FreshBooks

Quality 0.50 · 0 views · Updated 2 months ago

Cloud-based accounting software service

title: "FreshBooks" type: doc version: 1 created: 2026-02-28 author: "Wikipedia contributors" status: active scope: public tags: ["accounting-software", "web-applications", "cloud-applications"] description: "Cloud-based accounting software service" topic_path: "economics" source: "https://en.wikipedia.org/wiki/FreshBooks" license: "CC BY-SA 4.0" wikipedia_page_id: 0 wikipedia_revision_id: 0

::summary Cloud-based accounting software service ::

::data[format=table title="Infobox software"]

Field	Value
name	FreshBooks
logo	FreshBooks logo (2020).svg
screenshot
developer	2ndSite Inc
released
language count	12
language	English, French, Danish, Estonian, German, Italian, Norwegian, Portuguese, Spanish, Spanish (Latin American), Swedish
language footnote
genre	Accounting software, SaaS
license	Proprietary
website
::

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

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.

Initially FreshBooks functioned like an electronic invoicing program targeting IT professionals. After the release of the new interface, the initial release of FreshBooks was referred to as "FreshBooks Classic." FreshBooks Classic was discontinued in 2022 after migrating users to the new platform. 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.

Product

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. Financial data is stored in the cloud on a unified ledger, enabling access from desktop and mobile devices. 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. Pricing is based on a recurring monthly fee.

FreshBooks supports country-specific tax calculations, including GST and HST in Canada, sales taxes in the United States, and MTD compliance in the UK.

Operations

FreshBooks has its headquarters in Toronto, Canada with operations in North America, Europe and Australia. 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. Don Epperson had previously joined FreshBooks as executive director in 2019.

Funding

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. In 2017, FreshBooks announced that it raised another $43 million in funding from Accomplice, Georgian Partners and Oak Investment Partners.

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.

References

"2ndSite Inc – Company Profile". [[Bloomberg Markets]].
"The Freshbooks Story".
"Languages Freshbooks".
"Forbes Company Page". Forbes.
Reuber. (2012-12-14). "Case Study: From his parents' basement, entrepreneur builds accounting powerhouse". The Globe and Mail.
"FreshBooks Launches Completely Redesigned Product Aimed at Self-Employed Professionals and Their Teams". FreshBooks.
"How Do I Migrate My Classic XML API to the New Rest API?". FreshBooks.
(2018-10-17). "FreshBooks review".
(2019-02-07). "FreshBooks adds bank reconciliation, mileage tracking, double-entry accounting to its software".
Gewirtz, David. (10 July 2018). "Best cloud services for small businesses".
(19 February 2018). "2018 Review of FreshBooks".
"FreshBooks Review 2025: Pricing, Features, Pros & Cons, Ratings & More".
"FreshBooks Pricing". FreshBooks.
(February 11, 2020). "FreshBooks, Leading Small Business Accounting Software, Launches in the UK". Yahoo! Finance.
(2019-02-07). "FreshBooks adds bank reconciliation, double-entry accounting to its software".
Ann Azevedo, Mary. (2021-08-10). "FreshBooks reaches $1B+ valuation with $130.75M for its SMB-focused accounting platform".
Douglas, Nick. (23 May 2018). "I'm FreshBooks Co-Founder Mike McDerment, and This Is How I Work".
"FreshBooks receives $30-million in funding".
(2014-07-23). "Toronto's FreshBooks has global ambitions after raising US$30-million {{!}} Financial Post". Financial Post.
Pofeldt, Elaine. "FreshBooks Raises $43 Million In Funding".
(18 July 2017). "After relaunching its accounting platform, FreshBooks has raised another $43 million".

::callout[type=info title="Wikipedia Source"] This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page. ::