Bench Accounting
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| Type of business | Private |
|---|---|
| Available in | English |
| Founded | 2012 |
| Headquarters | , |
| Area served | United States of America, Canada |
| 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) |
| Industry | Bookkeeping, Tax return preparation |
| Employees | 650 |
| 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] 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
[edit]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
[edit]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
[edit]Features and Integrations
[edit]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
[edit]References
[edit]- ^ "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. 29 January 2015. Retrieved 2019-11-06.
- ^ "Bookkeeping For Those Who Don't Like Using An App". Forbes. Archived from the original on 2014-03-02. Retrieved 2019-11-06.
- ^ "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. 18 July 2016. Archived from the original on 2016-07-19. Retrieved 2019-11-06.
- ^ "A Virtual Accounting Department for Small Businesses". You’re the Boss Blog. 2013-08-01. Archived from the original on 2014-01-04. Retrieved 2019-11-06.
- ^ "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. 29 January 2015. 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. Archived from the original on 2019-11-06. Retrieved 2019-11-06.
- ^ "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". www.newswire.ca. Archived from the original on 2019-11-06. Retrieved 2019-11-06.
- ^ "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. Archived from the original on 2019-06-19. Retrieved 2019-11-06.
- ^ "Taxfyle partners with bookkeeping service Bench". Accounting Today. 2017-11-26. Retrieved 2019-11-06.