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2ndsite, Inc.
FreshBooks Logo
Type of business Private
Available in English
Headquarters Toronto, Ontario, Canada
Area served Worldwide
Founder(s) Michael McDerment
Joe Sawada
Levi Cooperman
Industry Software as a Service (Saas)
Products Accounting software
Revenue $50 million (2017)
Employees 248 (2017)
Alexa rank Positive decrease 3,349 (Sept 2016)[1]
Commercial Yes
Users 1.6 million (accounts, not visitors) (As of 14 July 2010)[2]
Launched 2004; 14 years ago (2004)
Current status Active

FreshBooks, Inc. is an accounting software package developed and marketed by 2ndsite, Inc. FreshBooks products are geared mainly toward small-sized businesses and offer cloud-based accounting applications that manage and pay bills, and payroll functions.[3] The company was founded in 2002 and is based in Toronto, Canada.


The company was founded in 2002 by Mike McDerment[4] and Joe Sawada[5] out of McDerment's previous Internet marketing consulting business Anicon. The company traces its origins to McDerment inadvertently losing an invoice record by overwriting in 2003 and sought a new way to manage the accounting for his own business. The product was first eponymously named 2ndSite and synonymous with the company. The company rebranded the product in 2006 as FreshBooks.

Industry accolades include the 2013 Stevie Awards for customer service[6] and the 2013 IXDA Award for iPhone design.[7][8] Based in Toronto, Ontario, Canada, FreshBooks serves paying customers in over 120 countries.[9]

On July 23, 2014, the company announced it had raised $30 million (USD) in its first round of institutional venture capital.[10] In 2016, the company unveiling its new interface and claimed to have improved load times in the app.[11][12]

See also[edit]


  1. ^ " Site Info". Alexa Internet. Retrieved 2016-09-27. 
  2. ^ Rao, Leena (July 14, 2010). "In Five Months, FreshBooks Crosses $1 Billion In Transactions". TechCrunch. Retrieved March 17, 2011.
  3. ^ "An open letter from FreshBooks founder Mike McDerment". Retrieved 2014-07-23. 
  4. ^ "From his parents' basement, entrepreneur builds accounting powerhouse". The Globe and Mail. Dec 14, 2012. Retrieved 2013-03-20. 
  5. ^ "FreshBooks' rookie mistakes". Financial Post. 2012-01-20. Retrieved 2013-03-20. 
  6. ^ "FreshBooks honored with 6 Stevie Awards for extraordinary customer service". FreshBooks. Retrieved 3 March 2014. 
  7. ^ Grignani, Raphael. "2013 Interaction Awards: Winners Announced!". IXDA. Retrieved 3 March 2014. 
  8. ^ McKinnon, Casey. "FreshBooks Wins an IXDA Design Award for iPhone App". FreshBooks. Retrieved 3 March 2014. 
  9. ^ "About FreshBooks". FreshBooks. Retrieved 3 March 2014. 
  10. ^ "FreshBooks Raises $30-Million: Fuels Mission to Redefine Accounting for Small Business". Retrieved 2014-07-23. 
  11. ^ "Which online accounting software is (still) the fastest?". Retrieved 2 June 2017. 
  12. ^ "An Open Letter from FreshBooks Co-founder Mike McDerment". Retrieved 2 June 2017.