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 America91裸聊视频檚 largest bookkeeping service for small businesses posted a 91裸聊视频渘otice of closure91裸聊视频� on its website.

It said that as of Friday the platform was 91裸聊视频渘o longer accessible.91裸聊视频�

91裸聊视频淲e know this news is abrupt and may cause disruption, so we91裸聊视频檙e committed to helping Bench customers navigate through the transition,91裸聊视频� 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 Bench91裸聊视频檚 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.

91裸聊视频�(You91裸聊视频檒l) be able to enter your Bench login credentials to download your current and prior year-end financials, as well as any documents you91裸聊视频檝e uploaded such as receipts and bank statements,91裸聊视频� 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 company91裸聊视频檚 former CEO and co-founder Ian Crosby released a statement on social media on Friday, saying he was 91裸聊视频渧ery sad91裸聊视频� about the closure.

But Crosby, who said he was ousted by the company91裸聊视频檚 board about three years ago, said there was a lesson in the fate of the company.

91裸聊视频淚 hope the story of Bench goes on to become a warning for VCs (venture capitalists) that think they can 91裸聊视频榰pgrade91裸聊视频� a company by replacing the founder. It never works,91裸聊视频� 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 company91裸聊视频檚 demise.

He said that in 2021 he had been battling with some board members over their strategy for a 91裸聊视频渘ew direction91裸聊视频� that he thought was a 91裸聊视频渧ery bad idea.91裸聊视频�

91裸聊视频�Rather than continuing to fight with me, they opted to just replace me, thinking that they could run the company better themselves,91裸聊视频� he said.

91裸聊视频淚 was totally convinced that their approach would destroy the company. I opted to resign rather than fight.91裸聊视频�

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

91裸聊视频淏ad investors destroyed a great Canadian company by replacing the founder with so-called professionals,91裸聊视频� Nejatian said on social media platform X.

Other bookkeeping companies were quick to reach out to Bench91裸聊视频檚 former clients, with rivals such as Acuity and Better Bookkeeping making reference to Bench91裸聊视频檚 closure in social media pitches.

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

A spokeswoman for B.C.91裸聊视频檚 jobs ministry said they were looking into a request for comment.

The Canadian Press