FreshBooks, a leading accounting software available in over 160 countries, joined forces with Salt Edge, a pioneer in developing open banking solutions, to help their growing EU client base in managing business finance processes easier.
The accounting software market was valued at USD 12.01 billion in 2020 and is expected to reach USD 19.59 billion by 2026. Considering the current digitally advanced environment, open banking becomes a driving force for the accounting software market that is growing exponentially. Contemporary invoicing and accounting apps offer smart and cloud-based features to monitor and understand business finances, so choosing the right accounting software is crucial for smaller business owners or freelancers.
FreshBooks has helped more than 24 million people process billions of dollars through its easy-to-use invoicing, time-tracking, expense management, and online payments features. Using Salt Edge’s bank data aggregation service, FreshBooks can help business owners scale across Europe easier by saving them time and ensuring that their books are accurate and organised. Now FreshBooks’ business customers can connect their EU bank, credit accounts and have their financial data automatically imported straight into the software.
Salt Edge is PSD2 licensed and it covers all countries and many financial institutions in the EU. This collaboration allows us to continue servicing our customers in the EU. Working with companies in 100+ countries around the world, we’re always looking to help as many small business owners as we can. The biggest value the collaboration with Salt Edge creates is that by connecting their bank and credit accounts to FreshBooks, our customers save a substantial amount of time as their bank transactions are imported automatically without manual data entry.
Nikhil Aggarwal, Director of Product at FreshBooks
As open banking spreads further into the financial services market for SMEs, tech-forward accounting platforms are taking advantage. Live bank feeds become the most important digital link for accounting and invoicing, ushering a new era in this market. We are excited to join hands with FreshBooks, having a similar vision for how cutting-edge open banking technology can be used to transform businesses and simplify key processes for clients, aiming to help millions of people worldwide to save countless hours prior wasted on billing and invoicing in spreadsheets.
Lisa Gutu, Head of Business Development at Salt Edge