FreshBooks Strengths, Domain Expertise, and Key Differentiators
FreshBooks is known for its simplicity and intuitive interface, making it ideal for small businesses and freelancers. With easy integration with other tools like PayPal, Stripe, and Gusto, FreshBooks enables seamless management of finances and projects. The platform also offers automatically generated reports and invoices, saving users time and effort.
FreshBooks Recent Developments
On January 9, 2024, FreshBooks introduced FreshBooks Payroll, an integrated payroll solution designed specifically for its U.S.-based clientele. This innovative addition to their suite of services leverages Gusto's advanced payroll technology, renowned for its efficiency and reliability. With the launch of FreshBooks Payroll, the company aims to streamline and simplify the management of small business operations. By consolidating essential financial functions such as accounting, billing, payments, and now payroll, FreshBooks empowers its customers to oversee their entire business operations seamlessly from a single, comprehensive platform.
FreshBooks Mergers and acquisitions (M&A) Activities
On January 9, 2024, FreshBooks introduced FreshBooks Payroll, an integrated payroll solution designed specifically for its U.S.-based clientele. This innovative addition to their suite of services leverages Gusto's advanced payroll technology, renowned for its efficiency and reliability. With the launch of FreshBooks Payroll, the company aims to streamline and simplify the management of small business operations. By consolidating essential financial functions such as accounting, billing, payments, and now payroll, FreshBooks empowers its customers to oversee their entire business operations seamlessly from a single, comprehensive platform.
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.
FreshBooks Overview
Ownership: - x
Number of Employees: 500
Functional Market: Payroll,
Key Verticals: Banking and Financial Services, Communication, Construction and Real Estate, Education, Healthcare, Leisure and Hospitality, Manufacturing, Media, Professional Services,
FreshBooks Key Cloud and HCM Applications
FreshBooks
FreshBooks HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2023 | 2024 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** 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:
FreshBooks HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2024 HCM Revenues, By HR Segment, $M | |
FreshBooks HCM Applications Revenues By Verticals, $M:
FreshBooks Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2024 Total Revenues, $M | 2024 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
FreshBooks Direct vs Indirect sales
| Type | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
FreshBooks Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified FreshBooks Customers
No. of FreshBooks Customers: 10000000
No. of FreshBooks HCM Applications Customers: x
No. of FreshBooks Cloud HCM Customers: 10000000
No. of FreshBooks Cloud HCM Subscribers: 30 Milion
FreshBooks has over 30 million users in more than 160 countries, with 3 million paying subscribers. Its largest user base is in the United States, accounting for 61% of the total, followed by Canada with 13% The platform is particularly popular in industries such as information technology and services, computer software, marketing and advertising, internet, and consulting. FreshBooks is used by major companies like Upwork, GitLab, Bench, Capterra, as well as global brands like Walmart, PayPal, JPMorgan Chase, Fidelity Investments, and Microsoft. Most users are small and medium-sized businesses with fewer than 50 employees and revenues under $50 million. This makes FreshBooks particularly popular among freelancers, consultants, and small businesses seeking simple and affordable accounting solutions.
FreshBooks Market Opportunities, M&A and Geo Expansions
In March 2025, FreshBooks secured $125 million through debt financing from Morgan Stanley Investment Management. This investment will be used to refinance existing debts and support further growth, with a particular focus on the North American markets.
In 2025, FreshBooks introduced new features such as two-factor authentication (2FA), automatically generated balance sheet, profit and loss reports, and general ledger, aiming to enhance the platform's security and analytical capabilities.
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.
In the fourth quarter of 2024, Shaheen Javadizadeh was appointed as the new CEO of FreshBooks. He joined the company in the fourth quarter of 2024 and took over as CEO in January 2025. This change followed a period of leadership transitions, including the departure of the previous CEO and other executive directors.
FreshBooks Ecosystem, Partners, Resellers and SI
FreshBooks offers integrations with over 1,200 apps via platforms like Zapier, Pabbly Connect, and Integrately, enabling process automation and synchronization with CRM, marketing, e-commerce, and productivity tools. Popular integrations include Zoom, Google Sheets, PayPal, Stripe, Mailchimp, WooCommerce, HubSpot, and Expensify. Additionally, FreshBooks integrates with project management platforms such as Asana, Basecamp, Jira, and Shopify for syncing financial and project data. For advanced needs, it provides API and integrations through Alumio, allowing seamless connection with any system without coding.
Research Methodology
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).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
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