Hi there,

As we celebrate this holiday season, I want to take a moment to wish you a Merry Christmas and a Happy New Year! We hope this time brings you joy, reflection, and excitement as we prepare for an even brighter 2025.

This week’s newsletter focuses on two major developments impacting small business owners:

1. Bench Accounting’s Sudden Shutdown

2. The Latest on BOI Reporting Compliance

Let’s dive into these important updates.

Bench Accounting’s Collapse: A Warning for Small Businesses

This week, Bench Accounting, a major player in the small business bookkeeping space, abruptly shut down operations, leaving many clients stranded.

What Went Wrong?

• A Failed Strategy: Bench aimed to deliver ultra-low-cost bookkeeping services by heavily relying on AI and outsourcing to offshore teams. Unfortunately, this sacrificed quality and client satisfaction.

• Client Complaints: Many former clients have shared frustrations over inconsistent work and a lack of personal attention.

• The Aftermath: Ultimately, their model proved unsustainable, resulting in a sudden and disruptive shutdown.

At ASO Financial, we sympathize with anyone affected by this closure. If you’re left wondering where to turn next, here’s our commitment to you:

• Human-Centered Service: We combine technology with a personal touch to deliver high-quality, tailored solutions.

• Reliability: You can count on us for consistent support, even in challenging times.

If you’ve been impacted by Bench’s collapse—or are simply looking for a better accounting partner—schedule a consultation with us today. We’re here to help you get your finances back on track.

BOI Reporting Requirements Paused Nationwide

If I had a quarter for every time we’ve seen an update on this issue, I’d be able to retire comfortably! That said, the Beneficial Ownership Information (BOI) reporting requirements have been temporarily halted following a recent legal ruling.

What Happened?

• A nationwide injunction has paused the enforcement of BOI requirements, relieving businesses from compliance for now.

• Legal uncertainty persists, but we anticipate that future compliance may transition to state-level oversight for a more streamlined approach.

What Should You Do?

• Take this time to prepare: Gather the necessary documentation in case reporting requirements resume.

• Stay informed: We’ll keep you updated as this issue evolves.

Have questions about what this means for your business? Reach out—we’re here to guide you.

Let’s Connect:

Got questions about the Bench shutdown, BOI reporting, or planning for 2025? Reply to this email, and let’s chat.

Wishing you a joyous holiday season and a prosperous New Year,

Doyin Ogunbajo
CEO, ASO Financial