It seems to me that this is the key takeaway for founders:

Your accounting stack is

  1. accounting software
  2. bookkeeping  (ie operating the accounting software)
  3. cpa / cfo    (ie for tax and financial planning)

The benefit and problem with "nextgen" solutions like bench, kick, etc is that they provide a proprietary solution for the entire stack. This could be better/faster/cheaper but also comes with risk, as we are seeing in real time.

In contrast, the minimal risk approach is to source your accounting stack from different vendors:

  1. accounting software (eg quickbooks, xero, wave)
  2. bookkeeping   (hire a person or use a service)
  3. cpa / cfo     (hire a person or use a service)

If you use "standard" accounting software, you can change the other layers of your accounting stack at will. The total cost of layers 1 and 2 might be $6k-$8k per year for a company with revenue, which looks more expensive than the nextgen solutions. But the reduced risk and increased flexibility may be worth it.