The Top Bench Accounting Alternative

The recent shutdown and subsequent acquisition of Bench Accounting has left many Bench customers searching for alternative financial management solutions. While Bench provided basic bookkeeping services through a combination of proprietary software and professional support, its limitations and uncertain future prompted companies to reevaluate their needs and consider more comprehensive solutions. After all, the right accounting software can make or break a company’s growth trajectory.

What Is Bench Accounting?

Bench Accounting, headquartered in Canada, operated as a cloud-based accounting service provider whose software-and-bookkeeping services bundle was primarily used by small businesses, entrepreneurs, and freelancers. Its core services included monthly bookkeeping and reconciliation, financial statement preparation, basic expense tracking, accounts payable tracking, and year-end tax preparation packages. Additional services could be purchased to upgrade accounts payable and accounts receivable support and for year-round tax help. Payroll services could also be added, although these were delivered by a third-party provider.

The service worked well for small businesses seeking outsourced accounting without in-house staff overhead, but it had limitations for growing businesses. Companies that needed inventory management, advanced reporting, or multi-entity consolidation often found themselves seeking more complete alternatives.

What Happened to Bench?

On Dec. 27, 2024, Bench announced it was shutting down, leaving thousands of U.S. customers without live access to the platform during the critical year-end period. Although data remained available for download until March 2025, Bench advised its customers to file for tax extensions and seek alternative accounting solutions. The shutdown was initially attributed to financial difficulties and was expected to impact hundreds of employees.

Days later, on Dec. 30, Bench announced its acquisition by Employer.com, a San Francisco-based human resources (HR) technology company. Following the acquisition, Bench’s system came back online. Customers were given two options: Suspend service and download their data, or transition to Employer.com to retain access to the Bench platform and their existing bookkeepers. Refund requests for prepaid services were directed to Bench’s bankruptcy trustee.

As of now, no publicly available data reveals how many customers have opted to stay or leave. Meanwhile, several online forums are sharing complaints from dissatisfied former customers.

What Is NetSuite?

NetSuite is a cloud-based enterprise resource planning (ERP) system that helps organizations manage their business operations through a unified platform built around a common database. A subsidiary of Oracle Corp. serving more than 41,000 customers globally, NetSuite provides integrated financial management, accounting, inventory control, and customer relationship management (CRM), to name a few capabilities.

The financial management suite is particularly popular among small and medium-sized businesses. It includes general ledger, accounts receivable, accounts payable, automated billing, revenue recognition, planning, budgeting, tax management, and forecasting functionality. NetSuite enables customers to close their books quicker, consolidate their financial data in real time, and generate detailed reports. Through customizable dashboards, business leaders gain immediate visibility into their company’s financial and operational performance.

Other modules can be added to the system as a business grows, such as inventory management, ecommerce, procurement, and performance management. They all share the same common data store. Thus, NetSuite’s ERP extends beyond basic accounting to provide a unified view that scales along with growing businesses to support increasing complexity in operations, reporting, and compliance requirements.

Bench vs. NetSuite

While Bench provided only simple accounting and bookkeeping services, NetSuite offers those capabilities plus additional tools that support business growth. This helps growing companies avoid the potential disruption of a system switch as their businesses add users and/or complexity.

The following table highlights some of the key differences between Bench and NetSuite.

Key Differences

Drilling down into key differences between Bench and NetSuite reveals how each addresses the most pressing challenges facing small and midsized businesses.

1. Financial management depth: Bench focused on basic bookkeeping and financial statements. NetSuite provides additional features, such as cash and payment management, fixed asset tracking, and automated billing and revenue recognition. NetSuite’s general ledger is multidimensional and customizable. This deeper functionality delivers better insights for driving a business’s financial performance, which has become especially critical in the current climate of rising costs. Furthermore, NetSuite can automate routine tasks, giving finance teams more time to focus on strategic initiatives rather than on manual data entry. For example, direct bank-feed integration automates transaction imports and reconciliation processes, providing real-time visibility into cash positions, improving accuracy, and saving time.
2. Scalable architecture: Bench’s proprietary software served core accounting needs but had limited ability to grow with a business. This limitation was particularly problematic, since 80% of small business owners predict higher sales in 2025. NetSuite’s architecture scales to support multiple business functions, sales channels, and currencies, without requiring system changes or data migration. This built-in scalability allows companies to start with essential features and expand as their operations grow, eliminating the need to switch systems someday.
3. Integration capabilities: Bench’s proprietary software offered few third-party integrations, primarily limited to payroll services. NetSuite’s ERP platform connects all essential business functions through a single system, including accounting, payroll, inventory, ecommerce, HR, CRM, and procurement. This unified approach breaks down data silos and removes the need for manual data transfers among multiple software programs. It offers real-time visibility into current operations, yet allows companies to seamlessly activate additional features as needed.
4. Cash flow and revenue management: Cash management is a perennial concern among small business owners. With 65% not interested in taking out financing, there is more pressure on internally generated cash flow than ever before. NetSuite provides up-to-the-minute visibility into cash positions, outstanding customer invoices, and upcoming bills, plus the tools to automate collections and manage vendor payments. This goes well beyond the monthly financial statements that Bench provided.
5. Tax compliance and reporting: With 73% of business owners citing tax compliance and recordkeeping as their top regulatory burden, automation in this area is essential. Bench offered basic tax preparation support. NetSuite automates tax calculations across multiple jurisdictions, maintains audit-ready records, and generates required reports with a few clicks. This reduces both the time spent on compliance and the risk of costly errors.

