FreshBooks founder Mike McDerment Makes an Announcement (Cloud Accounting)

Image representing FreshBooks as depicted in C...

I’ve been using Freshbooks invoicing platform for the past few months and I can say it has been a very good services for me.  In the past it was all manual and I just a hard time getting paid.   Freshbook makes it totally hands free for me by handling all the invoice payments, Late payment reminders, and manages the historical data that my accountant needs.


Well today Mike McDerment made an announcement that their services will be known as CLOUD ACCOUNTING.


When I intially read the article I assumed they was changing their name


So here’s the news: from this day forward, FreshBooks is Cloud Accounting.


But I reread it again and I think he just ment their service will be known as Cloud Accounting.  Never the less what was more interesting is when Mike talked about how his business started 10 years ago


The road hasn’t been easy. It took over 16 months to bring a product to market. When we launched no one cared and 24 months after starting we had only 10 paying customers and revenues of $99 per month. We moved into my parents’ basement for 3.5 years. But despite all the evidence pointing to our failure, we carried on. Why? We loved our customers, our company and working together, and we’d discovered a passion to serve others.


WOW,  16 months to take product to market and in 24 months only 10 paying customers!!!  I think people that start a business should really look up how Freshbooks started their business.  They must have had some serious cash infusion to stay afloat that long without bringing in any significant revenues.


Anyone is interested in using a Cloud based accounting system should check out Freshbooks

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