freshbooks vs wave

Wave provides its native full-service Wave Payroll, available in 14 states and Canada. Paid plans begin at $40/month, with an additional $6 per active employee or independent contractor. FreshBooks and Wave are both web-based business accounting platforms, meaning you can access them via any web browser without installing any software.

freshbooks vs wave

However, with all of that said, FreshBooks is incredibly easy to use and will be sufficient for the needs of most small businesses or freelancers. It compares really well to QuickBooks at the lower plan level but is even more affordable if you don’t need more than a single user. When you get into needing lesser-known integrations, more difficult accounting features such as inventory management, or if you need a bunch of users, then QuickBooks starts to become a better option. FreshBooks is very easy to set up, and you can be up and running within minutes.

Summary: Wave or Freshbooks?

Two of those names are FreshBooks vs Wave that are equally popular and recommended by small business owners and accounting enthusiasts alike. The top products based on usability and customer satisfaction, as rated by user reviews. See how they compare to other providers to find the best accounting software for your business. Online business debt management has become widely popular because it meets the specific needs and challenges faced by … For that reason, it can be worthwhile to invest in accounting software to streamline and even automate various financial processes.

freshbooks vs wave

In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching. FreshBooks includes a strong Projects variance analysis formula with example feature that allows you to collaborate with clients and team members. You can assign projects to clients, create flat-rate or hourly projects, and tailor your projects to your specific requirements.

Assisted Bookkeeping

It has a simple interface and easy-to-use features that make it perfect for freelancers and small businesses. It also integrates with a number of other software programs, making it an excellent choice for businesses that need to track their finances in multiple ways. FreshBooks has an excellent mobile app that allows you snap photos of receipts, send invoices and track mileage. FreshBooks has one of the easiest invoicing features across accounting software tools. The first time you log onto the interface, FreshBooks will walk you through the process of creating and sending your first invoice.

  1. FreshBooks offers 14 standard reports with limited customization options, including business health and double-entry accounting reports.
  2. Wave’s receipt scanning tool is handy, but you’ll need to use the web browser to upload receipts since the mobile app doesn’t support this feature.
  3. Along with the free accounting features, there’s a variety of things you can purchase like services, payroll, and a business bank account with Wave.
  4. Looking at their customer reviews, they fare pretty well, with only a few concerns.
  5. The two programs can set up recurring invoices, but Wave doesn’t allow you to add late fees to your invoice.

The software must have enough reports that can be generated with a few clicks. Moreover, we’d also like to see customization options to enable users to generate reports based on what they want to see. No, it isn’t possible to reconcile bank statements manually in FreshBooks because it doesn’t allow you to upload files of transactions unless you connect your bank account. Both can’t reconcile transactions with timing differences, including outstanding checks that aren’t yet cleared by your bank. They also lack options for combining multiple checks in a single deposit.

It also has a vast online help section equipped with detailed instructions on how to use FreshBooks’ features. Mobile apps are available for both iOS and Android devices, and offer invoice creation, receipt management, and the ability to receive important notifications. QuickBooks Pro and Premier are two different plans available that offer very similar feature sets leading to much confusion. In short, QuickBooks Premier is best for businesses that need industry-specific features, while QuickBooks Pro is ideal for small businesses with general accounting needs.

Verdict: Is Wave Better than FreshBooks?

Both are relatively the same regarding the user experience and ease of use, though we found it very difficult to get in touch with someone from Wave’s support team. However, in spite of this, we recommend Wave for all small businesses that need moderate power and functionality. The top features included with FreshBooks are invoicing, receipt capture, and project tracking. For a full description of what FreshBooks has to offer, check out the full FreshBooks review. FreshBooks supports online payments via the payment processor WePay, which charges 2.9% + 30 cents per transaction. FreshBooks tracks your earnings from invoices, but it also allows you to record income from other sources such as Etsy and Shopify.

Get more information about how it stacks up with our Wave Payroll review. Wave and QuickBooks are two popular platforms for invoicing and accounting for small businesses. With Wave’s free plan, customer support is limited to Wave’s chatbot and online resource center.

If you need a comprehensive accounting solution, then QuickBooks is the better option. However, if your top priority is ease of use, FreshBooks is the better choice as it’s far more beginner-friendly. Between the two, FreshBooks is the better-priced product, though QuickBooks is a good value for what you get. Both software programs have a 30-day free trial for you to test the product and see if it will be sufficient for your needs. Both products also offer promotional pricing for the first three months. FreshBooks goes from $8.50 per month during the promotional period to $17 per month when billed annually for the Lite option.

Easily take the hours you’ve logged and add them to a client’s invoice.

Customer support

There’s no clear winner in this round, as both tools offer a similar number of reports. FreshBooks wins this round because it directly connects with more apps than Wave. FreshBooks has a help center that offers a range of how-to articles and frequently asked questions. To deepen your understanding of the software, you can even view on-demand webinars.

Along with the free accounting features, there’s a variety of things you can purchase like services, payroll, and a business bank account with Wave. Mark Hayes, the head of marketing at Kintell, appreciates the professional user interface as well as the billing and invoicing system, which he says improves year after year. Meanwhile, Wave users said that they appreciate that the platform has a free plan and that it is very easy to use, giving a small business many of the features it needs to get up and running. Some also praised its mobile app that allows you to invoice customers while you’re working remotely. Intuit QuickBooks is arguably the most well-known and widely used online accounting software.

FreshBooks can connect with more than 200 apps like Gusto for payroll, Stripe for online payment processing, Avalara for tax management, and Basecamp for time tracking. You’ll pay a 2.9% plus $0.25 per transaction fee for invoiced credit card payments; and 1% (up to $10) for ACH payments. When you send an invoice, clients have the option to pay with the click of a button by entering their credit card or bank account information or connecting to Apple Pay. Three of FreshBooks’ four plans include access for just one user in the base cost.

Need Some Help Finding the Best Wave Alternative?

This allows you to view all time tracked by you and your team members, as well as invoices and expenses related to a specific project. An additional benefit is that FreshBooks offers in-app assistance that guides you through the software’s features and how to use them properly. We suggest taking a look at our in-depth FreshBooks review and Wave Accounting review. These reviews will give you a clearer understanding of what each platform provides, their pricing, and the user experience. By highlighting the strengths and weaknesses of each software, our reviews can assist you in determining which option is the ideal fit for your needs.

Includes tools that help automate the reconciliation process and auto-categorizes transactions for you in the Pro plan, but you can’t set up your own bank rules; no global search function. Katelyn is a Junior Research Analyst at SoftwarePundit, where she conducts in-depth analyses of technology markets & products and writes software-related content. She graduated summa cum laude with degrees in English and Psychology. Her main areas of interest are content creation, user experience, and search engine optimization. FreshBooks and Wave are two of the more basic accounting tools on the market. If you have a limited budget and require free accounting and invoicing software, Wave may be a better solution.