Recently, the accounting startup Bench was acquired by Employer.com immediately after the company suddenly and unexpectedly shut down.

While Employer.com will dedicate resources to reviving Bench’s infrastructure and assist customers with logging back and accessing their data, this came as a shock to the tens of thousands of customers who found themselves locked out of their accounts. While that would be stressful any time of year, it is especially so when a new year begins, and tax filings will be due soon.

Per TechCrunch, Employer.com will enable Bench customers to port their data to a new small business accounting service or keep their service going.

Switching accounting firms can seem like an intimidating process, even if you plan in advance– let alone have a switch suddenly forced on you. However, the sudden change can be an opportunity and a lesson in crisis management. Here’s what small business owners should know about the mental and logistical barriers to switching accounting firms and what lessons can be gleaned from the Bench accounting closure.

The Psychological Barriers to Change

Change, while often exciting, can sometimes bring about a sense of uncertainty. It’s natural to feel cautious when faced with new experiences—whether it’s moving to a new city or trying out a new restaurant. This holds true when considering the switch to a different accounting firm. Common concerns might include:

• What if I miss a crucial opportunity while adjusting to the new firm?
• What if the transition process proves too complex or costly?
• What if the communication with the new firm isn’t up to par?
• What if my team struggles to adapt to the new firm’s methods?

These concerns are completely normal. However, it’s important to remember that these fears often appear more daunting in anticipation than they are in reality. Like any major decision, the key to a smooth transition lies in approaching it with the right information and support.

Switching accounting firms, especially under unforeseen circumstances like those experienced by Bench customers, is undoubtedly a significant change. But it also presents a valuable opportunity to reevaluate your current needs, address any service gaps, and enhance your operations with a firm that aligns more closely with your business’s growth and goals.

The Benefits of Switching Accounting Firms

Disruptions to operations can be annoying or even scary. But this is actually an opportunity to consider where your current small business accounting solution fell short and what you can look for in a new accounting firm.

For example, if your company uses QuickBooks like millions of other small businesses, Accounting Freedom offers dedicated QuickBooks support and training. While many small business accounting services use QuickBooks and assist with one-time setups, not all of them will train your staff in how to use the program.

Ongoing training and support are important features to look for in a new accounting firm. You may also want to address areas where your previous firm may have fallen short, like service gaps, communication, and strategic insights.

What Modern Transition Processes Look Like

Modern transition processes no longer rely on digitizing filing cabinets full of folders or ungainly transfers between a massive hard drive and the latest office computer. The digital transfer process takes far less time, and cloud-based accounting solutions seamlessly transfer accounting data across devices and update them in real time. Our personalized onboarding experiences ensure that your new accounting solution is tailored to your industry, firm size, and business goals for the near future.

Rather than simply porting your old accounting data into a new solution, the new accounting transition takes a more holistic approach.

The Cost of Inaction

Delaying a necessary transition to a new accounting firm can seem like a safe choice, but it may lead to missed opportunities and challenges, such as:

• Failing to meet important tax filing and financial deadlines.
• Encountering compliance issues that could have been avoided.
• Accumulating technical debt that complicates future transitions.
• Experiencing reduced service quality could affect your business operations.

By choosing to act promptly, you position your business to:

• Stay compliant with all financial regulations.
• Keep operations running smoothly without disruptions.
• Enhance the quality of financial services you receive.
• Take advantage of strategic opportunities, such as loans, grants, and investment options that require accurate, up-to-date accounting records.

Considering a switch to a new accounting firm is not just a necessity; it’s an opportunity to streamline and improve your financial operations. 

Schedule a free transition consultation to explore how Accounting Freedom can support your business’s unique needs today.