Bench Accounting

Last updated
Bench Accounting, Inc.
Company type Private
Industry Bookkeeping, Tax return preparation
Founded2012
DefunctDecember 28, 2024
FateAcquired by Employer.com
Headquarters
Vancouver
,
Canada
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)
Website bench.co

Bench Accounting (branded as "Bench") was 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] As of December 2024, Bench employed around 650 people out of its Vancouver headquarters [3] and had raised over $100M in funding. [4]

Contents

History

Bench was founded in 2012 under the name "10sheet Inc." and was accepted into the TechStars NYC accelerator program that same year. The company rebranded as "Bench" in 2013 after relocating to Vancouver, British Columbia, and publicly launched its product. [5]

Over the years, Bench secured multiple rounds of venture funding and expanded its services. By 2021, the company introduced "Bench Banking," integrating financial services with its core bookkeeping offerings. [6]

Funding

Bench launched with a $2 million seed round in 2013, [7] followed by $7 million Series A funding in 2015 led by Altos Ventures and Contour Venture Partners. [8] In January 2014, Bench raised an additional $1 million from VCs and angel investors. [9] In 2016, the company raised $16 million in Series B funding, led by Bain Capital Ventures, with participation from Altos Ventures and Contour Venture Partners. [10] This was followed in 2018 by $18 million in Series B-1 funding led by iNovia Capital, alongside existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank. [11] In 2021, Bench secured $60 million in Series C funding led by Contour Venture Partners, allowing the company to expand its offerings to include integrated banking services. [12] The company's total funding exceeded $100 million as of December 2024.

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. [13] Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square, [14] and PayPal.

In June 2019, Bench launched a new cash flow management tool called Pulse. [15]

As of August 2019, Bench announced BenchTax in partnership with Taxfyle [16] in order to provide tax preparation and filing for clients.

Closure & Acquisition

On December 27, 2024, Bench emailed its customers and posted a notice of closure on its website that the platform would be immediately inaccessible. [17] [18] On December 30, it was announced that the company would be acquired by the HR technology firm Employer.com. [19] [20]

See also

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References

  1. ↑ "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. 29 January 2015. Retrieved 2019-11-06.
  2. ↑ "Bookkeeping For Those Who Don't Like Using An App". Forbes. Archived from the original on 2014-03-02. Retrieved 2019-11-06.
  3. ↑ "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.
  4. ↑ "Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking". businesswire.com. 2021-06-03. Retrieved 2024-12-27.
  5. ↑ "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.
  6. ↑ "Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking". Business Wire. 2021-06-03. Retrieved 2024-12-27.
  7. ↑ "Frustrated by lack of venture capital in Canada, startup moves south" . Retrieved 2019-11-06.
  8. ↑ "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. 29 January 2015. Retrieved 2019-11-06.
  9. ↑ "Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels". Techvibes. Retrieved 2019-11-06.
  10. ↑ "Bench raises $16 mln from Bain, Altos, Contour". PE Hub. 2016-05-03. Retrieved 2019-11-06.
  11. ↑ "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". Newswire. Retrieved 2019-11-06.
  12. ↑ "Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking". Business Wire. 2021-06-03. Retrieved 2024-12-27.
  13. ↑ "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.
  14. ↑ "Integrate Bench Accounting with Square". Square. Retrieved 2019-11-06.
  15. ↑ "Bench Accounting Launches New Real-Time Financial Tool To Help Small Business Owners Track Their Cash And Spending". markets.businessinsider.com. Retrieved 2025-01-06.
  16. ↑ "Taxfyle partners with bookkeeping service Bench". Accounting Today. 2017-11-26. Retrieved 2019-11-06.
  17. ↑ "Notice of Service Closure". Bench Accounting. Bench Accounting. Retrieved 27 December 2024.
  18. ↑ The Canadian Press (27 Dec 2024). "Vancouver's Bench Accounting abruptly shuts down, with 600 potential jobs lost". CBC British Columbia. Canadian Broadcasting Corporation. Retrieved 27 Dec 2024.
  19. ↑ Rollet, Charles (30 Dec 2024). "Bench to be acquired after abruptly shutting down". TechCrunch . Retrieved 31 Dec 2024.
  20. ↑ The Canadian Press (30 Dec 2024). "Vancouver's Bench Accounting to be acquired by California-based HR tech company". CBC British Columbia. Canadian Broadcasting Corporation. Retrieved 31 Dec 2024.
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