In 2005, two years into launching FreshBooks, the cloud-based accounting software for small businesses, Mike McDerment only had 10 paying customers and revenue of $99 a month.
It’s a far cry from the FreshBooks brand in 2015, which now boasts five million customers in 120 countries. Today, FreshBooks announced a new partnership with the Bank of Montreal, allowing small business owners – who comprise 98 per cent of employer businesses – to use BMO to access FreshBooks software.
“Small businesses are the engine of our economy, but their accounting needs are commonly overlooked and underserved,” said McDerment, also the CEO of FreshBooks. “Small business owners need a simple way to manage their finances so they can focus on running their business, and this partnership enables them to do just that.”
The partnership allows small businesses to send invoices, track timesheets, manage expenses and receive and send online payments – if they have a BMO account, all they have to do is link their accounts to FreshBooks. BMO customers also get 10 per cent off any paid plan.
“Managing the financial operations of a small business in today’s marketplace is becoming more complicated and time consuming – requiring our customers to dedicate significant time and resources,” said Ernie Johannson, head of Canadian personal banking at BMO. “We’re confident that this partnership offers a holistic approach to making our customers’ lives easier by enabling them to improve their business processes and access the tools needed both to launch and grow their businesses successfully.”