FreshBooks Strengths, Domain Expertise, and Key Differentiators
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. 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. 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.
FreshBooks Recent Developments
In June 2020, FreshBooks launched a new program aimed at forward-thinking accounting professionals who work with small business owners. FreshBooks Accounting Professionals Program focuses on bringing together modern accounting firms with small businesses. The program is inspired by a Collaborative Accounting approach, in which accounting professionals and their small business clients work together as a team, sharing bookkeeping tasks in pursuit of the client’s success.
FreshBooks Mergers and Acquisitions (M&A) Activities
In October 2021, FreshBooks acquires Germany's FastBill as it pursues global expansion. FastBill currently supports paying customers in 16 different countries across Europe. Together, FreshBooks and FastBill will unlock new platform capabilities and expand into regions where the small business market is significant and growing.
In September 2020, FreshBooks acquired Facturama. Based in San Luis Potosi, Mexico, Facturama helps 19,000+ self-employed professionals, small businesses and startups maintain better control of their finances through electronic invoice management, reporting and other organizational services. The company is one of few software providers in the region that is currently compliant with Mexico’s advanced electronic invoicing and accounting regulations. Supported by FreshBooks, Facturama's service will allow for greater scaling capabilities in Mexico, where the small business market is significant and growing.
FreshBooks Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying FreshBooks applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of FreshBooks and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified FreshBooks, customers.
Ownership: - x
Number of Employees: 305
Functional Markets: ERP Financial,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction and Real Estate, Consumer Packaged Goods, Distribution, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Life Sciences, Manufacturing, Media, Non Profit, Oil, Gas and Chemicals, Professional Services, Retail, Transportation, Utilites,
FreshBooks Key Enterprise and Cloud Applications
FreshBooks Revenues, $M:
|Type/Year||2019||2020||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
FreshBooks Revenue Breakdown By Type, $M:
|Type||License||Prof. Services||Hardware||Support & Maintenance||SaaS||PaaS||IaaS||Other (Non Enterprise Application Revenues)||Total|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||100%|
FreshBooks Enterprise Applications Revenues By Functional Markets, $M:
FreshBooks Enterprise Applications Revenues By Verticals, $M:
FreshBooks Revenues By Region, $M
|Region||% of Total Revenues||2020 Total Revenues, $M||2020 Enterprise Applications Revenues, $M||2020 Cloud Applications Revenues, $M|
FreshBooks Direct vs Indirect sales
|Region||Direct Sales||Indirect Sales||Total|
FreshBooks Customers - Breakdown by Geo, Size, Vertical and Product
No. of FreshBooks Customers: 10000000
No. of FreshBooks Enterprise Applications Customers: 10000000
No. of FreshBooks Cloud Customers: 10000000
No. of FreshBooks Cloud Subscribers: 24000000
FreshBooks serves over 24 million users in over 160 countries from which 3 million are paying customers. Among FreshBooks customers are CreativeMornings, Sundling and Associates, LLC, IncPlant, Venture Gained Legal, Milieu Interior Design, Visceral, Laughing Squid, Chango and other.
FreshBooks Market Opportunities, M&A and Geo Expansions
In August 2021, Accounting software provider FreshBooks joins the unicorn herd after $130m of fresh funding. JP Morgan, Gaingels, BMO Technology & Innovation Banking Group and Manulife also participated in the equity investment, along with platform partner and new backer Barclays. With the new capital injection, FreshBooks has now raised a total of more than $200m in funding over its lifetime.
In August 2019, FreshBooks received a strategic investment from JPMorgan Chase & Co. Since 2004, FreshBooks has helped more than 20 million people and established itself as one of the world’s most popular accounting software platforms for small businesses and self-employed professionals. The company differentiates itself by building ridiculously easy-to-use accounting software with a non-accountant user in mind and delivering best-in-class customer service.
The investment from JPMorgan Chase follows two previous institutional funding rounds for FreshBooks, including a $30 million USD ($40M CDN) Series A funding round in July 2014, and a $43 million USD ($57M CDN) Series B funding round in July 2017. As part of the investment, a JPMorgan Chase representative will be joining FreshBooks’ board of directors.
FreshBooks in dues to accelerate growth, the company has raised $43 million in Series B funding led by existing investor Georgian Partners, with participation from previous investors Accomplice and Oak Investment Partners.
FreshBooks Risks and Challenges
Adding new software modules from procurement to payments and from recruiting to workforce management for retailers will be the next test for FreshBooks as it has been successful in luring a large number of small business owners as its users. Turning them into paying customers is another matter.
FreshBooks Ecosystem, Partners, Resellers and SI
FreshBooks has an expanding ecosystem of integrations to cover a broader range of complementary products and is proud to have the support of key companies such as Google Apps, GoDaddy, Apple, Gusto, Stripe, OneSaaS (which also includes Shopify via OneSaas), and Zapier (which also includes MailChimp via Zapier).
FreshBooks Cloud Infrastructure Insights
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- FreshBooks Public Cloud and Infrastructure (IaaS)
- FreshBooks Platform (PaaS)
- FreshBooks Application Delivery
- FreshBooks Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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