Bench Accounting
{{short description|North American financial technology company purchased by Employer.com}}
{{promotional|date=January 2016}}
{{Infobox company
| name = Bench Accounting, Inc.
| logo = Bench_Corporate_Logo.svg
| logo_caption =
| logo_size = 220px
| founded = 2012
| fate = Acquired by Employer.com
| industry = Bookkeeping, Tax return preparation
| homepage = [https://bench.co/ bench.co]
| type = Private
| key_people = David Berens (CEO)
Matt Charney (CMO)
Jesse Tinsley (President, Chairman)
Ross Shanken (VP Growth)
Ben Van Every (CIO)
Sarah Lembke (Head of Growth)
Mor Lakritz (CFO)
| area_served = United States of America, Canada
| location_city = San Francisco
| location_country = {{nowrap|United States}}
}}
Bench Accounting (branded as "Bench") is a fintech company that uses proprietary software to automate bookkeeping and provide financials for small business owners.{{Cite web|url=https://techcrunch.com/2015/01/29/bench-bookkeeping-service-cooks-up-7-million-series-a/|title=Bench Bookkeeping Service Cooks Up $7 Million Series A|website=TechCrunch|date=29 January 2015 |language=en-US|access-date=2019-11-06}} The company provides subscription access to cloud-based software in combination with in-house bookkeepers.{{Cite web|url=https://www.forbes.com/sites/tomtaulli/2014/02/24/bookkeeping-for-those-who-dont-like-using-an-app/|title=Bookkeeping For Those Who Don't Like Using An App|last=|first=|date=|website=Forbes|language=en|url-status=live|archive-url=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/ |archive-date=2014-03-02 |access-date=2019-11-06}} As of December 2024, Bench employed around 650 people out of its Vancouver headquarters{{Cite web|url=https://www.inc.com/bartie-scott/bench-mental-health-guide.html|title=Why This Bookkeeping Company Created the Ultimate Guide for Mental Health at Work|last=|first=|date=18 July 2016|website=Inc.com|url-status=live|archive-url=https://web.archive.org/web/20160719202430/http://www.inc.com:80/bartie-scott/bench-mental-health-guide.html |archive-date=2016-07-19 |access-date=2019-11-06}} and had raised over $100M in funding.{{Cite web|url=https://www.businesswire.com/news/home/20210603005032/en/Bench-Raises-60-Million-USD-Series-C-and-Expands-Beyond-Accounting-with-Launch-of-Bench-Banking|title=Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking|date=2021-06-03|website=businesswire.com|access-date=2024-12-27}} Bench Accounting was purchased by Employer.com in December 2025.{{Cite web|url=https://www. https://www.bench.co/press-release|title= Employer.com announces acquisition of Bench Accounting|date=2024-12-30|website=bench.co|access-date=2025-06-11}}
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.{{Cite web|url=https://boss.blogs.nytimes.com/2013/08/01/a-virtual-accounting-department-for-small-businesses/|title=A Virtual Accounting Department for Small Businesses|date=2013-08-01|website=You’re the Boss Blog|language=en-US|url-status=live|archive-url=https://web.archive.org/web/20140104113758/http://boss.blogs.nytimes.com/2013/08/01/a-virtual-accounting-department-for-small-businesses/|archive-date=2014-01-04|access-date=2019-11-06}}
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.{{Cite web|url=https://www.businesswire.com/news/home/20210603005032/en/Bench-Raises-60-Million-USD-Series-C-and-Expands-Beyond-Accounting-with-Launch-of-Bench-Banking|title=Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking|date=2021-06-03|website=Business Wire|access-date=2024-12-27}}
Funding
Bench launched with a $2 million seed round in 2013,{{Cite news|url=https://www.theglobeandmail.com/report-on-business/small-business/sb-money/frustrated-with-lack-of-venture-capital-in-canada-startup-moves-south/article16522672/|title=Frustrated by lack of venture capital in Canada, startup moves south|access-date=2019-11-06}} followed by $7 million Series A funding in 2015 led by Altos Ventures and Contour Venture Partners.{{Cite web|url=https://techcrunch.com/2015/01/29/bench-bookkeeping-service-cooks-up-7-million-series-a/|title=Bench Bookkeeping Service Cooks Up $7 Million Series A|website=TechCrunch|date=29 January 2015|language=en-US|access-date=2019-11-06}} In January 2014, Bench raised an additional $1 million from VCs and angel investors.