Bench Accounting
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|
 America’s largest bookkeeping service for small businesses. | |
| Type of business | Private |
|---|---|
| Available in | English |
| Founded | 2012 |
| Headquarters | , |
| Area served | United States of America |
| Key people | Ian Crosby (Co-Founder & CEO) Jordan Menashy (Co-Founder & Board Member) Adam Saint (Co-Founder & Design Consultant) Pavel Rodionov (Co-Founder & CTO) |
| Industry | Bookkeeping, Tax return preparation |
| Employees | 350 |
| URL | bench.co |
| Commercial | Yes |
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]
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.
Awards and Recognition
See also
References
- ^ "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. Retrieved 2019-11-06.
- ^ "30 Under 30 2016: Enterprise Tech". Forbes. Retrieved 2019-11-06.
- ^ "Bookkeeping For Those Who Don't Like Using An App". Forbes. Retrieved 2019-11-06.
{{cite web}}: CS1 maint: url-status (link) - ^ "Bench raises $16 mln from Bain, Altos, Contour". PE Hub. 2016-05-03. Retrieved 2019-11-06.
- ^ "Why This Bookkeeping Company Created the Ultimate Guide for Mental Health at Work". Inc.com. Retrieved 2019-11-06.
{{cite web}}: CS1 maint: url-status (link) - ^ "A Virtual Accounting Department for Small Businesses". You’re the Boss Blog. 2013-08-01. Retrieved 2019-11-06.
{{cite web}}: CS1 maint: url-status (link) - ^ "TechStars-Backed Bookkeeping Service 10Sheet Relaunches As Bench With New $2M Seed Round". TechCrunch. Retrieved 2019-11-06.
- ^ "A Virtual Accounting Department for Small Businesses". You’re the Boss Blog. 2013-08-01. Retrieved 2019-11-06.
{{cite web}}: CS1 maint: url-status (link) - ^ "Frustrated by lack of venture capital in Canada, startup moves south". Retrieved 2019-11-06.
- ^ "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. Retrieved 2019-11-06.
- ^ "Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels". Techvibes. Retrieved 2019-11-06.
- ^ "Bench raises $16 mln from Bain, Altos, Contour". PE Hub. 2016-05-03. Retrieved 2019-11-06.
- ^ "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". www.newswire.ca. Retrieved 2019-11-06.
{{cite web}}: CS1 maint: url-status (link) - ^ "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". www.newswire.ca. Retrieved 2019-11-06.
{{cite web}}: CS1 maint: url-status (link) - ^ "Integrate Bench Accounting with Square". Square. Retrieved 2019-11-06.
- ^ "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.
{{cite web}}: CS1 maint: url-status (link) - ^ "Taxfyle partners with bookkeeping service Bench". Accounting Today. 2017-11-26. Retrieved 2019-11-06.