The Accounting Podcast

JPMorgan's RTO Drama, VC Love for Accounting and the Fall of Bench

Jan 21, 2025
Dive into the drama of Bench's bankruptcy, uncovering their surprising spending habits and the pitfalls of their business model. Explore the rising venture capital interest in accounting, fueled by AI's promises of efficiency. The conversation heats up with a lively debate on JP Morgan's return-to-office policy, revealing stark divides in workplace flexibility preferences. Discover the intertwining future of AI and accounting, where human connection remains essential despite technology's encroachment.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ANECDOTE

Bench Bankruptcy

  • Bench Accounting, a bookkeeping startup, filed for bankruptcy after 13 years.
  • They raised $100 million but ultimately failed due to an unprofitable business model.
INSIGHT

Bench Finances

  • Bench's bankruptcy filing reveals $5 million in assets and $43 million in liabilities.
  • $5 million of the liabilities were secured, while $38 million were unsecured.
INSIGHT

Customer Acquisition

  • Bench invested heavily in customer acquisition, partnering with various small business communities and influencers.
  • This strategy, though effective for reaching new businesses, contributed to their financial downfall.
Get the Snipd Podcast app to discover more snips from this episode
Get the app