or quarterly. Mrs. Anderson emphasized this: “If you’re not backing up regularly, you’re putting yourself at risk. Think of it as insurance for your business.”

Step 7: Take a Deep Breath

I know this feels like a lot. But here’s the truth: you’ve faced challenges and become stronger every time. This is just one more detour on the road to success.

Take it step by step. Focus on what you can control, and don’t hesitate to ask for help when needed.

Bonus: A Resource to Make Things Easier

Vetting a new provider can feel overwhelming, especially after this experience. I’m developing a resource to help business owners like you identify reliable, trustworthy professionals.

Want to be the first to know when it’s ready? Sign up for my email newsletter here.

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Final Thoughts

The closure of Bench Accounting is a stark reminder of how unpredictable business can be. But it’s also an opportunity to reassess, rebuild, and return stronger.

If you’re feeling stuck, overwhelmed, or unsure where to start, reach out. I’m here whether you need a referral, legal advice, or someone to remind you that you’ve got this.

Take that first step today.

Your future self will thank you.