Company Overview
Founded in 2003 by Mike McDerment, Joe Sawada, and Levi Cooperman, and headquartered in Toronto, Ontario, Canada, FreshBooks is a cloud-based accounting and invoicing software designed for small businesses and freelancers. It simplifies daily financial workflows including bookkeeping, invoicing, expense management, and time tracking.
FreshBooks is known for its user-friendly interface and intuitive experience, making it accessible even to users without accounting expertise. After more than two decades of development, FreshBooks has served millions of users worldwide and is one of the most popular accounting solutions for small businesses alongside QuickBooks.
Learn more about financial management tools: Accounting Software Providers
Products
| Product | Category | Description |
|---|---|---|
| FreshBooks Accounting | Accounting | Cloud-based bookkeeping with auto-categorization, bank transaction sync, and balance tracking |
| FreshBooks Invoicing | Invoicing | Create and send professional invoices with online payments, auto-reminders, and recurring invoices |
| FreshBooks Time Tracking | Time Tracking | Log billable hours by project and convert tracked time into invoices automatically |
| FreshBooks Expenses | Expense Management | Log expenses, capture receipt photos, auto-categorize, and prepare for tax season |
| FreshBooks Payments | Online Payments | Accept credit card, debit card, and ACH bank transfer payments |
| FreshBooks Proposals | Proposals | Create and send professional service proposals with e-signature support |
| FreshBooks Reports | Reporting | Auto-generate profit and loss statements, expense reports, tax summaries, and more |
Key Strengths
| Strength | Description |
|---|---|
| Easy to Use | Designed for non-accountants with a very low learning curve |
| Full-Stack Financial Management | Covers the entire financial workflow from invoicing to tax reporting |
| Mobile Apps | iOS and Android apps for managing finances on the go |
| High Automation | Auto-reminders, recurring invoices, and automatic bank transaction sync |
| Excellent Customer Support | Consistently rated as one of the best in the industry for customer service |
Milestones
- 2003: FreshBooks was founded by Mike McDerment after struggling with his own invoicing needs
- 2005: Officially launched the FreshBooks online invoicing platform
- 2008: Added time tracking and expense management features
- 2012: Launched mobile apps for iOS and Android
- 2014: Surpassed 5 million users
- 2017: Major platform upgrade adding reports and proposals features
- 2020: Launched FreshBooks Payments with built-in payment processing
- 2026: Continues to enhance the product, serving millions of small businesses and freelancers globally
Market Position
FreshBooks is positioned as a leading accounting solution for small businesses and freelancers in the cloud accounting software market. Its main competitors include:
| Competitor | Area of Competition | Differentiation |
|---|---|---|
| QuickBooks (Intuit) | Small business accounting | QuickBooks has larger market share; FreshBooks is easier to use |
| Xero | Cloud accounting | Xero offers more advanced features; FreshBooks focuses on invoicing and time tracking |
| Wave | Free accounting software | Wave is free but limited; FreshBooks is paid but more professional |
| Zoho Books | Online accounting | Zoho Books integrates with the Zoho ecosystem; FreshBooks works standalone out of the box |
| FreeAgent | Freelancer accounting | FreeAgent is strong in the UK market; FreshBooks has broader global coverage |
| Sage | Enterprise accounting | Sage targets mid-to-large enterprises; FreshBooks focuses on small businesses and freelancers |
