Navigating the Bench-Employer.com Acquisition: A Guide to Downloading and Backing Up Your Financial Data
2 MIN READ
Jessica Kentch, Founding Partner, Ablaze Analytics & Collective
The new year brought exciting news to the fintech world: Bench Accounting has been acquired by Employer.com. Check out their press release here. As the founder of a fintech startup, I view this milestone with admiration and curiosity. Bench has been a trailblazer in small business accounting, setting a high bar for innovation and service. Their acquisition reflects their incredible fintech disruption and marks a new chapter for their users.
Whether you choose to stay with Bench or explore new options, one thing is clear: backing up your data is essential. Ensuring your financial information is securely stored and readily accessible empowers your business to adapt and thrive during transitions like this.
If you’re unsure of how to get started with managing your data, we’re here to help. This blog will guide you through the process of downloading your Bench data, migrating it seamlessly to another platform if needed, and using analytics tools to gain actionable insights for your business.
For those considering a change, we can also connect you with forward-thinking accounting firms that will prioritize the security and scalability of your financial data. Wherever you decide to go, our goal is to make sure you’re set up for long-term success.
Choosing the Right Database for Your Financial Data
When migrating your data, selecting the right database is key to ensuring scalability and functionality. Here are some common database options:
Google BigQuery: A serverless, highly scalable data warehouse ideal for analyzing large datasets. It offers a free tier allowing up to 1 TB of queries per month. We recommend BigQuery to over 90 percent of our clients due to it’s ease of integration with analytics tools like Power BI and Metabase.
Amazon Redshift: A fully managed data warehouse solution known for its high performance and integration with other AWS services.
Microsoft Azure Synapse Analytics: A comprehensive analytics service that combines big data and data warehousing capabilities.
PostgreSQL: An open-source relational database that supports advanced data types and performance optimizations.
MySQL: A widely used open-source option for smaller datasets and straightforward applications.
Snowflake: A cloud-based data platform offering seamless scalability and multi-cloud support.
Choosing the right database depends on your business size, budget, and the complexity of your analytics needs. If you’re unsure, consulting with an analytics agency can help tailor the choice to your specific requirements.
Migrating Your Financial Data into a Database Using an ETL Tool
Choose an ETL Tool
ETL stands for Extract, Transform, Load, which describes the process of moving and transforming data from one system to another. An ETL tool is software that automates this process, ensuring data is accurately and efficiently prepared for analysis or use in another system.
Here’s a breakdown of the three stages:
Extract
Data is pulled from various sources like databases, spreadsheets, or cloud-based platforms (e.g., Bench).
Transform
The data is cleaned, reformatted, and standardized. For example:
Removing duplicates.
Converting dates into a consistent format.
Mapping categories to match the target system's schema.
Load
The transformed data is imported into the target system, like a database (e.g., Google BigQuery) or an analytics platform.
Options include Talend, Fivetran, or Google Data Transfer Service.
Leverage Analytics Tools
Once your data is in a data base like Google BigQuery, its value can be amplified by integrating analytics tools like Ablaze Analytics. Our team of experts specializes in tools like Power BI and Metabase, both of which seamlessly sync with BigQuery. This integration enables you to visualize trends, create custom reports, and extract actionable insights tailored to your business objectives.
Partnering with a New Accounting Firm
Having your data organized and accessible is just the first step. You’ll likely need professional accounting services to interpret your data, ensure compliance, and guide your financial decisions. If you’re in search of a new accounting firm, I can connect you with several that would be honored to support your business. These firms are not only highly future-fit but also adept at ensuring your financial data is securely backed up, so you won’t face disruptions like this again.
Why Work with an Analytics Agency?
Migrating your financial data and leveraging it for actionable insights is no small feat. That’s where an analytics agency like Ablaze Analytics can step in. We specialize in mining financial data, visualizing trends, and creating customized dashboards that empower businesses to make data-driven decisions. Whether you’re dealing with a post-acquisition transition or simply seeking to unlock the full potential of your financial data, our team is here to help.