FreshBooks

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FreshBooks
FB Logotype FullColor.png
Developer(s)2ndSite Inc[1]
Initial release2004; 17 years ago (2004)[2]
Available in12 languages[3]
List of languages
English, French, Danish, Estonian, German, Italian, Norwegian, Portuguese, Spanish, Spanish (Latin American), Swedish
TypeAccounting software, SaaS
LicenseProprietary
Websitewww.freshbooks.com

FreshBooks is accounting software operated by 2ndSite Inc. primarily for small and medium-sized businesses. It is a web-based software as a service (SaaS) model, that can be accessed through a desktop or mobile device.

The company was founded in 2003 and is based in Toronto, Canada.

History[edit]

FreshBooks was founded in 2004 by Mike McDerment, Levi Cooperman, and Joe Sawada in Toronto, Ontario. McDerment incorporated a second company, BillSpring in January 2015 to work on new product development. It was rolled back into FreshBooks as an updated interface in 2016.[4]

Initially FreshBooks functioned like an electronic invoicing program targeting IT professionals.[5] The initial release of FreshBooks is now referred to as “FreshBooks Classic.” [6] FreshBooks Classic's front-end application was built in PHP, and the backend services were built in Python.[7]

Product[edit]

FreshBooks offers a subscription-based product that includes invoicing, accounts payable, expense tracking, time tracking, retainers, fixed asset depreciation, purchase orders, payroll integrations, double-entry accounting, and industry-standard business and management reporting.[8] All financial data is stored in the cloud on a single unified ledger, allowing users to access the same set of books regardless of location on desktop and mobile.[9] It offers a free API that enables customers and 3rd-party software vendors to integrate external applications with FreshBooks. FreshBooks also supports multiple tax rates and currencies. It also incorporates a payroll feature and a projects feature.[10][11] The software is priced on a pay-per-use recurring monthly fee.[12]

FreshBooks supports country specific tax calculation in Canada, the United States and Britain. GST and HST in Canada, sales taxes in the United States, and MTD in the UK are supported by FreshBooks.[13]

Operations[edit]

FreshBooks has its headquarters in Toronto, Canada with operations in North America, Europe and Australia.[14] Founder Mike McDerment has been the chief executive officer of the company, since its inception in 2003 and till 2021 when he stepped down but stayed as board chair and member of executive team.[15]

Funding[edit]

In 2014, FreshBooks raised a Series A venture investment of $30 million led by the venture capital firm Oak Investment Partners, with participation by Georgian Partners and Atlas Venture.[16][17] In 2017, the company announced that it raised another $43 million in funding from Accomplice, Georgian Partners and Oak Investment Partners.[18][19]

See also[edit]

References[edit]

  1. ^ "2ndSite Inc – Company Profile". Bloomberg Markets. Retrieved 2019-12-12.
  2. ^ "The Freshbooks Story". Retrieved 2019-12-12.
  3. ^ >"Languages Freshbooks". Retrieved 2021-03-20.
  4. ^ "Forbes Company Page". Forbes. Retrieved 11 February 2020.
  5. ^ Becky Reuber (2012-12-14). "Case Study: From his parents' basement, entrepreneur builds accounting powerhouse". The Globe and Mail. Retrieved 2020-02-11.
  6. ^ "FreshBooks Launches Completely Redesigned Product Aimed at Self-Employed Professionals and Their Teams". FreshBooks. Retrieved 2020-02-12.
  7. ^ "What Language (or Framework) is FreshBooks built in?". Quora. Retrieved 2020-02-11.
  8. ^ Drake 2018-10-17T17:00:22ZBusiness, Nate; Software, Finance. "FreshBooks review". TechRadar. Retrieved 2019-04-12.
  9. ^ "FreshBooks adds bank reconciliation, double-entry accounting to its software". BetaKit. 2019-02-07. Retrieved 2019-04-12.
  10. ^ Gewirtz, David. "Best cloud services for small businesses". CNET. Retrieved 2019-04-12.
  11. ^ "2018 Review of FreshBooks". www.CPAPracticeAdvisor.com. Retrieved 2019-04-12.
  12. ^ "FreshBooks Pricing". FreshBooks. Retrieved 2020-02-11.
  13. ^ "FreshBooks, Leading Small Business Accounting Software, Launches in the UK". Yahoo! Finance. February 11, 2020. Retrieved 2020-02-11.
  14. ^ "FreshBooks adds bank reconciliation, double-entry accounting to its software". BetaKit. 2019-02-07. Retrieved 2019-04-09.
  15. ^ Douglas, Nick. "I'm FreshBooks Co-Founder Mike McDerment, and This Is How I Work". Lifehacker. Retrieved 2019-04-09.
  16. ^ "FreshBooks receives $30-million in funding". Retrieved 2019-04-09.
  17. ^ Entrepreneur; Startups, F. P. (2014-07-23). "Toronto's FreshBooks has global ambitions after raising US$30-million | Financial Post". Retrieved 2019-04-09.
  18. ^ Pofeldt, Elaine. "FreshBooks Raises $43 Million In Funding". Forbes. Retrieved 2019-04-09.
  19. ^ "After relaunching its accounting platform, FreshBooks has raised another $43 million". TechCrunch. Retrieved 2019-04-09.