FreshBooks

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Freshbooks
FreshBooks Logo
Type of businessPrivate
Available inEnglish
Headquarters,
Area servedWorldwide
Founder(s)Michael McDerment
Joe Sawada
Levi Cooperman
IndustrySoftware as a Service (Saas)
ProductsAccounting software
Revenue$50 million (2017)
Employees305 (2019)
Websitefreshbooks.com
Alexa rankPositive decrease 3,349 (Sept 2016)[1]
CommercialYes
UsersOver 24 million people have used Freshbooks (accounts, not visitors) (As of 11 June 2019)[2]
Launched2004; 15 years ago (2004)
Current statusActive

FreshBooks is an accounting software package developed and marketed by 2ndsite Inc. FreshBooks products are geared mainly toward small to medium-sized businesses and offer cloud-based accounting applications that send invoices to clients to bill for time and expertise.[3] The company was founded in 2003 and is based in Toronto, Ontario, Canada.

History[edit]

The company was founded in 2003 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, synonymous with the company. The company rebranded the product in 2006 as FreshBooks. Based in Toronto, Ontario, Canada, FreshBooks has customers in over 160 countries.[6]

On July 23, 2014, the company announced it had raised $30 million (USD) in its first round of institutional venture capital.[7] In 2016, the company unveiling its new interface with improved functionality and load times in the app.[8][9]

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.[10] 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.[11] 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.[12][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.[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]

Awards and recognition[edit]

  • 2008: Backbone Magazine PICK 20 Web 2.0 Awards - Silver[20]
  • 2009: Backbone Magazine PICK 20 Web 2.0 Awards - Gold[21]
  • 2012: Small Business Influencer Awards - Top 100 Champion[22]
  • 2013: Interaction Awards IXDA Award for iPhone design.[23][24][25]
  • 2013: Best In Biz Awards Silver - Support Department of the Year[26]
  • 2013: Toronto Board of Trade - Employer of The Year[27]
  • 2015: Great Place to Work Institute CNBC[28][29]
  • 2016: FreshBooks Ranks Number One in Canada’s Best Workplaces[30][31]
  • 2017: FinTech Breakthrough Awards - Best Overall FinTech Mobile App
  • 2017: Forbes Small Giants: America's Best Small Companies[32]
  • 2017: Great Place to Work Institute - Best Workplaces in Technology[33]
  • 2018: Great Place to Work Institute - Best Workplaces in Technology[34]
  • 2018: Great Place To Work Canada[35]
  • 2019: Greater Toronto's Top Employers[36]
  • 2019: Best Workplaces in Canada[37]

See also[edit]

References[edit]

  1. ^ "Freshbooks.com Site Info". Alexa Internet. Retrieved 2016-09-27.
  2. ^ "
  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. ^ "About FreshBooks". FreshBooks. Retrieved 3 March 2014.
  7. ^ "FreshBooks Raises $30-Million: Fuels Mission to Redefine Accounting for Small Business". Retrieved 2014-07-23.
  8. ^ "Which online accounting software is (still) the fastest?". Retrieved 2 June 2017.
  9. ^ "An Open Letter from FreshBooks Co-founder Mike McDerment". Retrieved 2 June 2017.
  10. ^ Drake 2018-10-17T17:00:22ZBusiness, Nate; Software, Finance. "FreshBooks review". TechRadar. Retrieved 2019-04-12.
  11. ^ "FreshBooks adds bank reconciliation, double-entry accounting to its software". BetaKit. 2019-02-07. Retrieved 2019-04-12.
  12. ^ Gewirtz, David. "Best cloud services for small businesses". CNET. Retrieved 2019-04-12.
  13. ^ "2018 Review of FreshBooks". www.CPAPracticeAdvisor.com. Retrieved 2019-04-12.
  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.
  20. ^ "Canada's Web 2.0 Pioneers – KPMG and Backbone Magazine Announce the Pick 20 Winners". One Degree. 2008-07-29. Retrieved 2019-06-11.
  21. ^ "Backbone (magazine)", Wikipedia, 2016-10-23, retrieved 2019-06-11
  22. ^ "Small Business Influencer Awards". Small Business Trends. Retrieved 2019-06-11.
  23. ^ Grignani, Raphael. "2013 Interaction Awards: Winners Announced!". IXDA. Retrieved 3 March 2014.
  24. ^ McKinnon, Casey. "FreshBooks Wins an IXDA Design Award for iPhone App". FreshBooks. Retrieved 3 March 2014.
  25. ^ "2013 Interaction Awards: Winners Announced!/ IxD Awards". Retrieved 2019-06-11.
  26. ^ "2013 winners: Department categories". Best in Biz Awards. Retrieved 2019-06-11.
  27. ^ "Toronto Board of Trade Recognizes Entrepreneurs - Canadian Business". www.canadianbusiness.com. Retrieved 2019-06-11.
  28. ^ "FreshBooks Named as One of Canada's Great Places to Work: 2015".
  29. ^ Canada, Great Place To Work(R) Institute. "It's here; the 2015 list of 100 Best Workplaces in Canada! Produced by Great Place to Work® and published by The Globe & Mail, don't miss this special 12-page National Report". www.newswire.ca. Retrieved 2019-06-24.
  30. ^ "FreshBooks Ranks Number One in Canada's Best Workplaces List for 2016".
  31. ^ Canada, Great Place To Work(R) Institute. "Announcing the 2016 list of 100 Best Workplaces in Canada! Produced by Great Place to Work® and published by The Globe & Mail, don't miss this special 12-page National Report". www.newswire.ca. Retrieved 2019-06-11.
  32. ^ Burlingham, Bo. "Forbes Small Giants 2017: America's Best Small Companies". Forbes. Retrieved 2019-04-14.
  33. ^ "FreshBooks Named to the 2017 List of Best Workplaces in Technology".
  34. ^ Abhishek. "Best Workplaces™ in Technology 2018". Great Place to Work. Retrieved 2019-06-11.
  35. ^ Abhishek. "Best Workplaces™ in Technology 2018". Great Place to Work. Retrieved 2019-04-14.
  36. ^ "Greater Toronto's Top Employers". Greater Toronto's Top Employers. Retrieved 2019-06-02.
  37. ^ Abhishek. "Best Workplaces in Canada 2019 - 100-999 Employees (EN)". Great Place to Work. Retrieved 2019-06-11.