FreshBooks Reaches Five Million Users Who Invoice $8 Billion Annually

by Knowlton Thomas

FreshBooks now has five million users, according to founder Mike McDerment.

Mike told The Globe and Mail that those five million users have collectively invoiced $8 billion this year.

The Toronto-based company, which now has more than 100 employees, says its userbase spans 120 countries.

SEE ALSO: FreshBooks Brings Cloud Accounting to Tablets

The company has come a long way since 2003, when Mike founded FreshBooks in his parents' basement. It was built based on the need for Mike - who was a freelancer at the time - to have a prompt and accurate invoicing solution. Despite the company's success today, it got off to a slow start: Mike confesses the startup had only 10 customers paying $10 during the first year.


Toronto, Ontario, Canada

In 2003, Mike McDerment, co-founder and CEO of FreshBooks, accidently saved over an invoice, snapped and decided to create a better way to manage his books and bill clients. Since then, FreshBooks has emerged as the #1 cloud accounting specialist for small business owners by helping more than 5 million people track time, organize expenses and invoice clients in the cloud. Known for... more

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

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