Bench Accounting Explained

Bench Accounting, Inc.
Founded:2012
Industry:Bookkeeping, Tax return preparation
Parent:Employer.com
Homepage:bench.co
Type:Subsidiary
Key People:Jesse Tinsley (CEO, President, Chairman)
Ben Van Every (CTO)
Ross Shanken (VP Growth)
Area Served:United States of America, Canada
Hq Location City:San Francisco, California

Bench Accounting (branded as Bench) is a fintech company that uses proprietary software to automate bookkeeping and provide financial statements 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 approximately 650 people and was headquartered in Vancouver, British Columbia,[3] and had raised over $100 million in venture funding.[4] In December 2024, Bench Accounting was acquired by Employer.com[5] and subsequently resumed operations in January 2025, operating under the Bench Accounting brand.[6] Following the acquisition, Bench’s operations were integrated with Employer.com, which is headquartered in San Francisco.

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.[7]

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.[8]

Funding

Bench launched with a $2 million seed round in 2013,[9] followed by $7 million Series A funding in 2015 led by Altos Ventures and Contour Venture Partners.[10] In January 2014, Bench raised an additional $1 million from VCs and angel investors.[11] 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.[12] 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.[13] 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.[14] 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.[15] Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square,[16] and PayPal.

In June 2019, Bench launched a new cash flow management tool called Pulse.[17]

As of August 2019, Bench announced BenchTax in partnership with Taxfyle[18] in order to provide tax preparation and filing for clients.

Acquisition

On December 27, 2024, Bench Accounting emailed its customers and posted a notice on its website stating that the platform would be immediately inaccessible.[19] [20] On December 30, 2024, it was announced that Bench would be acquired by Employer.com.[21] [22] Following its acquisition in December 2024, Bench Accounting resumed operations in January 2025 as a subsidiary of Employer.com.[23] Following its acquisition, Bench’s services were integrated into Employer.com’s broader back-office solutions portfolio alongside Mainstreet’s offerings.[24]

See also

External links

Notes and References

  1. Web site: Bench Bookkeeping Service Cooks Up $7 Million Series A. TechCrunch. 29 January 2015 . en-US. 2019-11-06.
  2. Web site: Bookkeeping For Those Who Don't Like Using An App. Forbes. en. live. https://web.archive.org/web/20140302174636/http://www.forbes.com/sites/tomtaulli/2014/02/24/bookkeeping-for-those-who-dont-like-using-an-app/. 2014-03-02. 2019-11-06.
  3. Web site: Why This Bookkeeping Company Created the Ultimate Guide for Mental Health at Work. 18 July 2016. Inc.com. live. https://web.archive.org/web/20160719202430/http://www.inc.com/bartie-scott/bench-mental-health-guide.html. 2016-07-19. 2019-11-06.
  4. Web site: Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking. 2021-06-03. businesswire.com. 2024-12-27.
  5. Web site: Employer.com announces acquisition of Bench Accounting. 2024-12-30. bench.co. 2025-06-11.
  6. Web site: Charney . Matt . 2025-08-11 . Employer.com Rebrands and Streamlines With Mainstreet . 2026-01-24 . EIN Presswire . en-US.
  7. Web site: A Virtual Accounting Department for Small Businesses. 2013-08-01. You’re the Boss Blog. en-US. live. https://web.archive.org/web/20140104113758/http://boss.blogs.nytimes.com/2013/08/01/a-virtual-accounting-department-for-small-businesses/. 2014-01-04. 2019-11-06.
  8. Web site: Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking. 2021-06-03. Business Wire. 2024-12-27.
  9. News: Frustrated by lack of venture capital in Canada, startup moves south. 2019-11-06.
  10. Web site: Bench Bookkeeping Service Cooks Up $7 Million Series A. TechCrunch. 29 January 2015. en-US. 2019-11-06.
  11. Web site: Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels. Techvibes. 30 January 2014 . en-US. 2019-11-06.
  12. Web site: Bench raises $16 mln from Bain, Altos, Contour. 2016-05-03. PE Hub. 2019-11-06.
  13. Web site: Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada. Newswire. 2019-11-06.
  14. Web site: Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking. 2021-06-03. Business Wire. 2024-12-27.
  15. Web site: Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada. www.newswire.ca. en. live. https://web.archive.org/web/20191106171805/https://www.newswire.ca/news-releases/largest-bookkeeping-service-for-small-businesses-bench-expands-into-canada-672106523.html . 2019-11-06 . 2019-11-06.
  16. Web site: Integrate Bench Accounting with Square. Square. en-US. 2019-11-06.
  17. Web site: Bench Accounting Launches New Real-Time Financial Tool To Help Small Business Owners Track Their Cash And Spending . 2025-01-06 . markets.businessinsider.com . en.
  18. Web site: Taxfyle partners with bookkeeping service Bench. 2017-11-26. Accounting Today. en. 2019-11-06.
  19. Web site: Notice of Service Closure . Bench Accounting . 27 December 2024.
  20. News: Vancouver's Bench Accounting abruptly shuts down, with 600 potential jobs lost . The Canadian Press . 27 Dec 2024 . CBC British Columbia . Canadian Broadcasting Corporation . 27 Dec 2024 . en .
  21. News: Bench to be acquired after abruptly shutting down . Rollet . Charles . 30 Dec 2024 . . 31 Dec 2024 . en .
  22. News: Vancouver's Bench Accounting to be acquired by California-based HR tech company . The Canadian Press . 30 Dec 2024 . CBC British Columbia . Canadian Broadcasting Corporation . 31 Dec 2024 . en .
  23. Web site: 31 Dec 2024 . Employer.com acquires Canadian accounting startup Bench Accounting . 31 Dec 2024.
  24. Web site: Big Moves for Small Business: Employer.com’s Strategic Bet on MainStreet. www.bench.co. 2026-01-24. en.

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