Bench Shutdown: How to Migrate From Bench Accounting

Following the December shutdown and subsequent acquisition of Bench Accounting, many customers are seeking a new financial management solution before their data becomes inaccessible in March 2025. This unexpected event creates immediate challenges for Bench users—but it also creates an opportunity to embrace more powerful accounting and financial management tools.

NetSuite’s enterprise resource management (ERP) system provides Bench customers with a proven platform that can immediately confer core accounting essentials, plus the opportunity for customers to grow into advanced business capabilities.

This guide outlines the steps for a successful migration, from initial planning through post-implementation best practices.

Why Choose NetSuite?

NetSuite provides a practical alternative for Bench customers seeking stable financial management for both current and long-term needs. NetSuite’s cloud-based accounting platform combines essential functions in one system, including accounting, financial reporting, and automated bookkeeping. This unified approach helps finance teams save time and reduce errors by eliminating the need to manage multiple systems.

With NetSuite, organizations have immediate access to their financial data through real-time reporting and customizable dashboards. The platform adapts to industry-specific needs, and businesses can activate new features as their requirements change. This flexibility, combined with NetSuite’s proven reliability and dedicated support, helps ensure business continuity and streamlined financial operations.

Key Benefits

NetSuite replaces manual processes and basic accounting systems with automated workflows and centralized data management. It upgrades accuracy, improves compliance, and speeds up the accounting close process using an intuitive user interface. Key benefits include:

• A comprehensive business system that goes beyond accounting, including financial management, customer relationship management, and ecommerce, with scalable features that can be invoked as needs evolve.
• A central data repository that eliminates preexisting data silos, additional costs, and the integration hassles of multiple disparate systems.
• Real-time financial visibility provided through customizable reports and dashboards and a drill-down general ledger, all of which drive faster, better-informed business decisions.
• The ability to manage financial operations securely from anywhere with cloud-based access via desktop or mobile devices.
• Simplified compliance and reporting through built-in tools that automate tax calculations and maintain audit trails.
• Time savings and improved accuracy for routine financial tasks.
• Embedded artificial intelligence capabilities to automate simple functions, such as transaction coding and three-way matching, and to better inform decision-makers involved in more complex functions, such as budgeting and forecasting.

Preparing for Migration

Careful planning and thorough data preparation are essential before starting the actual transition from Bench to NetSuite. It is critical to download and secure all historical transactions, financial statements, and tax documents from Bench before the March 2025 deadline. Then, companies should take stock of their current financial data and accounting processes, and evaluate how well Bench’s services met their needs.

For example, determine whether the level of detail Bench provided was too broad or too granular, or whether the staff ended up relying on manual workarounds to fill processing gaps. Key areas to assess include the chart of accounts structure, cash flow management, tax compliance requirements, and revenue recognition processes. This analysis helps identify which NetSuite features to activate immediately and which to implement as operations grow.

Establish which existing business software tools should integrate with NetSuite, such as payment processors, ecommerce platforms, or point-of-sale systems. Advance planning for these connections can ensure that mission-critical operations will continue smoothly during and after migration.

Finally, determine which staff members need system access and at what level, and then develop a training schedule to make certain everyone is prepared to use the new platform effectively.

NetSuite’s customer success team guides buyers through the entire migration process, eliminating the need for external consultants. Early communication with the team helps establish a migration timeline that avoids critical time periods, such as month-end closes, tax deadlines, or peak seasonal operations.

