Dear Valued Customers, Partners, and Friends,

     On December 27, 2024, Bench, the largest bookkeeping platform in North America, unexpectedly announced its shutdown. For several days, businesses that relied on Bench for their financial records and bookkeeping faced uncertainty, unsure if they would regain access to their critical data. Clients were given a deadline to download their data, and services stopped abruptly just before year-end—a critical time for financial planning and reporting.

While Bench Accounting has since been acquired and its services will continue, the disruption revealed a deeper issue: a business’s acquisition should never determine whether its clients can continue operating smoothly. This wasn’t just a near-miss; it was a reflection of a flawed model that left businesses exposed at the worst possible time.

     These recent events in our industry have reminded us all of the immense responsibility we bear when businesses entrust us with their financial data and operations. As the CEO of LedgerFi, I want to take a moment to reflect on why we’ve built this company the way we have and why your trust is not just appreciated, but earned through deliberate choices and values we’ve held from day one.

     From the very beginning, LedgerFi has been built on a core belief: your data belongs to you. Full stop. You should always have access to it, always have control over it, and always be able to take it with you—whenever and wherever you need. No costly migrations. No cryptic Excel files. Just a seamless download directly into the accounting software you came with. Your records matter. That history matters. We know because we’ve seen how important it can be to access documents from five, ten, or even thirty years ago.

     All of us who founded LedgerFi came from a background in tax representation, where the stakes were high, and records could make or break a case. We’ve sat across from business owners who needed that one piece of data to resolve an audit or settle a dispute. Those experiences taught us that data integrity is more than a feature—it’s a necessity. That’s why we built LedgerFi to ensure your operations remain uninterrupted and your records are always within reach, no matter what.

     I remember when we first launched, I would cheerfully tell prospective clients on sales calls, “You can keep your QuickBooks if you want! Your data is yours, and you can walk away anytime.” Truthfully, it didn’t resonate as much as I thought it would.

In fact, it didn’t resonate so much that a member of our team eventually pulled me aside and said, “Chris, I get what you’re trying to say about data portability, but I don’t think it’s landing with clients the way you think it is.” But I kept saying it anyway—not because it was a great pitch, but because it was true. And because we knew, even then, that something like what we’re seeing today was bound to happen in this industry.

     At LedgerFi, we’ve never believed in locking customers into a system. We believe in creating a platform so valuable that you’ll want to stay because it empowers your business, gives you clarity through insightful reporting, and positively impacts your operations.

     Some might see recent shutdowns and disruptions as a warning against accounting software in general. We see them as a reminder of why the right foundations and practices matter. This isn’t about the dangers of technology; it’s about building technology with foresight, responsibility, and integrity.

     When you choose LedgerFi, you’re choosing a partner that respects your autonomy and your trust. We don’t hold your data hostage. We don’t trap you with convoluted contracts. Instead, we work every day to ensure our value is undeniable—so you stay with us because you love what we offer, not because you’re stuck.

     To our customers, thank you for putting your faith in us. To those looking for a partner who prioritizes transparency and trust, we’re here for you. At LedgerFi, we’re committed to ensuring your operations are uninterrupted, your data is secure, and your business is empowered to thrive—always.

Here’s to continuing to build trust, transparency, and success together into 2025.

Warm regards,

Christopher Selim
CEO, LedgerFi