Bench Accounting

Bench Accounting, Inc.
Bookkeeping services for your business.
Type of business Private
Available in English
Founded 2012
Headquarters Vancouver, Canada
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 300
Website bench.co
Commercial Yes

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 proprietary, cloud-based software in combination with in-house bookkeepers [3] to serve their clients. 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

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

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

Bench provides US and Canadian-based small businesses, independent contractors, and entrepreneurs with professional bookkeeping services. Clients are paired up with a dedicated team of professional bookkeepers who utilize an intuitive interface to display the organized financials and overall financial health of their business. This includes a monthly Profit & Loss and Balance Sheet, reconciliation, and expense categorization. Bench is integrated with third-party providers for Payroll as well as Invoicing.[14]

Bench provides a year-end tax package and can connect directly with a client's CPAs to ensure a smooth tax season.

References

  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
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