Bench Accounting

Bench Accounting, Inc.
Type Private
Founded 2012
Headquarters Vancouver, Canada
Area served United States of America
Key people Ian Crosby (CEO)
Jordan Menashy (VP Marketing)
Adam Saint (Head of Product)
Pavel Rodionov (CTO)
Industry Bookkeeping, Tax return preparation
Employees 230
Website bench.co
Available in English

Bench Accounting, branded as Bench, is a four-year-old fintech company that automates accounting tasks to organize the financials of small businesses.[1] 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 230 people out of its headquarters in Vancouver, Canada.

History

In November, 2010, Ian Crosby and Jordan Menashy co-founded 10Sheet Services, Inc.,[5] an attempt at creating software for automating bookkeeping tasks. Adam Saint and Pavel Rodionov joined Crosby and Menashy as co-founders in 2012. The company was accepted into Techstars NYC,[6] a startup accelerator. In 2012, 10Sheet Service, Inc. rebranded to Bench.[7]

Funding

Bench launched their product to the general public in 2013[8] after raising a $2 million seed round,[9] followed by $7 million in Series A funding [10] led by Altos Ventures, with Contour Venture Partners participating. In 2016, they raised $16 million in Series B funding,[11] led by Bain Capital Investments, with Altos Ventures, and Contour Venture Partners participating.

Product

The main service offered by the Bench software is automatic transaction import for bank accounts, credit cards, and payment processors such as PayPal.[12] The software also matches client provided receipts with transactions. Bench does not currently offer payroll services but does integrate with third-party payroll providers.

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. ↑ A Virtual Accounting Department for Small Businesses, The New York Times, 2013.
  6. ↑ Vancouver Entrepreneurs: Bench, VanCity Buzz, 2013.
  7. ↑ TechStars-Backed Bookkeeping Service 10Sheet Relaunches As Bench With New $2M Seed Round, Tech Crunch, 2013.
  8. ↑ http://boss.blogs.nytimes.com/2013/08/01/a-virtual-accounting-department-for-small-businesses/?_r=0
  9. ↑ Frustrated by lack of venture capital in Canada, startup moves south, The Globe and Mail, 2014.
  10. ↑ Bench Bookkeeping Service Cooks Up $7 Million Series A, Tech Crunch, 2015.
  11. ↑ "Bench raises $16 mln from Bain, Altos, Contour". PE HUB. 2016-05-03. Retrieved 2016-05-03.
  12. ↑ http://www.blakeoliver.com/blog/is-bench-bookkeeping-right-for-my-business

External links

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