13 Steps to Migrate from Bench to NetSuite

The following 13 steps provide a structured approach to moving from Bench to NetSuite, which is especially important because business operations will be continuing throughout. Keep in mind that the specific progression may vary with a given business’s complexity and reporting needs. Also count on the NetSuite implementation team to help map existing processes to the new system’s capabilities, and to develop a phased approach that aligns with your company’s requirements. Use these steps to guide planning:

1. Export from Bench your prior monthly, quarterly, and annual financial statements, bank and credit card activity, detailed general ledger transaction history, tax returns, receipt documentation, and any custom reports used for operational decision-making.
2. Clean and organize exported data by removing duplicate entries, standardizing transaction descriptions, and verifying account classifications.
3. Configure NetSuite’s chart of accounts and set up tax codes to match your business’s organizational structure and reporting requirements.
4. Connect essential business tools to NetSuite, including payment processors, ecommerce platforms, point-of-sales software, and banking feeds.
5. Set up user roles and access permissions based on team members’ responsibilities and security requirements.
6. Set up business documents using NetSuite’s prebuilt templates for invoices, purchase orders, and other standard forms, customizing as needed.
7. Activate industry-specific workflows that automate routine processes, such as invoice approvals and expense submissions.
8. Import historical financial data into NetSuite, starting with opening balances and most recent transactions.
9. Select and customize standard dashboards and reports that provide real-time visibility into important business metrics.
10. Establish month-end closing procedures and checklists in NetSuite.
11. Validate data accuracy by comparing Bench and NetSuite reports, focusing on key metrics, such as account balances and profit/loss figures.
12. Test complete monthly close process, including all workflows, reports, and reconciliations.
13. As time permits, run parallel systems for one or two cycles to verify that all transactions are captured accurately before fully transitioning.

Post-Migration Best Practices

After completing migration, use the following practices to help ensure that NetSuite will continue to support your business effectively as it grows. Some practices focus on essential system maintenance, while others help optimize performance and expand capabilities over time. Assign specific team members to oversee each area and establish regular review cycles—monthly for financial operations, quarterly for system maintenance, and as-needed for team training and communication.

System Maintenance and Security:

1. Keep system features current by implementing regular NetSuite updates.
2. Review user access permissions quarterly to maintain system security.
3. Establish a regular backup schedule for custom reports and configurations.
4. Monitor integration points with third-party applications to double-check continued compatibility.
5. Regularly assess system performance metrics and optimize as needed.

Financial Operations:

6. Schedule regular reviews of financial reports and dashboards to confirm that they continue to meet the business’s needs.
7. Evolve month-end close processes based on team feedback and new system capabilities.
8. Review and update automated workflows to reflect any changes in business processes.
9. Maintain detailed audit trails for all financial transactions and system changes.
10. Regularly review compliance requirements and confirm or update system settings accordingly.

Team Management and Communication:

11. Document any new processes or workflows created during migration for future staff training.
12. Provide ongoing training as team members’ roles evolve or new features are activated.
13. Monitor system performance and user feedback to identify areas for additional automation.
14. Maintain consistent communication with your NetSuite support team about emerging business requirements.
15. Configure and maintain vendor and customer portals to streamline external communications.

Grow With NetSuite

NetSuite’s cloud accounting software combines essential business functions in one unified system, enabling real-time visibility and automated workflows across financial operations. Thanks to its decades of experience serving organizations of all sizes, NetSuite offers the stability of an industry leader while maintaining innovative features that help manage your business.

When migrating from Bench, companies gain immediate access to all of NetSuite’s core financial management capabilities, including accounts receivable, accounts payable, general ledger, billing, and cash management. As operations expand, additional modules within NetSuite ERP—from CRM to human resources to procurement to warehouse management to supply chain optimization, to name a few—integrate seamlessly with this foundation.

The transition from Bench to NetSuite presents small and medium-sized businesses with an opportunity to upgrade to a more complete financial management solution that provides real-time insights and automated workflows. Proper planning and systematic implementation, along with post-implementation best practices, facilitate a smooth transition that minimizes disruption while maximizing efficiency. NetSuite’s implementation teams help guide a successful migration process, enabling businesses to focus on leveraging advanced capabilities for growth rather than managing system changes.

How to Migrate from Bench FAQ

Why is Bench Accounting shutting down?

On Dec. 27, 2024, Bench announced its shutdown. The exact reason behind the shutdown has not been made public. The company was subsequently acquired by Employer.com on Dec. 30, 2024.