FreshBooks

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.{{cite web |title=Forbes Company Page |url=https://www.forbes.com/companies/freshbooks/#675dd5fd65b2 |access-date=11 February 2020 |work=Forbes}}

Initially FreshBooks functioned like an electronic invoicing program targeting IT professionals.{{cite news |author=Reuber |first=Becky |date=2012-12-14 |title=Case Study: From his parents' basement, entrepreneur builds accounting powerhouse |language=en-US |publisher=The Globe and Mail |url=https://www.theglobeandmail.com/report-on-business/small-business/sb-managing/from-his-parents-basement-entrepreneur-builds-accounting-powerhouse/article6230133/ |access-date=2020-02-11}} After the release of the new interface, the initial release of FreshBooks was referred to as "FreshBooks Classic."{{cite web|url= https://www.freshbooks.com/press/releases/freshbooks-launches-completely-redesigned-product-aimed-at-self-employed-professionals-and-their-teams | title= FreshBooks Launches Completely Redesigned Product Aimed at Self-Employed Professionals and Their Teams | publisher= FreshBooks | access-date= 2020-02-12}} FreshBooks Classic was discontinued in 2022 after migrating users to the new platform.{{cite web|url= https://support.freshbooks.com/hc/en-us/articles/360059358152-How-Do-I-Migrate-My-Classic-XML-API-to-the-New-Rest-API- | title= How Do I Migrate My Classic XML API to the New Rest API? | publisher= FreshBooks | access-date= 2022-12-09}} FreshBooks Classic's front-end application was built in PHP, and the backend services were built in Python while the new FreshBooks uses the same backend services with a JavaScript single-page application.{{cn|date=April 2024}}

FreshBooks is a subscription-based accounting software platform that provides features such as invoicing, accounts payable, expense and time tracking, retainers, fixed asset depreciation, purchase orders, payroll integrations, mileage tracking, double-entry accounting, and standard business reporting.{{Cite web |last1=Drake |first1=Nate |date=2018-10-17 |title=FreshBooks review |url=https://www.techradar.com/reviews/freshbooks |access-date=2019-04-12 |website=TechRadar}} Financial data is stored in the cloud on a unified ledger, enabling access from desktop and mobile devices.{{Cite web|url=https://betakit.com/freshbooks-adds-bank-reconciliation-and-double-entry-accounting-to-software/|title=FreshBooks adds bank reconciliation, mileage tracking, double-entry accounting to its software|date=2019-02-07|website=BetaKit|access-date=2019-04-12}} The platform includes a free API for integration with external applications and supports multiple tax rates and currencies. It also offers project management and payroll functionalities.{{Cite web|url=https://www.cnet.com/news/best-cloud-services-for-small-businesses/|title=Best cloud services for small businesses|last=Gewirtz|first=David|website=CNET|access-date=2019-04-12}}{{Cite web |title=2018 Review of FreshBooks |url=https://www.cpapracticeadvisor.com/small-business/review/12395121/2018-review-of-freshbooks |access-date=2019-04-12 |website=CPA Practice Advisor}}{{Cite web |title=FreshBooks Review 2025: Pricing, Features, Pros & Cons, Ratings & More |url=https://research.com/software/reviews/freshbooks |access-date=2025-06-12 |website=Research.com |language=en}} Pricing is based on a recurring monthly fee.{{cite web|url= https://www.freshbooks.com/pricing |title= FreshBooks Pricing | publisher= FreshBooks |access-date= 2020-02-11}}

FreshBooks supports country-specific tax calculations, including GST and HST in Canada, sales taxes in the United States, and MTD compliance in the UK.{{cite web |date=February 11, 2020 |title=FreshBooks, Leading Small Business Accounting Software, Launches in the UK |url=https://info.microkeeper.com.au/products/timesheet-software |archive-url=https://archive.ph/nfeqo |archive-date=2020-02-13 |access-date=2020-02-11 |publisher=Yahoo! Finance}}

FreshBooks has its headquarters in Toronto, Canada with operations in North America, Europe and Australia.{{Cite web|url=https://betakit.com/freshbooks-adds-bank-reconciliation-and-double-entry-accounting-to-software/|title=FreshBooks adds bank reconciliation, double-entry accounting to its software|date=2019-02-07|website=BetaKit|access-date=2019-04-09}} Founder Mike McDerment was the chief executive officer of the company from 2003 until 2021, when he stepped down and was replaced by Don Epperson, but stayed as the executive chair.{{Cite web|last=Ann Azevedo|first=Mary|date=2021-08-10|title=FreshBooks reaches $1B+ valuation with $130.75M for its SMB-focused accounting platform|url=https://techcrunch.com/2021/08/09/freshbooks-secures-130-75m/|access-date=2021-08-12|website=TechCrunch|language=en-US}}{{Cite web|url=https://lifehacker.com/im-freshbooks-co-founder-mike-mcderment-and-this-is-ho-1825693501|title=I'm FreshBooks Co-Founder Mike McDerment, and This Is How I Work|last=Douglas|first=Nick|website=Lifehacker|access-date=2019-04-09}} Don Epperson had previously joined FreshBooks as executive director in 2019.

FreshBooks was initially self-funded. In 2014, the company 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.{{Cite news|url=https://www.theglobeandmail.com/report-on-business/streetwise/freshbooks-receives-30-million-us-in-funding/article19715490/|title=FreshBooks receives $30-million in funding|access-date=2019-04-09}}{{Cite news|url=https://financialpost.com/entrepreneur/fp-startups/torontos-freshbooks-has-global-ambitions-after-raising-us30-million|title=Toronto's FreshBooks has global ambitions after raising US$30-million {{!}} Financial Post|last1=Entrepreneur|last2=Startups|first2=F. P.|newspaper=Financial Post|date=2014-07-23|access-date=2019-04-09}} In 2017, FreshBooks announced that it raised another $43 million in funding from Accomplice, Georgian Partners and Oak Investment Partners.{{Cite web|url=https://www.forbes.com/sites/elainepofeldt/2017/07/18/freshbooks-raises-43-million-in-funding/|title=FreshBooks Raises $43 Million In Funding|last=Pofeldt|first=Elaine|website=Forbes|access-date=2019-04-09}}{{Cite web|url=https://techcrunch.com/2017/07/18/freshbooks-43m-series-b/|title=After relaunching its accounting platform, FreshBooks has raised another $43 million|website=TechCrunch|access-date=2019-04-09}}

On August 10, 2021, FreshBooks announced that it had secured $80.75 million in Series E funding and $50 million in debt financing. FreshBooks also reached a valuation of more than $1 billion.

• Comparison of accounting software
• Comparison of time-tracking software

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{{Accounting software}}

Category:Accounting software

Category:Web applications

Category:Cloud applications