From www.icaew.com: (UK context) Bench Accounting, a Canadian cloud accounting software provider, narrowly avoided bankruptcy at the end of 2024 after its shutdown alarmed thousands of North American SMEs reliant on its services.

The company’s initial success highlighted differences between US and UK accounting markets, where Bench’s transactional approach ultimately struggled under aggressive investor expectations and financial pressures.

Experts emphasise the importance of traditional accountants in safeguarding clients’ data and suggest that accountants must adapt their roles to embrace technology while enhancing their advisory services.