Bench Accounting

Bench Accounting, (branded as "Bench") is a fintech company that uses proprietary software to automate bookkeeping and provide financials for small business owners.[1] Bench was founded in 2012 by Ian Crosby, along with Jordan Menashy,[2] Adam Saint, and Pavel Rodionov. The company provides subscription access to cloud-based software in combination with in-house bookkeepers.[3] Bench has raised $53M in funding to date [4] and currently employs around 350 people out of its Vancouver headquarters.[5]

Bench Accounting, Inc.
America’s largest bookkeeping service for small businesses.
Type of businessPrivate
Available inEnglish
Founded2012
Headquarters
Vancouver
,
Canada
Area servedUnited States of America
Key peopleIan Crosby (Co-Founder & CEO)
Jordan Menashy (Co-Founder & Board Member)
Adam Saint (Co-Founder & Design Consultant)
Pavel Rodionov (Co-Founder & CTO)
IndustryBookkeeping, Tax return preparation
Employees350
URLbench.co
CommercialYes

History

In November 2010, Ian Crosby and Jordan Menashy co-founded 10Sheet Services, Inc.,[6] after identifying the need for an online bookkeeping solution for small business owners. Adam Saint and Pavel Rodionov joined Crosby and Menashy as co-founders in 2012. They were accepted into the startup accelerator program Techstars NYC in 2012 and by July 2013, they had raised $2 million in seed capital and settled on the official name, Bench.[7]

Funding

Bench launched their product to the general public in 2013[8] after raising a $2 million seed round,[9] followed by $7 million in Series A funding[10] led by Altos Ventures, with Contour Venture Partners participating. In January 2014, Bench Accounting raised $1 Million from VCs and angel investors.[11] In 2016, they raised $16 million in Series B funding,[12] led by Bain Capital Investments, with Altos Ventures, and Contour Venture Partners participating. In 2018, Bench secured $18 million in a B-1 funding round led by iNovia Capital with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank.[13]

Product

Features and Integrations

Bench is available on desktop and iOS mobile app. Bench’s core product is online bookkeeping software paired with in-house bookkeepers. Services include historical and monthly bookkeeping, cash flow and expense tracking, and financial reporting.[14] Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square,[15] and PayPal.

In June 2019, Bench launched a new cash flow management tool called Pulse.[16]

As of August 2019, Bench announced BenchTax in partnership with Taxfyle[17] in order to provide tax preparation and filing for clients.

As of August 2020, Bench is not yet BBB accredited.[18]

Awards and Recognition

See also

References
  1. "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. Retrieved 2019-11-06.
  2. "30 Under 30 2016: Enterprise Tech". Forbes. Retrieved 2019-11-06.
  3. "Bookkeeping For Those Who Don't Like Using An App". Forbes. Retrieved 2019-11-06.
  4. "Bench raises $16 mln from Bain, Altos, Contour". PE Hub. 2016-05-03. Retrieved 2019-11-06.
  5. "Why This Bookkeeping Company Created the Ultimate Guide for Mental Health at Work". Inc.com. Retrieved 2019-11-06.
  6. "A Virtual Accounting Department for Small Businesses". You’re the Boss Blog. 2013-08-01. Retrieved 2019-11-06.
  7. "TechStars-Backed Bookkeeping Service 10Sheet Relaunches As Bench With New $2M Seed Round". TechCrunch. Retrieved 2019-11-06.
  8. "A Virtual Accounting Department for Small Businesses". You’re the Boss Blog. 2013-08-01. Retrieved 2019-11-06.
  9. "Frustrated by lack of venture capital in Canada, startup moves south". Retrieved 2019-11-06.
  10. "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. Retrieved 2019-11-06.
  11. "Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels". Techvibes. Retrieved 2019-11-06.
  12. "Bench raises $16 mln from Bain, Altos, Contour". PE Hub. 2016-05-03. Retrieved 2019-11-06.
  13. "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". www.newswire.ca. Retrieved 2019-11-06.
  14. "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". www.newswire.ca. Retrieved 2019-11-06.
  15. "Integrate Bench Accounting with Square". Square. Retrieved 2019-11-06.
  16. "Bench Accounting Launches New Real-Time Financial Tool To Help Small Business Owners Track Their Cash And Spending". www.prnewswire.com. Retrieved 2019-11-06.
  17. "Taxfyle partners with bookkeeping service Bench". Accounting Today. 2017-11-26. Retrieved 2019-11-06.
  18. https://www.bbb.org/ca/bc/vancouver/profile/bookkeeping-services/bench-accounting-0037-1279597
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