The Best Bench Alternative for Small Business
Bench charged $299–499/mo for accounting software. Holdings gives you the same accounting — plus 57 free tools and a free bank account — from $0/mo.
What happened to Bench?
Bench Accounting shut down abruptly in December 2024 after raising over $113M in venture funding. Thousands of small businesses lost access to their financial records overnight. The company's model — paying human bookkeepers to manually categorize transactions — couldn't scale profitably. Holdings takes a different approach: AI handles categorization automatically, and because it's built into the bank, there's no monthly bookkeeping fee.
Holdings vs Bench
Side-by-side feature comparison
| What you get | Holdings | Bench (defunct) |
|---|---|---|
| Monthly Cost | From $0/mo | $299–$499/mo |
| Status | ✅ Active & growing | ❌ Shut down (Dec 2024) |
| Auto-Categorization | ✅ AI-powered, real-time | Manual by bookkeepers |
| P&L / Balance Sheet | ✅ Included free | ✅ Included in plan |
| Tax-Ready Reports | ✅ Included free | ✅ Included in plan |
| Invoicing | ✅ Built-in | ❌ Not included |
| 57 Free Tools | ✅ Included | ❌ Not included |
| Banking Included | ✅ Free checking | ❌ Required separate bank |
| APY on Deposits | 1.75% | N/A — no banking |
| FDIC Insurance | Up to $3M | N/A — no banking |
| Unlimited Sub-accounts | ✅ Free | N/A |
| Data Ownership | ✅ Export anytime | ❌ Lost on shutdown |
Why Former Bench Customers Choose Holdings
Replace $3,588+/year in software
Bench charged $299–$499/mo for bookkeeping alone. Holdings Services is $59/mo — automated close, receipt matching, and reports. Add free banking to any plan.
Stop juggling 5 apps
Bench was bookkeeping only — you still needed a bank, invoicing tools, and expense trackers. Holdings replaces all of them in one place, one login.
Your invoices auto-update your books
Bench required manual reconciliation with your bank. Holdings connects invoicing, expenses, and accounting in one system — when money moves, your books update automatically.
Your data can't disappear
When Bench shut down, customers lost access to years of financial records. With Holdings, your data lives in your workspace — it's always yours, always exportable, always accessible.
Save $3,000+ per Year
Bench (was)
$299
/month for bookkeeping only
+ bank fees elsewhere
$3,588+/year
Holdings
$0
/month for 57 free tools + accounting + banking
+ earn 1.75% APY
From $60/year + interest earned
Frequently Asked Questions
Why did Bench shut down?
Bench Accounting ceased operations in December 2024 after facing financial difficulties. The company had raised over $113M in venture funding but could not achieve sustainable profitability. All customer data access ended when the platform went offline.
I already have a bank — why do I need Holdings?
Holdings isn't just banking — it's a financial platform. You get 57 free tools (accounting, invoicing, expense tracking, P&L reports) that replace paid software like Bench. The bank account connects it all, but the tools work even if you keep your current bank.
Can I use Holdings tools without banking?
Yes. Holdings' tools — accounting, invoicing, expense tracking, reports — are free to use. The banking is optional but connects everything automatically when you use it.
How is Holdings different from Bench?
Holdings is a financial platform with 57 free tools, built-in accounting, and connected banking (1.75% APY, $3M FDIC insurance). Unlike Bench, which was a standalone bookkeeping service requiring a separate bank, Holdings puts tools, accounting, and banking in one platform. Your transactions are categorized automatically because they happen inside the same system.
How much does Holdings cost compared to Bench?
Bench was $299–$499/mo and shut down. Holdings Services is $59/mo for automated monthly close, smart categorization, and receipt matching — with free banking on any plan. Software is $25/mo if you want full control yourself.
Is Holdings good for small businesses that used Bench?
Yes. Bench's core audience was small businesses and freelancers who needed bookkeeping but didn't want to hire an accountant. Holdings serves the same audience with a better model: 57 free tools, automated accounting, and connected banking — one workspace that replaces multiple paid subscriptions.
Ready to run your business from one place?
57 free tools. Free banking. Free invoicing. Accounting from $25/mo.
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