Key Takeaways

• Following Bench Accounting’s shutdown and acquisition by Employer.com, former customers must decide whether to transition to the new owner or seek an alternative provider.
• NetSuite provides long-term stability through integrated financial and operational modules that management teams can add to as a business grows.
• Deeper financial management functionality and scalability are two essential factors when selecting solutions that effectively support business growth.
• NetSuite’s intuitive interface and implementation support ensure a smooth transition for companies moving from simpler systems.

Next Steps for Bench Customers

For former Bench Accounting customers transitioning to a new solution, here are six steps to help promote a smooth and straightforward migration.

1. Download and secure all financial data from your Bench account, including balance sheets, income statements, and tax documents, before the March 2025 deadline.
2. Review your current accounting needs, including any gaps in Bench’s service that impacted your business, such as inventory management or payroll. Document specific features and functions that would improve your financial operations.
3. Evaluate other accounting solutions in light of both current requirements and future growth plans. Consider software that integrates well with the business tools you are already using, such as payment processors, ecommerce systems, or point-of-service systems.
4. Plan the transition timeline to minimize disruption to financial operations. Acknowledge key dates, including month-end closings, tax deadlines, and peak business periods, when scheduling your migration.
5. Transfer critical financial information, including bank account details, financial statements, and historical transaction records, to the new platform. Verify that the data is imported correctly by conducting a thorough review of balances. Address any discrepancies immediately to avoid future complications.
6. Use free trials to test potential new software and engage in training sessions, if offered. This helps your team become comfortable with the new system before fully transitioning your financial operations.

Why NetSuite Is Your Company’s Next Best Step

NetSuite includes specialized modules for most industries, such as manufacturing, wholesale distribution, retail, professional services, software, nonprofit, and healthcare organizations. Each industry solution comes with prebuilt templates and workflows that reflect industry best practices, but can also be customized to meet an individual company’s needs. For example, manufacturing companies can access inventory and supply chain tools tailored to their production processes, while service-based businesses might focus on project management and billing capabilities.

In addition, NetSuite ensures business continuity and data integrity by providing secure, real-time access to financial data and comprehensive audit trails. This level of control and transparency fosters trust and supports compliance with regulatory requirements, and aids faster, more informed decision-making across all departments—from finance and operations to sales and customer service.

For businesses that find themselves suddenly compelled to migrate quickly, NetSuite’s intuitive interface helps teams quickly transition from simpler systems. Users can customize their views and workflows without calling in technical expertise, and can stay productive during and after the changeover. This customization includes role-based dashboards that display relevant information for different team members, from owners to accountants to operations managers. The dashboards can be modified to track specific metrics without requiring technical expertise, helping teams quickly access the information they need. This flexibility extends to organizations of all sizes, from startups to established enterprises, with users activating only the features they need as their operations grow.

Prepare Your Company for Growth With NetSuite

Set a solid accounting and finance foundation with NetSuite Financial Management’s cloud-based, real-time solution. From core accounting, automated billing, and account reconciliation to tax compliance and customizable reporting, this comprehensive platform minimizes manual processes and provides the visibility needed to make faster, better informed decisions. Built on decades of experience serving organizations of all sizes, in every industry, NetSuite offers the stability of an industry leader while maintaining cutting-edge features to help manage your business. It offers a practical entry point into efficiency powered by artificial intelligence (AI) through built-in AI assistants that automate routine tasks, such as data entry and reconciliation. This allows organizations to confidently integrate AI into their operations, yet retain full control over their financial processes.

As your company grows, NetSuite ERP seamlessly integrates its financial functions with additional operational modules, including inventory, ecommerce, procurement, and customer management. This unified platform scales with the business, eliminating the need to piece together multiple solutions or switch systems as demands evolve.

The transition from Bench to a new financial management platform presents an opportunity for customers to reevaluate their current and future requirements. Although Bench served its market with basic bookkeeping services, the current business environment demands more comprehensive solutions that can scale with a business’s growth. NetSuite offers the stability, functionality, and flexibility that growing companies need. By choosing a software solution that grows with their business, companies can avoid the disruption of future system changes and gain deeper insights into their operations.

Bench Accounting Alternatives FAQs

Who are the competitors of Bench?

Bench positioned itself as a solution for small-business owners seeking professional bookkeeping services without incurring traditional accounting software complexity or full-time bookkeeper costs. Direct competitors include Bookkeeper360, 1-800Accountant, and QuickBooks Live, though the broader market includes many cloud-based accounting platforms that can serve similar needs.

What software does Bench accounting use?

Bench used its own proprietary accounting software. Although it effectively handled basic bookkeeping tasks and financial statement preparation, it offered limited integration capabilities with other business systems and few customization options.