Bench.co Shuts Down: Don’t Miss These Key Steps

For thousands of small business owners, the news that Bench.co is shutting down comes as an unwelcome holiday surprise. After years of relying on Bench for bookkeeping and financial reporting, many clients are now left scrambling to navigate tax season, finalize financials, and find a new accounting solution—all without the support they’ve come to depend on.

If you’re one of the businesses impacted, you might be asking, What now? While this transition may feel overwhelming, it’s also an opportunity to take control of your finances and set up systems that truly support your goals.

Here’s a simple, three-step roadmap to help you navigate this challenging time, avoid burnout, and come out stronger in the new year.

1. Taxes: Stay Ahead of the January 31st Deadline

The first priority for former Bench clients is meeting the IRS 1099 filing deadline on January 31st. This form must be issued to contractors or freelancers who earned $600 or more from your business in 2024.

• Why this matters: Failing to file on time can lead to costly penalties. Furthermore, your vendors will be chasing you down for this document which will affect your day to day work.
• What to do now:Review your 2024 payment records to identify anyone who needs a 1099.Make sure you have a W-9 form on file for each contractor. If you don’t, request it immediately.Use accounting tools like QuickBooks or hire a professional to streamline the filing process.

Pro tip: Starting early gives you enough time to address any gaps or discrepancies in your records.

2. Reporting: Ensure Bench Finalizes Your Financials

Your next step is to ensure Bench delivers finalized financial statements for 2024. Accurate reports are essential for filing taxes, updating investors, and making strategic decisions for your business.

• Why this matters: If your books aren’t closed properly, you risk errors in your tax filings, missed deductions, or even IRS audits.
• Action items:Reach out to Bench immediately to confirm they are finalizing your December 31, 2024, reports. Download all available financial documents, including profit and loss statements, balance sheets, and reconciliations, before you lose access to their platform. Cross-check the reports for accuracy to ensure no surprises come tax season.

If you’re unsure what to request from Bench during this transition, I’ve put together a separate checklist of the top 5 things to ask for. It covers everything from reconciliations to tax-ready reports. Don’t leave anything behind that you might need later.

What if Bench doesn’t finalize your reports? This brings us to Step 3.

3. Finding the Right Accounting Partner

Bench has suggested Kick Accounting as an alternative, but before jumping in, consider whether it’s the right fit. Kick follows a similar platform-based model as Bench, which comes with the same risks—if the platform fails, you’re left scrambling for a new provider all over again.

• Think twice. Like Bench, Kick locks you into a proprietary system, making it difficult to access your financial data on your terms. Platform dependency leaves you vulnerable to future disruptions. If you’re making a change, why not find a partner that offers more stability and flexibility?

Why AidVenture Could Be Your Ideal Solution

At AidVenture, we believe that your financial partner should be an extension of your team—not just another faceless platform. With over a decade of experience supporting small businesses and venture-backed startups, we specialize in providing personalized accounting solutions tailored to your needs.

Here’s what makes us different:

• Tailored Solutions: From bookkeeping and tax filing to CFO-level insights, we customize our services to your goals.
• Personal Relationships: We’re here to understand your business, not just crunch numbers.
• Focus on Quality: Our team is dedicated to delivering accurate, timely, and actionable financial insights.
• No Platform Dependency: Your financial data remains yours. We will use Quickbooks online, a tried and solid solution that will not bring negative surprises. We ensure it’s organized and accessible, you have full control.

Whether you need help closing out 2024, filing taxes, or setting up a future-proof financial system, we’re here to make the transition seamless.

Moving Forward Without Burnout

The news of Bench.co’s closure might feel like a sudden curveball, but it’s also a chance to reassess your financial systems and build a stronger foundation for the future. By focusing on taxes, ensuring Bench delivers finalized financials, and finding a reliable accounting partner like AidVenture, you can navigate this transition with confidence.

Let’s turn this unexpected challenge into an opportunity for growth. If you’re ready to take the next step, reach out today to see how AidVenture can support your business in 2024 and beyond.

What are your thoughts on Bench’s closure? Let’s discuss in the comments how businesses can navigate this transition effectively.