Accounting automation tools may not generate as many headlines as artificial intelligence and the other trends at the top of the tech industry’s agenda, but they represent a hugely profitable market. FreshBooks Inc., one of the leaders in the market, is now doubling down on its efforts to capture more share.

The Toronto-based company said today it has secured a $43 million investment led by local fund Georgian Partners to support the push. Much of the capital will go towards developing new features for its namesake accounting service, which targets small businesses and freelancers without a lot of time to manage their finances.

FreshBooks has carved out a niche for itself by automating several of the most tedious chores involved in the process, starting with expense tracking. The service can connect to a company’s bank account and credit cards to automatically import spending data, saving users the trouble of manual data entry. There’s also a complementary image processing tool for uploading physical receipts.

On the billing front, FreshBooks provides a set of features designed to streamline the task of charging clients. Readymade templates enable users to quickly put together a project estimate and create invoices for work already performed, while a time tracking function makes it possible to measure how many billable hours went into a task. Companies can share data from the latter tool with clients to give them more transparency into what they’re paying for.

All these features are organized in a fairly straightforward interface that places a big emphasis on ease-of-use, similar to Slack and other recent workplace hits. FreshBooks claims that its approach has won over more than 10 million users to date, a number that can be expected to grow in the wake of today’s funding.

The round brings the company’s total raised to $72 million.  

Image: FreshBooks