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BMO Partners with FreshBooks to Bring Online Accounting Software to Small Business Customers

  • Cloud-based accounting software simplifies the management of day-to-day operations – in the office or on the go.
  • Program is currently available to all Ontario business owners, with a nationwide rollout planned for later this year.

Toronto, ON – June, 1, 2015 – BMO Bank of Montreal and FreshBooks – provider of the #1 cloud-based accounting software designed exclusively for service-based small business owners – today announced a partnership designed to make the management of everyday business simple and fast for BMO’s small business customers.

The collaboration will enable BMO small business customers to access FreshBooks’ cloud-based accounting software to conduct their day-to-day operations including sending invoices, tracking timesheets, managing expenses and receiving and sending online payments. Customers simply link their BMO business accounts to FreshBooks, creating an organized and efficient way to keep track of business expenses.

“Managing the financial operations of a small business in today’s marketplace is becoming more complicated and time consuming – requiring our customers to dedicate significant time and resources,” said Ernie Johannson, Head, Canadian Personal Banking, BMO Bank of Montreal. “We’re confident that this partnership offers a holistic approach to making our customers’ lives easier by enabling them to improve their business processes and access the tools needed both to launch and grow their businesses successfully.”

“Small businesses are the engine of our economy, but their accounting needs are commonly overlooked and underserved,” said Mike McDerment, co-founder and CEO, FreshBooks. “Small business owners need a simple way to manage their finances so they can focus on running their business, and this partnership enables them to do just that.”

A recent BMO poll on Canadian small business owners, conducted by Pollara, found that:

  • One third (36 per cent) of business owners find running day-to-day business operations complicated
  • About one fifth (19 per cent) find banking for their business complicated
  • When small business owners were asked to select from a list of challenges faced in running their own business, 18 per cent identified the number one challenge as managing income and finances, while 17 per cent found their biggest challenge to be running daily operations

The poll also revealed that almost three quarters (68 per cent) completely rely on a mobile device – including a smart phone or tablet – to run their business, while one third (33 per cent) rely on it heavily. With FreshBooks’ mobile app, small business owners who are constantly on the go can check in on their business from anywhere. They never have to miss a billable minute and they can send an invoice straight from their client’s office. They can log expenses on the app and also track the status of payments.

BMO and FreshBooks’ program is currently available to small business customers in Ontario. A nationwide rollout is planned for the second half of 2015. For more information, visit https://www.freshbooks.com/bmo.

Results cited above come from a Pollara telephone survey with 462 Canadian small business owners, conducted between February 20th and March 11th, 2015. The margin of error for this survey is +/- 4.6 per cent, 19 times out of 20.

About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of approximately $633 billion as of April 30, 2015, and more than 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

About FreshBooks

FreshBooks is the #1 cloud-based accounting software designed exclusively for service-based small business owners. The company has helped more than 10 million users process billions of dollars through its easy-to-use invoicing, expense management, time tracking, and online payments features. Recognized in 2014 with six Stevie awards for best customer service in the world, the company’s mantra is to “execute extraordinary experiences everyday.” Based in Toronto, Canada, FreshBooks serves paying customers in 120 countries. www.FreshBooks.com

Media Contacts:

Jessica Leroux, BMO, jessica.leroux@bmo.com, (416) 867-3996 Dianna Lai, FreshBooks, dlai@freshbooks.com, (416) 780-2700 ext 318

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