After the sudden shutdown of the accounting startup Bench on December 27 and its subsequent acquisition in a fire sale by Employer.com, many Bench customers are now grappling with challenges in accessing and managing their financial data. This situation has left some customers frustrated, as they discover they can't simply retrieve their data and transition to other services, according to accounts shared by three affected users.

The unexpected closure

Bench, once positioned as a promising startup in Canada with significant investments and a growing customer base, announced its abrupt closure late last year. The news of its acquisition by Employer.com came as a surprise to many, including its customers. Though the transition promised continuity of service under new ownership, the complexities surrounding customer data have created additional hurdles for existing users.

Data access challenges

For customers trying to migrate their financial records to other platforms, the process has been anything but straightforward. Some report being required to accept specific conditions before gaining access to or transferring their data, while others claim that their attempts to retrieve critical financial information have been met with delays or technical barriers. These issues have fueled frustration and uncertainty, particularly for small business owners who rely heavily on their financial data for decision-making and compliance purposes.

Customer dissatisfaction grows

Several customers have expressed their dissatisfaction with how the situation has been handled, citing a lack of transparency and limited communication during the transition. One customer shared concerns about feeling pressured into agreeing to new terms as a prerequisite for data access, while another emphasized the potential risks of losing years of financial records if an immediate solution is not found. For businesses, such disruptions can mean not only operational setbacks but also compliance challenges and potential financial penalties.

The implications of the acquisition

The acquisition of Bench by Employer.com was intended to offer a lifeline for the struggling company. However, the challenges faced by its customers underscore the importance of clear communication and customer support during mergers and transitions. For many users, financial data is more than just numbers—it represents their livelihoods. As such, disruptions in accessibility can have far-reaching consequences.

What lies ahead?

It remains unclear how Employer.com plans to address the ongoing concerns of Bench customers. Industry experts suggest that providing seamless access to existing customer data should be a top priority to rebuild trust and minimize disruptions. In the meantime, affected customers are exploring alternative solutions while seeking clarity on how to secure their financial information.

As the fallout from Bench's sudden closure continues to unfold, it serves as a reminder of the challenges that can arise when startups face financial difficulties and mergers occur without adequate planning for end-user needs. For the affected customers, the hope is that a swift resolution will ensure their data—and their trust—remains intact.