Jason On Firms Podcast 395 The Fall of Bench + The State of Productized Accounting
Jan 7, 2025
The discussion dives into the rise and fall of Bench, a once-innovative bookkeeping platform, and its impact on the accounting industry. It unveils common misconceptions about digital accounting services, particularly how they can lead to frustration for small business owners. The podcast also tackles the operational pitfalls faced by productized accounting, highlighting the crucial need for specialization and innovation in service delivery. Tune in for insights on adapting to the evolving landscape of accounting!
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Bench's Unique Approach
- Bench, a Canadian bookkeeping company, positioned themselves as a scalable, productized solution.
- Unlike other platforms, Bench built its own accounting ledger in-house.
Bench's Business Model
- Bench's model was built on three theses: onshore staffing, centralized bank rules, and adjacent services for profit.
- They aimed to gain efficiency and profitability beyond basic bookkeeping.
Bench's Staffing Challenges
- Bench hired new college grads in Vancouver for low salaries, resulting in high turnover.
- Jason Staats questions if this "onshore" approach was superior to hiring experienced offshore CPAs.