Toronto-based cloud-accounting software company FreshBooks has laid off 38 employees, representing 9% of its workforce, as announced by CEO Mike McDerment in a LinkedIn post. The layoffs, attributed to the economic realities induced by the COVID-19 pandemic, were made across various departments to ensure long-term financial responsibility and control over the company's destiny. Despite the reduction, FreshBooks remains in a growth and expansion mode, with plans to continue hiring in key areas and expanding its European office in Amsterdam. The executive leadership team has also volunteered to reduce their compensation by about one-third during this period. The company, which recently secured significant investment, aims to position itself independently from capital markets while navigating the current challenges.
