Bench Accounting

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Bench Accounting, Inc.
Bench Corporate Logo.svg
America’s largest bookkeeping service for small businesses.
Type of businessPrivate
Available inEnglish
Founded2012
Headquarters,
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
Employees320
Websitebench.co
CommercialYes

Bench Accounting, (branded as "Bench") is a fintech company that automates accounting tasks to organize the financials of small businesses, independent contractors, and entrepreneurs.[1] Bench was founded in 2012 by Ian Crosby,[2] along with Jordan Menashy, Adam Saint, and Pavel Rodionov. Unlike traditional accounting solutions, the company provides subscription access to cloud-based software in combination with in-house bookkeepers.[3] Bench has raised $33M in funding to date,[4] services thousands of business owners across the United States, and currently employs 250 people out of its North American headquarters.[5]

History[edit]

In November 2010, Ian Crosby and Jordan Menashy co-founded 10Sheet Services, Inc.,[6] in an effort to solve the problem of bookkeeping on a large scale for small business owners. Adam Saint and Pavel Rodionov joined Crosby and Menashy as co-founders in 2012. With the team and prototype in place they were accepted into startup accelerator Techstars NYC.[7] By July 2013 they had raised $2 million in seed capital, launched to the general public, and settled on the official name, Bench.[8]

Funding[edit]

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

Product[edit]

Bench provides US and Canadian-based small businesses, independent contractors, and entrepreneurs with bookkeeping services. Bench is integrated with third-party providers for Payroll as well as Invoicing.[14].

References[edit]

  1. ^ Bench Bookkeeping Service Cooks Up $7 Million Series A, Tech Crunch, 2015.
  2. ^ "30 Under 30 2016: Enterprise Tech". Forbes. Retrieved 2016-05-03.
  3. ^ Bookkeeping For Those Who Don't Like Using An App, Forbes, 2014.
  4. ^ "Bench raises $16 mln from Bain, Altos, Contour". PE HUB. 2016-05-03. Retrieved 2016-05-03.
  5. ^ http://www.inc.com/bartie-scott/bench-mental-health-guide.html
  6. ^ A Virtual Accounting Department for Small Businesses, The New York Times, 2013.
  7. ^ Vancouver Entrepreneurs: Bench, VanCity Buzz, 2013.
  8. ^ TechStars-Backed Bookkeeping Service 10Sheet Relaunches As Bench With New $2M Seed Round, Tech Crunch, 2013.
  9. ^ http://boss.blogs.nytimes.com/2013/08/01/a-virtual-accounting-department-for-small-businesses/?_r=0
  10. ^ Frustrated by lack of venture capital in Canada, startup moves south, The Globe and Mail, 2014.
  11. ^ Bench Bookkeeping Service Cooks Up $7 Million Series A, Tech Crunch, 2015.
  12. ^ "Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels". Techvibes. Retrieved 2017-11-15.
  13. ^ "Bench raises $16 mln from Bain, Altos, Contour". PE HUB. 2016-05-03. Retrieved 2016-05-03.
  14. ^ http://www.sfgate.com/business/press-releases/article/Bench-and-Gusto-Announce-Partnership-8314767.php

External links[edit]