BENCH ACCOUNTING CLOSES: WHAT IT MEANS FOR BUSINESS OWNERS
CPA On Fire
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Why Bench’s Shutdown Matters
Entrepreneurs rely on accounting to keep their finances in order, but is basic accounting enough? When Bench, a well-known accounting company, suddenly shut down, many business owners panicked. Their low-cost model seemed like a great deal—until it wasn’t. The bigger issue? Many of their clients never realized they were getting little more than transaction entry.
Cheap accounting might help you file taxes, but it won’t help you grow. Business owners need more than reconciled bank statements. They need financial insights, tax strategies, and real-time data to make informed decisions. Without those, they risk flying blind.
The Difference Between Data and Strategy
Accounting records past transactions, but it doesn’t tell you why your business is thriving—or struggling. Think of an NBA team. Every team tracks points, assists, and rebounds. But the best teams dig deeper. They analyze player efficiency, scoring trends, and defensive weaknesses. Then, they use that data to adjust their strategy and win more games.
Your business finances should work the same way. Knowing last month’s revenue is helpful, but knowing how to improve profitability matters more. You need to track the right key performance indicators (KPIs), analyze trends, and make adjustments that drive growth. That’s where strategic accounting comes in.
The Danger of Underpricing Your Services
Bench’s collapse also highlights another critical lesson: pricing matters. Many businesses, especially early on, compete by offering the lowest price. It feels like the easiest way to attract customers. But if your margins are too thin, you won’t last. A business model that relies on high volume and low prices often fails when costs rise or growth slows.
Entrepreneurs should ask themselves: Am I charging enough to build a sustainable business? A strong accounting strategy ensures that you price your services correctly, maintain profitability, and scale without running into cash flow problems.
Take Control of Your Finances
If your accounting service only delivers financial reports without real analysis, you’re missing opportunities. You need financial leadership—someone to help interpret numbers, forecast cash flow, and optimize tax strategies. That’s exactly what we do at CPA on Fire. We help business owners move beyond basic accounting and start making data-driven decisions that fuel growth.
CPA on Fire is a full-service CPA firm that specializes in building financial engines for fast-growing, 7 and 8-figure entrepreneurial companies. We offer far more than just vCFO services or specialized tax services. Our clients are driven, brilliant CEOs/Founders who are achieving great things. We provide companies a top-tier financial team at a fraction of the cost, enabling faster scaling and wealth maximization throughout.
Like to know more??
Download a copy of Ron Parisi’s books Financial Superpowers and The Entrepreneur’s Tax Playbook at https://cpaonfire.com/