{{Cite web|url=https://techvibes.com/2014/01/30/bench-accounting-raises-1-million-2014-01-30|title=Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels|website=Techvibes|date=30 January 2014 |language=en-US|access-date=2019-11-06}} 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.{{Cite web|url=https://www.pehub.com/2016/05/3329277/|title=Bench raises $16 mln from Bain, Altos, Contour|date=2016-05-03|website=PE Hub|access-date=2019-11-06}} 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.{{Cite web|url=https://www.newswire.ca/news-releases/largest-bookkeeping-service-for-small-businesses-bench-expands-into-canada-672106523.html|title=Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada|website=Newswire|access-date=2019-11-06}} 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.{{Cite web|url=https://www.businesswire.com/news/home/20210603005032/en/Bench-Raises-60-Million-USD-Series-C-and-Expands-Beyond-Accounting-with-Launch-of-Bench-Banking|title=Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking|date=2021-06-03|website=Business Wire|access-date=2024-12-27}} 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.{{Cite web|url=https://www.newswire.ca/news-releases/largest-bookkeeping-service-for-small-businesses-bench-expands-into-canada-672106523.html|title=Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada|last=|first=|date=|website=www.newswire.ca|language=en|url-status=live|archive-url=https://web.archive.org/web/20191106171805/https://www.newswire.ca/news-releases/largest-bookkeeping-service-for-small-businesses-bench-expands-into-canada-672106523.html |archive-date=2019-11-06 |access-date=2019-11-06}} Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square,{{Cite web|url=https://squareup.com/us/en/app-marketplace/partners/bench|title=Integrate Bench Accounting with Square|website=Square|language=en-US|access-date=2019-11-06}} and PayPal.
In June 2019, Bench launched a new cash flow management tool called Pulse.{{Cite web |title=Bench Accounting Launches New Real-Time Financial Tool To Help Small Business Owners Track Their Cash And Spending |url=https://markets.businessinsider.com/news/stocks/bench-accounting-launches-new-real-time-financial-tool-to-help-small-business-owners-track-their-cash-and-spending-1028253710 |access-date=2025-01-06 |website=markets.businessinsider.com |language=en}}
As of August 2019, Bench announced BenchTax in partnership with Taxfyle{{Cite web|url=https://www.accountingtoday.com/news/taxfyle-partners-with-bookkeeping-service-bench|title=Taxfyle partners with bookkeeping service Bench|date=2017-11-26|website=Accounting Today|language=en|access-date=2019-11-06}} 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.{{cite web |title=Notice of Service Closure |url=https://bench.co/ |website=Bench Accounting |access-date=27 December 2024}}{{cite news | url = https://www.cbc.ca/news/canada/british-columbia/bench-accounting-shutdown-1.7419592 | title = Vancouver's Bench Accounting abruptly shuts down, with 600 potential jobs lost | author = The Canadian Press | date = 27 Dec 2024 | website = CBC British Columbia | publisher = Canadian Broadcasting Corporation | access-date = 27 Dec 2024 | language = en }} On December 30, it was announced that the company would be acquired by the HR technology firm Employer.com.{{cite news | url = https://techcrunch.com/2024/12/30/bench-to-be-acquired-after-abruptly-shutting-down/ | title = Bench to be acquired after abruptly shutting down | last = Rollet | first = Charles | date = 30 Dec 2024 | publisher = TechCrunch | access-date = 31 Dec 2024 | language = en }}{{cite news | url = https://www.cbc.ca/news/canada/british-columbia/bench-accounting-taken-over-employer-1.7420732 | title = Vancouver's Bench Accounting to be acquired by California-based HR tech company | author = The Canadian Press | date = 30 Dec 2024 | website = CBC British Columbia | publisher = Canadian Broadcasting Corporation | access-date = 31 Dec 2024 | language = en }}
See also
References
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