Bench Accounting, branded as Bench, is a four-year-old fintech company that automates accounting tasks to organize the financials of small businesses, independent contractors, and entrepreneurs.[1] Pairing its intuitive software with a live bookkeeping team, Bench combines the convenience and efficiency of modern technology with the expertise and time-savings afforded by a professional service. Bench was founded by Forbes 30 Under 30 winner[2] Ian Crosby, along with Jordan Menashy, Adam Saint, and Pavel Rodionov in 2012. 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 to date,[4] services thousands of business owners across the country, and currently employs 250 people out of its headquarters in Vancouver, Canada.[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 2016, they raised $16 million in Series B funding,[12] led by Bain Capital Investments, with Altos Ventures, and Contour Venture Partners participating.
Product
Bench provides US-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.[13]
Bench provides a year-end tax package and can connect directly with a client’s CPAs to ensure a smooth tax season.
