Vancouver-based bookkeeping service Bench Accounting has announced its sudden closure, potentially putting hundreds of staff out of work and forcing clients to seek alternatives just days from the end of the year.

The company that has described itself as North AmericaB次元官网网址檚 largest bookkeeping service for small businesses posted a B次元官网网址渘otice of closureB次元官网网址� on its website.

It said that as of Friday the platform was B次元官网网址渘o longer accessible.B次元官网网址�

B次元官网网址淲e know this news is abrupt and may cause disruption, so weB次元官网网址檙e committed to helping Bench customers navigate through the transition,B次元官网网址� it said.

Bench has previously said it had more than 600 employees and had received investor funding of US$113 million.

It said it moved to Vancouver and changed its name to Bench in 2013, having started out in 2012 as 10sheet Inc in the U.S.

Calls to BenchB次元官网网址檚 Vancouver office went to voice mail and did not immediately receive a response.

The website said customers would be told how to access their data by Dec. 30, and that the material would be available for download until March 7.

B次元官网网址�(YouB次元官网网址檒l) be able to enter your Bench login credentials to download your current and prior year-end financials, as well as any documents youB次元官网网址檝e uploaded such as receipts and bank statements,B次元官网网址� it said.

It said customers should file for a tax extension to get extra time to find a new bookkeeper to file their taxes.

The companyB次元官网网址檚 former CEO and co-founder Ian Crosby released a statement on social media on Friday, saying he was B次元官网网址渧ery sadB次元官网网址� about the closure.

But Crosby, who said he was ousted by the companyB次元官网网址檚 board about three years ago, said there was a lesson in the fate of the company.

B次元官网网址淚 hope the story of Bench goes on to become a warning for VCs (venture capitalists) that think they can B次元官网网址榰pgradeB次元官网网址� a company by replacing the founder. It never works,B次元官网网址� he said.

The University of British Columbia Sauder Business School alumnus said he had been avoiding speaking publicly about Bench since his exit, but wanted to make a statement in light of the companyB次元官网网址檚 demise.

He said that in 2021 he had been battling with some board members over their strategy for a B次元官网网址渘ew directionB次元官网网址� that he thought was a B次元官网网址渧ery bad idea.B次元官网网址�

B次元官网网址�Rather than continuing to fight with me, they opted to just replace me, thinking that they could run the company better themselves,B次元官网网址� he said.

B次元官网网址淚 was totally convinced that their approach would destroy the company. I opted to resign rather than fight.B次元官网网址�

Kaz Nejatian, COO of Bench investor Shopify, agreed with Crosby.

B次元官网网址淏ad investors destroyed a great Canadian company by replacing the founder with so-called professionals,B次元官网网址� Nejatian said on social media platform X.

Other bookkeeping companies were quick to reach out to BenchB次元官网网址檚 former clients, with rivals such as Acuity and Better Bookkeeping making reference to BenchB次元官网网址檚 closure in social media pitches.

Rival companies also commented on complaints by Bench clients, offering their services.

A spokeswoman for B.C.B次元官网网址檚 jobs ministry said they were looking into a request for comment.

The Canadian Press