40 Facts About Bench Accounting

The Beginnings of Bench Accounting

Bench Accounting, often known simply as Bench, has a fascinating origin story. Let's dive into the early days of this fintech company.

1. Founding: Bench was founded in 2012 and initially operated under the name 10sheet Inc. before rebranding to Bench in 2013.
2. TechStars NYC: Bench was accepted into TechStars NYC's accelerator program in 2012, which provided the company with valuable resources and networking opportunities.
3. Seed Funding: In 2013, Bench raised $2 million in seed capital, which helped the company launch its services to the public.
4. Vancouver Headquarters: Bench moved its headquarters to Vancouver, BC in 2013, marking a significant expansion step for the company.

Funding Milestones

Bench's journey has been marked by several significant funding rounds, each propelling the company to new heights.

5. Series A Funding: In 2015, Bench secured $7 million in Series A funding led by Altos Ventures, with Contour Venture Partners participating.
6. Series B Funding: In 2016, Bench raised $16 million in Series B funding, led by Bain Capital Investments, with Altos Ventures and Contour Venture Partners participating.
7. Series B-1 Funding: In 2018, Bench secured an additional $18 million in Series B-1 funding led by iNovia Capital, with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank.
8. Series C Funding: In 2021, Bench raised $60 million in Series C funding, further solidifying its financial stability and growth potential.

Bench's Core Offerings

Bench provides a range of services tailored to meet the needs of small businesses. Here’s a closer look at what they offer.

9. Core Product: Bench’s core product is online bookkeeping software paired with in-house bookkeepers, providing comprehensive financial management services to small businesses.
10. Features and Integrations: Bench offers a range of features including historical and monthly bookkeeping, cash flow and expense tracking, and financial reporting. It also integrates with third-party apps such as Stripe, Square, and PayPal.
11. Cash Flow Management Tool: In June 2019, Bench launched a new cash flow management tool called Pulse, designed to help businesses better manage their finances.
12. Tax Preparation and Filing: Bench announced BenchTax in partnership with Taxfyle in August 2019, providing tax preparation and filing services for clients.

Subscription and Pricing

Bench operates on a subscription-based model, offering various pricing tiers to cater to different business needs.

13. Subscription Model: Bench operates on a subscription-based model, offering various pricing tiers to cater to different business needs.
14. Pricing Tiers: The pricing tiers include Starter ($95/month if billed annually or $125/month if billed monthly), Micro ($125/month if billed annually or $145/month if billed monthly), Boutique ($165/month if billed annually or $195/month if billed monthly), Venture ($215/month if billed annually or $255/month if billed monthly), and Corporate ($295/month if billed annually or $345/month if billed monthly).
15. Essential and Premium Plans: Bench also offers two monthly subscription plans: Essential for $299 (or $249 annually) and Premium for $499 (or $399 annually). The Premium plan includes unlimited tax advisory services and federal and state income tax filings.
16. Catch-Up Bookkeeping: Bench offers catch-up bookkeeping services starting at $199 per month for businesses that need to get their prior months' books up to date quickly.

Dedicated Support and Services

Bench ensures that each client receives personalized attention and support from their team of experts.

17. Dedicated Bookkeepers: Each client is assigned a dedicated bookkeeper who learns about their business and helps connect their bank and credit card accounts, categorize transactions, and send monthly reports and year-end financial packages.
18. Financial Reporting: Bench provides accurate income statements and balance sheets, allowing businesses to monitor their expenses and overall income more effectively.
19. Year-End Reporting: Bench offers year-end reporting services as part of its bookkeeping plans, ensuring businesses are prepared for tax season.
20. Centralized Notifications: All notifications are centralized, making it easier for businesses to view and manage their tasks and required information.
21. Real-Time Transaction Import: Bench allows businesses to connect eligible personal bank accounts and credit cards, automatically importing transactions in real-time. Clients can then indicate which transactions are business-related, ensuring accurate accounting.

