FreshBooks adds bank reconciliation and double-entry accounting to software

Toronto-based cloud accounting software FreshBooks will now offer bank reconciliation and double-entry accounting to its suite of services.

FreshBooks’ new accounting offering now includes a general ledger, chart of accounts, accountant access, and bank reconciliation, which the company says will enable service-based businesses to scale on FreshBooks, as well as work with an accountant and be ready for tax season.

“Small businesses that send invoices have unique needs that are hugely underserved by the accounting software market.”

“At FreshBooks, we understand that small business owners went into business to serve their clients and do the work they love, not to learn accounting,” said FreshBooks CEO and Co-founder, Mike McDerment. “Our team is proud to have added greater functionality to FreshBooks that will help our customers accomplish even more, on their terms, without adding any unnecessary complexity.”

Since its founding in 2002, FreshBooks has served over 20 million customers in 160 countries to send invoices, track time, manage expenses and get paid online. Since Freshbooks redesigned and rebuilt its platform in September 2016, the company has added over 100 new apps and integrations for its customers. These apps and integrations include G Suite by Google Cloud, Slack, HubSpot, Salesforce, Everlance, MailChimp, ZenDesk, Proposify, Trello, Basecamp, and Asana. In 2017, FreshBooks raised a $57 million funding round led by existing investor Georgian Partners, with participation from Accomplice and Oak Investment Partners.

Related: FreshBooks’ Mike McDerment says “building your own competitor” is effective way to solve business problems

A report released by FreshBooks suggested accountants and bookkeepers recognize that complex accounting software is a huge problem for small business owners. The report found almost 70 percent say that small business owners find accounting software intimidating, and 83 percent say it’s typical for small business owners to make mistakes when using it.

“Small businesses that send invoices have unique needs that are hugely underserved by the accounting software market. FreshBooks focuses on these businesses exclusively because we believe that by trying to serve everyone, you serve no one,” said McDerment.

Image courtesy FreshBooks.

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast