Bench Accounting

Bench.co: Transforming Bookkeeping for Small Businesses

Introduction

Bench.co is a leading online bookkeeping service tailored specifically for small businesses, startups, and entrepreneurs. Founded in 2012 and headquartered in Vancouver, Canada, Bench has quickly gained prominence across North America, especially within the United States, by providing simple, reliable, and streamlined bookkeeping solutions. The company aims to remove the complexity and frustration often associated with small business bookkeeping and financial management, allowing business owners to focus on growing their enterprises. With a blend of human expertise and proprietary technology, Bench offers a comprehensive bookkeeping experience that makes managing finances much more manageable.

History and Background

Bench.co was founded by Ian Crosby, Jordan Menashy, Adam Saint, and Pavel Rodionov with the vision of simplifying bookkeeping for small businesses. Ian Crosby, the CEO, experienced firsthand the challenges of bookkeeping while working as a small business consultant, which inspired him to create a more efficient solution. He and his co-founders recognized the need for a service that combined the expertise of professional bookkeepers with cutting-edge technology, allowing businesses to maintain accurate financial records without the usual stress and time commitment.

Since its launch, Bench has raised significant venture capital, including funding rounds led by prominent investors such as Bain Capital Ventures and Altos Ventures. These investments have helped Bench expand its offerings, improve its platform, and grow its customer base. Bench now serves thousands of small businesses across a range of industries, including e-commerce, consulting, real estate, and more.

Core Services and Features

Bench offers a suite of services centered around bookkeeping and financial reporting, designed to make the financial aspects of running a business as seamless as possible. Here’s a closer look at what Bench.co offers:

1. Monthly Bookkeeping
   • Bench provides dedicated bookkeeping services, where professional bookkeepers handle all the day-to-day financial recording needs of clients. Each business is paired with a personal bookkeeper who manages their books every month. The service includes categorizing transactions, reconciling bank statements, and ensuring that all financial data is accurate and up-to-date.
   • The bookkeeping process is conducted through Bench’s proprietary software, allowing clients to access their financial data and reports at any time through a user-friendly dashboard.
2. Financial Statements and Reporting
   • Bench generates monthly financial statements, including income statements (profit and loss reports) and balance sheets. These reports provide small business owners with a clear picture of their financial health, allowing them to make informed decisions.
   • Clients can download their financial reports directly from the Bench platform, making it easier to share information with stakeholders such as investors, banks, or tax professionals.
3. Historical Bookkeeping
   • For businesses that need to catch up on their books, Bench offers historical bookkeeping services. This service is particularly valuable for clients who have fallen behind on their bookkeeping or need to organize their financials for tax purposes. Bench’s team can go back several years to get a business's books in order, providing peace of mind during tax season.
4. Tax Services
   • Bench also offers tax preparation and advisory services through their Bench Tax add-on. This service includes tax filing, preparation, and planning, ensuring that businesses remain compliant with tax regulations. Bench’s tax professionals work alongside bookkeepers to ensure accurate tax filings and help businesses optimize their tax strategies.
   • The integration of bookkeeping and tax services makes it easier for business owners to manage their financial obligations in one place, reducing the stress associated with tax time.
5. Bench Pulse
   • Bench Pulse is a feature within the Bench platform that allows clients to track key financial metrics in real-time. It offers insights into revenue, expenses, and overall financial performance, helping business owners make data-driven decisions.
   • This feature is particularly useful for businesses looking to monitor their cash flow and gain a better understanding of their financial trends over time.

Technology and Platform

One of the key differentiators for Bench.co is its seamless integration of human expertise with technology. The Bench platform is designed to make bookkeeping accessible and easy to use for business owners with little to no accounting background. Here are some of the key aspects of the platform:

• User-Friendly Interface: Bench’s software is built to provide a simple, intuitive experience for users. The dashboard allows clients to view their financial data, communicate with their bookkeeping team, and access financial reports with just a few clicks.
• Secure Data Handling: Bench prioritizes data security, using encryption and industry-standard security measures to protect client information. This ensures that sensitive financial data remains secure at all times.
• Automated Transaction Import: Bench’s platform connects directly to clients’ bank accounts, credit cards, and payment processors, automatically importing transactions. This reduces manual data entry and allows the bookkeeping team to focus on categorizing and reconciling transactions.
• Integrations: Bench integrates with a variety of popular accounting and business tools, including payment processors like Stripe and PayPal, as well as payroll providers. This makes it easy for clients to streamline their financial workflows.

Customer Support and Personalized Service

A major appeal of Bench is the personalized support that comes with its services. Each client is paired with a dedicated bookkeeper, creating a relationship that goes beyond simple data entry. Clients can communicate with their bookkeeper through the Bench platform, discuss specific financial questions, and receive personalized insights into their business's finances.

Bench’s customer support team is known for being responsive and approachable, offering assistance through chat, phone, or email. This human element sets Bench apart from many other bookkeeping software solutions, which often rely solely on automated processes without the same level of personalized interaction.

Pricing Model

Bench offers a subscription-based pricing model, making it easy for businesses to predict their monthly bookkeeping costs. Pricing is based on the size of the business and the volume of monthly expenses, ensuring that clients pay for services that align with their specific needs. The transparent pricing structure includes all services such as monthly bookkeeping, financial reporting, and access to the Bench platform.

The subscription model is designed to be affordable for small businesses, with packages that range from basic bookkeeping services to more comprehensive solutions that include tax filing and advisory support.

Challenges and Competitors

Like any service, Bench faces competition from both traditional accounting firms and other online bookkeeping services. Competitors include companies like QuickBooks Live, Xero, and Bookkeeper.com, which also offer bookkeeping solutions tailored for small businesses. Some of these competitors offer more customization for businesses with unique accounting needs, while Bench focuses on delivering a consistent, streamlined experience.

Bench’s approach of combining human expertise with technology appeals to small business owners who prefer a more hands-off experience when it comes to managing their books. However, businesses that require in-depth accounting services beyond what Bench offers may need to supplement with additional financial expertise.

Conclusion

Bench.co has positioned itself as a valuable solution for small businesses seeking a reliable and simple way to manage their finances. By offering dedicated bookkeeping services through a combination of skilled bookkeepers and user-friendly technology, Bench removes much of the stress and complexity that can come with keeping accurate financial records. With a focus on customer service, ease of use, and transparent pricing, Bench has earned a reputation as a trusted partner for small business owners, helping them maintain financial clarity and focus on their core business activities.

Whether a business is just starting or looking to catch up on years of bookkeeping, Bench provides a scalable solution that adapts to changing needs, making it a popular choice for entrepreneurs who want to maintain control of their finances without becoming experts in bookkeeping. As Bench continues to innovate and expand its services, it remains a key player in the online bookkeeping space, serving thousands of clients across North America.