Advanced Features and Tools

Bench continues to innovate by introducing new tools and features that enhance its core offerings.

22. Bookkeeping Services: Bench provides monthly bookkeeping services, including categorizing transactions, managing cash flow, and preparing financial statements.
23. Tax Advisory Services: The Premium plan includes unlimited tax advisory services, providing businesses with expert guidance on tax matters.
24. Federal and State Tax Filings: Premium subscribers can also benefit from federal and state income tax filings, ensuring compliance with all tax regulations.
25. Integration with Third-Party Apps: Bench integrates with various third-party apps like Stripe, Square, and PayPal, making it easier for businesses to manage their financial transactions.
26. Mobile App Availability: Bench is available on both desktop and iOS mobile app, providing flexibility for businesses to manage their finances on-the-go.
27. Historical Bookkeeping: Bench offers historical bookkeeping services, allowing businesses to review past financial data and make informed decisions.
28. Expense Tracking: The platform includes expense tracking features, helping businesses monitor their spending and optimize their budgets.
29. Cash Flow Management: Bench’s Pulse tool helps businesses manage their cash flow more effectively by providing real-time insights into their financial health.
30. Financial Statements: Bench generates accurate financial statements, including income statements and balance sheets, which are essential for understanding a company’s financial health.

Team and Customer Support

Bench prides itself on its dedicated team and excellent customer support, ensuring clients receive the help they need.

31. Bookkeeping Team: Each client is assigned a dedicated team of bookkeepers who work closely with the business to understand its financial needs and provide tailored services.
32. Customer Support: Bench offers direct communication with its team of experts, ensuring that any questions or concerns are addressed promptly within 24 hours.

Market Presence and Partnerships

Bench has established a strong market presence and formed strategic partnerships to enhance its offerings.

33. Funding Milestones: Bench has raised a total of $53 million in funding, with significant milestones including $2 million in seed capital, $7 million in Series A funding, $16 million in Series B funding, $18 million in Series B-1 funding, and $60 million in Series C funding.
34. Market Presence: Bench operates primarily in North America but has a growing presence in other regions due to its robust online platform and comprehensive services.
35. Partnerships and Collaborations: Bench has partnered with companies like Taxfyle to offer additional services such as tax preparation and filing, enhancing its offerings to clients.

User Experience and Compliance

Bench focuses on providing a user-friendly experience while ensuring compliance with relevant regulations.

36. User-Friendly Interface: The platform is designed to be user-friendly, making it accessible for small business owners who may not have extensive accounting knowledge.
37. Compliance with Regulations: Bench ensures that all financial reports and filings are compliant with relevant regulations, providing peace of mind for its clients.

Continuous Innovation

Bench is committed to continuous innovation, regularly launching new tools and services to stay ahead in the fintech industry.

38. Continuous Innovation: Bench continues to innovate by launching new tools and services such as Pulse for cash flow management, demonstrating its commitment to staying ahead in the fintech industry.
39. Employee Base: As of the latest information, Bench employs around 650 people, primarily based in Vancouver.
40. Product Launch: Bench launched its product to the general public in 2013, marking a significant milestone in its journey.

Bench Accounting: A Game-Changer for Small Businesses

Bench Accounting has made a significant impact on small businesses since its founding in 2012. With its user-friendly online bookkeeping software and dedicated bookkeepers, Bench offers a comprehensive solution for managing finances. The company’s various pricing tiers and subscription plans cater to different business needs, ensuring flexibility and affordability.

Key features like historical bookkeeping, tax preparation, and cash flow management tools make Bench a valuable asset for any small business. The integration with third-party apps and real-time transaction imports streamline financial management, saving time and reducing stress.

With substantial funding and continuous innovation, Bench remains committed to providing top-notch financial services. Its dedicated team of experts and robust platform make it a reliable partner for small businesses looking to stay on top of their finances. Bench Accounting truly stands out as a game-changer in the fintech industry.