Bench Accounting, commonly known as Bench, was a financial technology company specializing in online bookkeeping services tailored for small businesses. Founded in 2012, Bench combined proprietary software with professional human support to simplify financial management for entrepreneurs. The company's mission was to help every business owner thrive by providing financial insight and peace of mind through a seamless platform.
Key Strategic Focus
Bench's strategic focus centered on delivering comprehensive bookkeeping and tax services through an intuitive, user-friendly platform. The company specialized in monthly bookkeeping, catch-up bookkeeping for businesses behind on their records, income tax filing and advisory, and tax resolution services. By integrating powerful automation tools with dedicated human bookkeepers, Bench aimed to reduce the stress associated with financial management, allowing business owners to concentrate on growth.
Financials and Funding
Over its operational years, Bench secured significant funding to support its growth and service expansion:
- 2013: Raised $2 million in seed capital and publicly launched its product.
- 2015: Secured $7 million in Series A funding.
- 2016: Obtained $16 million in Series B funding.
- 2018: Raised an additional $18 million in Series B-1 funding.
- 2021: Closed a $60 million Series C funding round.
These investments were utilized to enhance Bench's technological capabilities, expand service offerings, and scale operations to meet the growing demand from small business owners.
Technological Platform and Innovation
Bench distinguished itself through a proprietary platform that automated routine bookkeeping tasks while providing real-time financial reporting. Key features included:
- Communication: Effortless messaging with the Bench team for unlimited support or advice.
- Document Organization: Swift upload, management, and access to financial documents.
- Automation: Integration with financial accounts to automate data entry, reducing errors and saving time.
- Categorization: Accurate transaction categorization powered by smart automation.
- Financial Reporting: Real-time access to updated income statements and balance sheets.
- Notification Center: Timely reminders to stay on top of financial tasks and deadlines.
This blend of technology and human expertise enabled Bench to offer a seamless and efficient bookkeeping experience.
Leadership Team
Bench's leadership comprised experienced professionals dedicated to advancing the company's mission:
- David Berens: CEO
- Matt Charney: CMO
- Jesse Tinsley: President and Chairman
- Ross Shanken: VP of Growth
- Ben Van Every: CIO
- Sarah Lembke: Head of Growth
- Mor Lakritz: CFO
These individuals brought diverse expertise to steer Bench's strategic direction and operational excellence.
Competitor Profile
The bookkeeping and accounting services market is competitive, with several notable players:
- QuickBooks Live: Offers real-time, personalized bookkeeping support through certified virtual bookkeepers.
- Bookkeeper360: Provides technology-driven accounting solutions for startups and established businesses.
- Pilot: Caters to startups and small businesses with bookkeeping, tax preparation, and CFO services.
- Xero: Develops cloud-based accounting software for businesses.
- Wave: Offers free financial management solutions, including accounting and invoicing.
These competitors offer varying levels of service, from software solutions to full-service bookkeeping, catering to diverse business needs.
Strategic Collaborations and Partnerships
Bench engaged in strategic partnerships to enhance its service offerings:
- Taxfyle Partnership: In August 2019, Bench partnered with Taxfyle to provide tax preparation and filing services, expanding its suite of financial solutions.
Operational Insights
Bench's integration of proprietary software with human expertise provided a distinct competitive advantage, offering clients a comprehensive and user-friendly bookkeeping experience. This approach addressed common pain points in financial management for small business owners, such as time constraints and complexity.
Strategic Opportunities and Future Directions
In December 2024, Bench faced operational challenges leading to an abrupt shutdown. Shortly thereafter, on December 30, 2024, the company was acquired by Employer.com, a San Francisco-based HR technology firm. This acquisition aimed to integrate Bench's bookkeeping services with Employer.com's suite of HR solutions, offering a more comprehensive service to small businesses.
Contact Information
For more information, visit Bench's official website:
Note: As of July 2025, Bench operates under Employer.com, and services may have been integrated or rebranded accordingly.
