After reaching $163 million CAD and the coveted Unicorn valuation, FreshBooks is looking to be the go-to company for accounting software internationally. And they’re succeeding
FreshBooks is a Toronto-based accounting software company targeted mainly at small to medium-sized businesses. After recently gaining the prestigious Unicorn valuation, joining the ranks of companies such as SpaceX, Airbnb, and more, FreshBooks is not looking to slow down any time soon.
With this newfound financial support, they’re setting their sights on providing for non-US businesses who have been left in the mud by the “dearth of global platforms that can [provide excellent accounting software],” as stated by FreshBooks CEO Don Epperson.
”We said, ’we’re gonna go after the whole, not just the US.”
If we want to be a really a world-class organisation, a global organisation that is supporting customers all over the world, the first thing that we have to do is to go ahead and live it.’”
Don’s aims stemmed from the realisation that FreshBooks had such a high demand for their services, but all of their customers were having to go through the US. He wanted to treat FreshBooks international customers better, with the belief that if they can get such a fantastic international reception without even trying, “what happens if we actually do something?”
This all began in 2019, when Don first joined FreshBooks as an executive director and board member, working closely with the founder and then-CEO of FreshBooks Mike McDerment.
The first action was the opening of their international office, offering localised products within Ireland and the UK. Their expansion went further in 2020, where FreshBooks acquired the Mexican invoice management company Facturama - with the sole aim being to utilise the company’s advanced technology and to act as a bridge towards the Latin-American market.
As for right now, FreshBooks is looking at how to optimise their international organic growth. Their conquest entails the localisation of more of their products, add more features to their platform, and insert sales teams for their American, Canadian, and Dutch consumer base. In addition to this, they are in talks with Barclays to have as resell partners.
Furthermore, FreshBooks also provides valuable business advice for everyone from the budding entrepreneur to the seasoned CEO, all on their blog. From articles focusing on the power of delegation to bolster your team, how to have awkward but necessary conversations with a client, and “How to Easily Build Great Estimates for Your Projects”, FreshBooks truly cares about creating the best environment for their consumers to succeed.
With all this care and quality that has gone into the company, long-time investor Jeff Fagnan, found of Accomplice, sees FreshBooks ”as being a $10 to $20 billion company.” To have such devoted support from a variety of quality investors, the future looks extremely bright for the software accounting company. Not only does it look bright for FreshBooks, but also for all of the non-US businesses looking for reliable and useful accounting software.