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2ndsite, Inc.
FreshBooks Logo
Type of businessPrivate
Available inEnglish
Area servedWorldwide
Founder(s)Michael McDerment
Joe Sawada
Levi Cooperman
IndustrySoftware as a Service (Saas)
ProductsAccounting software
Revenue$50 million (2017)
Employees248 (2017)
Alexa rankPositive decrease 3,349 (Sept 2016)[1]
Users1.6 million (accounts, not visitors) (As of 14 July 2010)[2]
Launched2004; 15 years ago (2004)
Current statusActive

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 2003 and is based in Toronto, Canada.


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.

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.