FreshBooks takes on business benchmarking

Next Tuesday Monday Freshbooks is going to put wisdom of crowds or in this case it’s customers to the right use. The online invoicing and time-tracking service will launch a new component of their service – Report Cards, that brings business benchmarking to SMBs. Simply put, customers get to compare their business metrics against others just like their own. The service that comes for free to all FreshBooks customers captures business performance and how it measures up to other companies, specific to their industry. To take care of privacy watchdogs, FreshBooks is anonymously aggregating the data from pool of FreshBooks customers participate the program. End result is a easy-to-read report that gets you invoicing trends like average monthly revenue, average size of invoices, average time to get paid, percentage of customers who pay online versus mail. Just for starters, last metric above can easily indicate the technology adoption rate among SMBs. However it might have noise from customers forced to send payments by mail especially overseas payments. Still would like see what options FreshBooks provides to query such an important data set.

In some ways FreshBooks Repot Card serves a similar purpose to 6th Sense Analytics. 6th Sense gets you benchmark your development effort, while FreshBooks works on the invoicing side. Eitherway Forrester, Hoovers and Dunn and Bradstreet of the world have something to worry about.

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2 Responses to “FreshBooks takes on business benchmarking”

  1. StartupSquad » Blog Archive » Invoicing goes online, almost Says:

    […] All these figures from FreshBooks Business Benchmarking service that I had written about last month. Would for sure watch the trend lines as the Freshbooks gains more customers(currently has 165 K customers) and represents a bigger portion of SMB market. On a side note, Freshbooks is one of the few Web20 companies providing real business insights that can be refrenced by other people. Quite a contrast to the data silos being built by Google’s and likes for internal use after tracking our activity. Tags: […]

  2. StartupSquad » Blog Archive » Paychecks market ain’t dead; PayCycle keeps growing Says:

    […] Just as EchoSign delivered the perfect online contract management solution appealing to SMBs, and Freshbooks nailed the online invoicing market for SMBs, PayCycle is seeing rapid adoption of the service by small businesses. Some of the more exciting deals at PayCycle in the recent past include private label offering in partnership with one of the nation’s largest financial institutions, and renewed Microsoft Money Home & Business partnership for the 5th consecutive year. Do you have a plan for […]

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