FreshBooks vs Wave Accounting Comparison

wave vs freshbooks

If you’re a small business owner offering an in-person service or working with a bookkeeper or accountant, QuickBooks is a standard choice and may be worth the subscription fee. It meets a more diverse set of business needs, and has become standard among accountants, so your team won’t have a learning curve getting started. In contrast, FreshBooks has a robust online resource library and a basic troubleshooting chatbot. You can request help directly from your FreshBooks dashboard, which includes quick links to the FreshBooks help center. We believe everyone should be able to make financial decisions with confidence. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business.

It offers features for invoicing clients, inventory management, business reports, and others. FreshBooks integrates with third-party software to generate advanced accounting reports. In addition, Wave’s mobile app lets you send invoices and track payments on the go.

wave vs freshbooks

With the free Wave software, you’ll receive self-service support through their Help Center and assistance from their chatbot, Mave. For users of Wave’s Payroll, Payments, Advisors, or Banking services, email support and live chat with Mave are available on weekdays from 9 a.m. Both services offer email support, though neither service has 24/7 support across any plan. However, you cannot rely on Wave to assist you with serious or urgent technical issues.

What is the difference between FreshBooks and Wave?

Meanwhile, Wave offers a free plan (Starter) and a paid option that costs $16 per month. Among QuickBooks product offerings are add-ons for payroll, a bank account, advanced accounting, employee time tracking and e-commerce inventory management. QuickBooks expense tracking lets you automatically capture information from receipts and track miles, features that make QuickBooks more flexible for a variety of businesses.

wave vs freshbooks

The company regularly updates its navigation to enhance user experience. So, even if you’ve never used accounting software before, you’ll find it effortless to navigate the system. An additional benefit is that FreshBooks offers in-app assistance that guides you through the software’s features and how to use them properly.

The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it. Wave offers mobile apps for Android and iOS that support managing your finances on the go. You can create and send invoices, log payments, send reminders, generate accounting reports, and more, all from your phone. Those who left FreshBooks reviews said that they like that the tool is one-stop accounting software that’s easy to set up and use.

Recent updates in Wave include enhanced system navigation, easier journal entry capability, and a rebuilt reports page that is better organized for easier report access. Wave Accounting’s only built-in integration is with its payroll product, Wave Payroll. And while Wave Payroll is perfectly serviceable, that’s about all it is. The software includes only basic payroll features like paycheck calculation, direct deposit, access to one payroll report and end-of-year W-2 form generation. Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. See how FreshBooks makes day-to-day bookkeeping easy to use for business owners—even if you have no prior experience with accounting software.

POS – Android App

You can upload receipts and keep track of business expenses in several currencies. Businesses with inventory items should choose accounting software that can track inventory costs, manage cost of goods sold (COGS), and monitor inventory units. FreshBooks has excellent customer support, where users can seek help through email or talk with a representative via a chatbot. The best part here is that you have the option to talk to a real person over the phone. Some providers, such as QuickBooks Online, do the same, but you can’t initiate the call.

Your billing and invoicing processes are also more streamlined and bills are processed and sent out in a timely manner. With QuickBooks Checking, you can get integrated bookkeeping plus instant deposit of your payments, plus 1% APY interest on your balance (as of July 6, 2022). Both Wave and QuickBooks offer solid invoicing features and capabilities for small businesses. FreshBooks has all the features you need to handle invoicing and tons of other business and accounting needs. Setting up a free account is the ideal first step toward finding accounting software that will help you meet — and even exceed — your financial goals. While you should always take your business’s unique needs into account when choosing an accounting software provider, we recommend following these general guidelines.

  1. Traditionally, small business owners grappled with intricate spreadsheets and manual calculations, leading to errors and inefficiencies.
  2. Various customization options are available from the invoice entry screen, and you can preview a completed invoice prior to emailing or printing.
  3. Finally, Select is available for corporations at a custom price, and adds a dedicated Account Manager, training, and lower credit card transaction rates.
  4. It’s not as nuanced as top players in the accounting space like QuickBooks Online or Xero, but this tool will benefit freelancers more.

Even as a beginner, you’ll get the gist of automating workflows easily, such as setting up a new client, adding a new bill, creating a project estimate, and sending an invoice. Wave’s Starter and Pro Plans are affordable and easy-to-use ways to set up invoicing and accounting solutions for your business. It also offers good time-tracking capability with a built-in timer available. As an added bonus, you can invite your accountant or CPA to access your account at no extra charge. The FreshBooks dashboard offers a good summary view of current business status, including outstanding revenue, total profit, and spending.

FreshBooks Is Built to Support Growing Businesses—and Their Clients

FreshBooks provides great customer service, where users can seek support through email or talk with a representative via a chatbot. One of the best things is that you can speak with a real person over the phone. Some companies, such as QuickBooks Online, offer a similar service, but you cannot initiate the conversation. With FreshBooks, you can call an agent directly without first submitting a ticket. It also provides a comprehensive online help section with step-by-step tutorials on how to use FreshBooks’ features.

Both FreshBooks and Wave are good at invoicing, but FreshBooks provides more customization options. It offers more templates and features, such as the ability to customize payment reminders and late fees for various clients. Ease of use gets the highest weight in this case study because we want to give more credit to easy accounting software.

When a client pays, you can mark the invoice as paid, and Wave will track your cash flow automatically. You can also connect your bank account or credit card to the software, which will automatically import transactions and categorize them into tax-friendly groups. Wave’s receipt scanning tool is useful, but you need a web browser to upload receipts because the mobile app does not support this feature. This will help you decide which accounting software meets your needs best. Other features you may want to consider include whether the software has a mobile app, how good its customer service is and how well it does with accounts receivable (A/R) and financial reporting.

If you want multiple eyes on your accounts without paying extra, Xero has unlimited users. Zoho Books charges just $3 per month per extra user, and QuickBooks Online offers access for up to 25 users (depending on which plan you choose). However, the two tools differ in terms of how much they cost, how many automations they offer and which third-party apps they sync with for crucial tasks like payroll and time tracking. Project tracking tools in higher-tier plans; lacks industry-specific reports and transaction tracking tags; users with multiple businesses must pay for separate subscriptions. Can support freelancers, contractors and small businesses with a handful of employees; highest-tier plan includes two users (additional users can be added for a fee). Wave Accounting can be a great option if you run a very small service-based business or don’t need more advanced features that alternatives might offer.

The evaluation can help you identify the pros and cons of each program, and make up your mind on which one suits you requirements better. On top of the main features, the application that’s simple to grasp and use is always the better choice. By considering these factors, you can make an informed decision on which accounting solution best suits your business needs. There’s no clear winner in this round, as both tools offer a similar number of reports.

Has a strong invoicing feature; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking. 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 received a score of 86 because it’s incredibly easy to use, and it’s easy to get in touch with the customer support team. Wave, on the other hand, is a bit more advanced, but their customer support is not at all accessible.