Bench Accounting, branded as Bench, is a five-year-old fintech company that automates accounting tasks to organize the financials of small businesses, independent contractors, and entrepreneurs. Bench was founded by Forbes 30 Under 30 winner 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 to serve their clients. Bench has raised $33M in funding to date, services thousands of business owners across the United States, and currently employs 250 people out of its North American headquarters.
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History
In November 2010, Ian Crosby and Jordan Menashy co-founded 10Sheet Services, Inc., 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. By July 2013 they had raised $2 million in seed capital, launched to the general public, and settled on the official name, Bench.
Funding
Bench launched their product to the general public in 2013 after raising a $2 million seed round, followed by $7 million in Series A funding led by Altos Ventures, with Contour Venture Partners participating. In January 2014, Bench Accounting raised $1 Million from VCs and Angels. In 2016, they raised $16 million in Series B funding, led by Bain Capital Investments, with Altos Ventures, and Contour Venture Partners participating.
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Product
Bench provides US and Canadian-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.
Bench provides a year-end tax package and can connect directly with a client's CPAs to ensure a smooth tax season.
References
External links
- Official site
Source of article : Wikipedia
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