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Bench Accounting

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From Wikipedia, the free encyclopedia
Bench Accounting, Inc.
TypeSubsidiary
IndustryBookkeeping, Tax return preparation
Founded2012
Headquarters
San Francisco, California
,
United States
Area served
United States of America, Canada
Key people
Jesse Tinsley (CEO, President, Chairman)
Ben Van Every (CTO)
Ross Shanken (VP Growth)
ParentEmployer.com
Websitebench.co

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] However, in December 2024, Bench abruptly shut down without advance notice to employees.[5] Then, in January 2025, Bench Accounting filed for bankruptcy in Canada, revealing debts of over $65 million.[6] After shutting down in December 2024, Bench Accounting was acquired by Employer.com,[7] an HR tech company that previously did not specialize in accounting,[8] and subsequently resumed operations in January 2025, operating under the Bench Accounting brand.[9] Following the acquisition, Bench’s operations were integrated with Employer.com, which is headquartered in San Francisco.

History

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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.[10]

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.[11]

Funding

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Bench launched with a $2 million seed round in 2013,[12] followed by $7 million Series A funding in 2015 led by Altos Ventures and Contour Venture Partners.[13] In January 2014, Bench raised an additional $1 million from VCs and angel investors.[14] 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.[15] 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.[16] 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.[17] The company's total funding exceeded $100 million as of December 2024. However, as of the end of 2024, Bench Accounting defaulted on over $65 million in debt, ultimately filing for bankruptcy in Canada on January 7, 2025.[18]

Product

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Features and Integrations

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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.[19] Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square,[20] and PayPal.

In June 2019, Bench launched a new cash flow management tool called Pulse.[21]

As of August 2019, Bench announced BenchTax in partnership with Taxfyle[22] in order to provide tax preparation and filing for clients.

Bankruptcy and Acquisition

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On December 27, 2024, Bench Accounting emailed its customers and posted a notice on its website stating that the platform would be immediately inaccessible.[23][24] Soon after, Bench Accounting filed for bankruptcy.[25] On December 30, 2024, it was announced that Bench would be acquired by Employer.com.[26][27] Following its acquisition in December 2024, Bench Accounting resumed operations in January 2025 as a subsidiary of Employer.com.[28] Following its acquisition, Bench’s services were integrated into Employer.com’s broader back-office solutions portfolio alongside Mainstreet’s offerings.[29]

See also

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References

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  1. ↑ "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. 29 January 2015. Retrieved 2019-11-06.
  2. ↑ "Bookkeeping For Those Who Don't Like Using An App". Forbes. Archived from the original on 2014-03-02. Retrieved 2019-11-06.
  3. ↑ "Why This Bookkeeping Company Created the Ultimate Guide for Mental Health at Work". Inc.com. 18 July 2016. Archived from the original on 2016-07-19. Retrieved 2019-11-06.
  4. ↑ "Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking". businesswire.com. 2021-06-03. Retrieved 2024-12-27.
  5. ↑ Rollet, Charles (January 3, 2025). "Inside the wild fall and last-minute revival of Bench, the VC-backed accounting startup that imploded over the holidays". TechCrunch. Retrieved 7 May 2026. On December 27, Bench abruptly shut down without giving its employees any notice or severance, multiple former staff told TechCrunch.
  6. ↑ Rollet, Charles (January 16, 2025). "Failed fintech startup Bench racked up over $65 million in debt, documents reveal". TechCrunch. Retrieved 7 May 2026. Bench, the accounting startup that imploded over the holidays, filed for bankruptcy in Canada on January 7 revealing massive debts, documents seen by TechCrunch show.
  7. ↑ "Employer.com announces acquisition of Bench Accounting". bench.co. 2024-12-30. Retrieved 2025-06-11.
  8. ↑ Rollet, Charles. "Bench to be acquired after abruptly shutting down". TechCrunch. Retrieved 7 May 2026.
  9. ↑ Charney, Matt (2025-08-11). "Employer.com Rebrands and Streamlines With Mainstreet". EIN Presswire. Retrieved 2026-01-24.
  10. ↑ "A Virtual Accounting Department for Small Businesses". You’re the Boss Blog. 2013-08-01. Archived from the original on 2014-01-04. Retrieved 2019-11-06.
  11. ↑ "Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking". Business Wire. 2021-06-03. Retrieved 2024-12-27.
  12. ↑ "Frustrated by lack of venture capital in Canada, startup moves south". Retrieved 2019-11-06.
  13. ↑ "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. 29 January 2015. Retrieved 2019-11-06.
  14. ↑ "Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels". Techvibes. 30 January 2014. Retrieved 2019-11-06.
  15. ↑ "Bench raises $16 mln from Bain, Altos, Contour". PE Hub. 2016-05-03. Retrieved 2019-11-06.
  16. ↑ "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". Newswire. Retrieved 2019-11-06.
  17. ↑ "Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking". Business Wire. 2021-06-03. Retrieved 2024-12-27.
  18. ↑ "Failed fintech startup Bench racked up over $65 million in debt, documents reveal". TechCrunch.
  19. ↑ "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". www.newswire.ca. Archived from the original on 2019-11-06. Retrieved 2019-11-06.
  20. ↑ "Integrate Bench Accounting with Square". Square. Retrieved 2019-11-06.
  21. ↑ "Bench Accounting Launches New Real-Time Financial Tool To Help Small Business Owners Track Their Cash And Spending". markets.businessinsider.com. Retrieved 2025-01-06.
  22. ↑ "Taxfyle partners with bookkeeping service Bench". Accounting Today. 2017-11-26. Retrieved 2019-11-06.
  23. ↑ "Notice of Service Closure". Bench Accounting. Retrieved 27 December 2024.
  24. ↑ The Canadian Press (27 Dec 2024). "Vancouver's Bench Accounting abruptly shuts down, with 600 potential jobs lost". CBC British Columbia. Canadian Broadcasting Corporation. Retrieved 27 Dec 2024.
  25. ↑ Rollet, Charles. "Failed fintech startup Bench racked up over $65 million in debt, documents reveal". TechCrunch. Retrieved 7 May 2026. Bench, the accounting startup that imploded over the holidays, filed for bankruptcy in Canada on January 7 revealing massive debts, documents seen by TechCrunch show. The filings — one for Bench and another for 10Sheet, Bench's original name — show that Bench had $2.8 million in cash on hand by the end of its life but $65.4 million in liabilities. (TechCrunch converted the bankruptcy filing data from Canadian to U.S. dollars at a rate of $1 USD to $1.44 CAD.)
  26. ↑ Rollet, Charles (30 Dec 2024). "Bench to be acquired after abruptly shutting down". TechCrunch. Retrieved 31 Dec 2024.
  27. ↑ The Canadian Press (30 Dec 2024). "Vancouver's Bench Accounting to be acquired by California-based HR tech company". CBC British Columbia. Canadian Broadcasting Corporation. Retrieved 31 Dec 2024.
  28. ↑ "Employer.com acquires Canadian accounting startup Bench Accounting". Retrieved 31 Dec 2024.
  29. ↑ "Big Moves for Small Business: Employer.com's Strategic Bet on MainStreet". www.bench.co. Retrieved 2026-01-24.
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