Toronto-based invoice startup FreshBooks has crossed $1 billion in billings that wer paid worldwide over the FreshBooks ecosystem between January and May of this year. FreshBooks lets you create and share invoices, time sheets and estimates within a web application. The application is largely popular amongst freelancers, consultants and small businesses. With both free and paid plans, Freshbooks has served 1.6 million users since May 2004.
In addition to announcing the $1 billion milestone, FreshBooks released other findings about usage on its system during the same period. The average invoice size on FreshBooks was $1,677. Users in Mexico and Sweden saw the largest invoice sizes with $4,669 and $4,423 respectively. India and Malaysia were the lowest with $414 and $406. Average invoice size for the U.S. was $919. The average time to pay an invoice on Freshbooks was 22.8 days
China saw the shortest time to pay with 11.9 days, while India saw the largest at 31.7 days. The average time to pay for the U.S. was 20 days.
FreshBooks says that its billings did not reach the $1 billion threshold last year until August. Launched in 2004, the startup has steadily added useful features to its billing service over the past few years, including benchmark reports on aggregated business data, an open API, and data mining from users. Competitors in the online billing space include BillMyClients and Blinksale.
As a cloud accounting service, FreshBooks helps service-based small business owners manage their time and expenses, send branded invoices, and collect online payments by credit card, PayPal, or eCheck. Save time, impress your clients, work anywhere and get paid faster.