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 America香蕉视频直播檚 largest bookkeeping service for small businesses posted a 香蕉视频直播渘otice of closure香蕉视频直播� on its website.

It said that as of Friday the platform was 香蕉视频直播渘o longer accessible.香蕉视频直播�

香蕉视频直播淲e know this news is abrupt and may cause disruption, so we香蕉视频直播檙e committed to helping Bench customers navigate through the transition,香蕉视频直播� 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 Bench香蕉视频直播檚 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.

香蕉视频直播�(You香蕉视频直播檒l) be able to enter your Bench login credentials to download your current and prior year-end financials, as well as any documents you香蕉视频直播檝e uploaded such as receipts and bank statements,香蕉视频直播� 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 company香蕉视频直播檚 former CEO and co-founder Ian Crosby released a statement on social media on Friday, saying he was 香蕉视频直播渧ery sad香蕉视频直播� about the closure.

But Crosby, who said he was ousted by the company香蕉视频直播檚 board about three years ago, said there was a lesson in the fate of the company.

香蕉视频直播淚 hope the story of Bench goes on to become a warning for VCs (venture capitalists) that think they can 香蕉视频直播榰pgrade香蕉视频直播� a company by replacing the founder. It never works,香蕉视频直播� 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 company香蕉视频直播檚 demise.

He said that in 2021 he had been battling with some board members over their strategy for a 香蕉视频直播渘ew direction香蕉视频直播� that he thought was a 香蕉视频直播渧ery bad idea.香蕉视频直播�

香蕉视频直播�Rather than continuing to fight with me, they opted to just replace me, thinking that they could run the company better themselves,香蕉视频直播� he said.

香蕉视频直播淚 was totally convinced that their approach would destroy the company. I opted to resign rather than fight.香蕉视频直播�

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

香蕉视频直播淏ad investors destroyed a great Canadian company by replacing the founder with so-called professionals,香蕉视频直播� Nejatian said on social media platform X.

Other bookkeeping companies were quick to reach out to Bench香蕉视频直播檚 former clients, with rivals such as Acuity and Better Bookkeeping making reference to Bench香蕉视频直播檚 closure in social media pitches.

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

A spokeswoman for B.C.香蕉视频直播檚 jobs ministry said they were looking into a request for comment.

The Canadian Press