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JPMorgan's big bet on cloud accounting

You might have heard about Freshbooks. Hailing from Canada, the cloud accounting tech startup raised
Future Firm Weekly Top 5
JPMorgan's big bet on cloud accounting
By Ryan Lazanis • Issue #36 • View online
You might have heard about Freshbooks.
Hailing from Canada, the cloud accounting tech startup raised $30M USD in 2014 and another $57M USD in 2017.
Last week, described as their “most significant investment so far” by the company, they received an undisclosed amount from JPMorgan Chase as a strategic investment.
As part of the investment, a representative from JPMorgan will be joining the Freshbooks’ board of directors. Must be big.
Freshbooks’ CEO, Mike McDerment, said:
We see a significant opportunity to combine the strength and scale of JPMorgan Chase’s banking and payments capabilities with FreshBooks’ expertise in software design to create mass adoption for small businesses…
And JPMorgan said:
Since earlier this year, our 4 million Chase for Business customers have been able to sign up for FreshBooks through our small business marketplace and we’ve seen lots of demand. Helping software companies like FreshBooks grow by serving our small business customer base is a key differentiator for us in the fast-growing integrated payments market.
With both of those 2 statements, it’s clear that accounting is becoming far more integrated with other services, in this instance, banking & payments, and will certainly play a role in the ever changing expectations of your clients.
Perhaps no longer will clients just be asking your advice for which apps integrate best with their accounting software, but also which services (ex: banking, insurance, etc) as well.
It’s clear that the playing field is set for a client’s cloud accounting system to be their entire hub for business down the road. And you, as the accountant, are in prime position to capitalize on that with alternative revenue streams.
And now, to this week’s Future Firm Weekly Top 5:

1) $100M Smackeroos...
ScaleFactor Raises Third Round ($60M) In 13 Months After 700% ARR Growth In 2018
3) An Easy Way To Differentiate
3) Read This Before Your 1st Remote Employee
4) Want To Automate Your Sales Process?
5) Getting In The Game
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Ryan Lazanis

Future Firm Weekly Top 5 is your weekly curated insight into the top 5 things happening on the internet affecting the future of your accounting firm.

For more technology, practice management and marketing resources for your modern accounting firm, visit my website at https://futurefirm.co.

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