Bench Accounting Explained
Bench Accounting, Inc. |
Founded: | 2012 |
Industry: | Bookkeeping, Tax return preparation |
Url: | bench.co |
Language: | English |
Company Type: | Private |
Key People: | JP Durrios (CEO) Evan Birch (VP Finance) Jenn Bouyoukos (VP People) KD Dorsey (VP Sales) Brittany Hamilton (VP Operations) Jared Jost (VP Marketing) Prasad Sristi (VP Product) |
Area Served: | United States of America, Canada |
Location City: | Vancouver |
Num Employees: | 650 |
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] The company provides subscription access to cloud-based software in combination with in-house bookkeepers.[2] Bench has raised $53M in funding to date[3] and currently employs around 650 people out of its Vancouver headquarters.[4]
History
2012: Accepted by TechStars NYC's accelerator program as 10sheet Inc.
2013: Raised $2M in seed capital and launched to the public
2013: Moved to Vancouver, BC and changed our name to Bench
2015: Raised $7M in Series A funding
2016: Raised $16M in Series B funding
2018: Raised an additional $18M in Series B-1 funding
2021: Raised $60M in Series C funding
Funding
Bench launched their product to the general public in 2013[5] after raising a $2 million seed round,[6] followed by $7 million in Series A funding[7] led by Altos Ventures, with Contour Venture Partners participating. In January 2014, Bench Accounting raised $1 Million from VCs and angel investors.[8] In 2016, they raised $16 million in Series B funding,[9] 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.[10]
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.[11] Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square,[12] and PayPal.
In June 2019, Bench launched a new cash flow management tool called Pulse.[13]
As of August 2019, Bench announced BenchTax in partnership with Taxfyle[14] in order to provide tax preparation and filing for clients.
See also
External links
Notes and References
- Web site: Bench Bookkeeping Service Cooks Up $7 Million Series A. TechCrunch. 29 January 2015 . en-US. 2019-11-06.
- Web site: Bookkeeping For Those Who Don't Like Using An App. Forbes. en. live. https://web.archive.org/web/20140302174636/http://www.forbes.com:80/sites/tomtaulli/2014/02/24/bookkeeping-for-those-who-dont-like-using-an-app/ . 2014-03-02 . 2019-11-06.
- Web site: Bench raises $16 mln from Bain, Altos, Contour. 2016-05-03. PE Hub. 2019-11-06.
- Web site: Why This Bookkeeping Company Created the Ultimate Guide for Mental Health at Work. 18 July 2016. Inc.com. live. https://web.archive.org/web/20160719202430/http://www.inc.com:80/bartie-scott/bench-mental-health-guide.html . 2016-07-19 . 2019-11-06.
- Web site: A Virtual Accounting Department for Small Businesses. 2013-08-01. You’re the Boss Blog. en-US. live. https://web.archive.org/web/20140104113758/http://boss.blogs.nytimes.com/2013/08/01/a-virtual-accounting-department-for-small-businesses/ . 2014-01-04 . 2019-11-06.
- News: Frustrated by lack of venture capital in Canada, startup moves south. 2019-11-06.
- Web site: Bench Bookkeeping Service Cooks Up $7 Million Series A. TechCrunch. 29 January 2015 . en-US. 2019-11-06.
- Web site: Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels. Techvibes. en-US. 2019-11-06.
- Web site: Bench raises $16 mln from Bain, Altos, Contour. 2016-05-03. PE Hub. 2019-11-06.
- Web site: Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada. www.newswire.ca. en. live. https://web.archive.org/web/20191106171805/https://www.newswire.ca/news-releases/largest-bookkeeping-service-for-small-businesses-bench-expands-into-canada-672106523.html . 2019-11-06 . 2019-11-06.
- Web site: Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada. www.newswire.ca. en. live. https://web.archive.org/web/20191106171805/https://www.newswire.ca/news-releases/largest-bookkeeping-service-for-small-businesses-bench-expands-into-canada-672106523.html . 2019-11-06 . 2019-11-06.
- Web site: Integrate Bench Accounting with Square. Square. en-US. 2019-11-06.
- Web site: Bench Accounting Launches New Real-Time Financial Tool To Help Small Business Owners Track Their Cash And Spending. www.prnewswire.com. en. live. https://web.archive.org/web/20190619203657/https://www.prnewswire.com/news-releases/bench-accounting-launches-new-real-time-financial-tool-to-help-small-business-owners-track-their-cash-and-spending-300859724.html . 2019-06-19 . 2019-11-06.
- Web site: Taxfyle partners with bookkeeping service Bench. 2017-11-26. Accounting Today. en. 2019-11-06.