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What a comedy of errors. So they screw over their paying customers without any notice and now suddenly they are acquired ? I love capitalism but the way Bench h

What a comedy of errors. So they screw over their paying customers without any notice and now suddenly they are acquired ? I love capitalism but the way Bench handled this is a disaster and left so many customers unsure of what to do. Especially at year end when accounting becomes even more critical. Shameful.

brightball 2y ago
There's not really an economic philosophy that can protect people from bad decisions. In the middle of year end accounting though, this was a train wreck.
- wbl 2y ago
  There is a right way to do this and a wrong way and they picked the wrong way. The right way is to say "we will do 2024 and work with you to transition for 2025".
  - itake 2y ago
    Where does the money come from to pay for that? As an employee, would you want to work for 6mo, for no promotions, bonuses, stock? Seems like they could have had huge layoffs, to try to maintain, but maybe they thought the sale would go through before the shutdown, meaning no one gets laid off. But the buyer waited until after the shutdown to grab it
    - wbl 2y ago
      From the fees the customers are paying for the bookwork.
      - itake 2y ago
        If they were profitable, then they wouldn’t have shut down… Presumably, their cost to serve was higher than what their customers were collectively paying.
  - BehindBlueEyes 2y ago
    There was barely enough money to pay for the last week of wages, would you expect employees to volunteer to achieve that? I'm not defending what they did, but doing the work even one more week was not an option afaik. At best they could have wrapped up earlier?
    - floating-io 2y ago
      A business should know approximately when it will run out of money. Ethically, they should have warned their customers that their financial situation was poor and thus they might close. They should have done that months ago... Maybe they would have been acquired without all the drama...
      - sgerenser 2y ago
        Problem is, if they thought that there was any chance of making it, telling people “we might have to shut down soon” will ensure that they do shut down.
Hilift 2y ago
The vulture capitalists just bought a whole bunch of data.
rchaud 2y ago
In disrupting the staid, predictable world of accounting, one must move fast and break things.
- BehindBlueEyes 2y ago
  I wish the trend of moving fast and breaking thing would go out of fashion already. I guess being kind and fixing things doesn't make any money so why would anyone want that /s

brightball 2y ago

There's not really an economic philosophy that can protect people from bad decisions. In the middle of year end accounting though, this was a train wreck.

wbl 2y ago
There is a right way to do this and a wrong way and they picked the wrong way. The right way is to say "we will do 2024 and work with you to transition for 2025".
- itake 2y ago
  Where does the money come from to pay for that? As an employee, would you want to work for 6mo, for no promotions, bonuses, stock? Seems like they could have had huge layoffs, to try to maintain, but maybe they thought the sale would go through before the shutdown, meaning no one gets laid off. But the buyer waited until after the shutdown to grab it
  - wbl 2y ago
    From the fees the customers are paying for the bookwork.
    - itake 2y ago
      If they were profitable, then they wouldn’t have shut down… Presumably, their cost to serve was higher than what their customers were collectively paying.
- BehindBlueEyes 2y ago
  There was barely enough money to pay for the last week of wages, would you expect employees to volunteer to achieve that? I'm not defending what they did, but doing the work even one more week was not an option afaik. At best they could have wrapped up earlier?
  - floating-io 2y ago
    A business should know approximately when it will run out of money. Ethically, they should have warned their customers that their financial situation was poor and thus they might close. They should have done that months ago... Maybe they would have been acquired without all the drama...
    - sgerenser 2y ago
      Problem is, if they thought that there was any chance of making it, telling people “we might have to shut down soon” will ensure that they do shut down.

Hilift 2y ago

The vulture capitalists just bought a whole bunch of data.

rchaud 2y ago

In disrupting the staid, predictable world of accounting, one must move fast and break things.

BehindBlueEyes 2y ago
I wish the trend of moving fast and breaking thing would go out of fashion already. I guess being kind and fixing things doesn't make any money so why would anyone want that /s