Freshbooks vs Wave Accounting Which Accounting Software Wins In 2024?

This site does not include all software companies or all available software companies offers. What’s more, you can track time using a timer or log time manually. 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 compare FreshBooks and Wave head-to-head in our case study to help you make the right choice. We compare these two accounting solutions across 11 key categories, such as general features, accounts payable (A/P), accounts receivable (A/R), and banking and cash management. We’ve done in-depth research so that it’s easier for you to find out which program is suited better for your business. Check out our detailed FreshBooks review and Wave review for more information. The Lite plan is $17 per month, and includes core features such as custom invoicing and unlimited estimates, but is capped at just five billable clients.

Related Accounting Software Reviews

This efficiency boost is particularly crucial for small businesses, where every minute counts towards keeping and growing the business. Navigating the small business accounting software offerings available today can feel like venturing into a maze – but don’t worry, you’re about to get a map. Accounting software how to find good employees options serve as the backbone of a small business, helping you manage every cent that comes in or goes out. And yes, we’re talking about more than just a glorified calculator or a digital ledger. Both Wave and FreshBooks have excellent invoice templates that are easy to customize and send to clients.

• When it comes to value, Wave is a better accounting software provider when compared with FreshBooks.
• Users also praised its project tracking features and how easy it is to invoice clients if you use the project feature.
• Both solutions support double-entry accounting but lack inventory management.
• Freshbooks has a ‘excellent’ User Satisfaction Rating of 90% when considering 4096 user reviews from 4 recognized software review sites.
• 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).
• FreshBooks also limits the number of billable clients you can have in its Lite and Plus plans, whereas Wave enables unlimited invoicing for an unlimited number of clients for free.

You get basic reporting, invoicing, accounting, and expense tracking all for free with Wave. If you have a little more cash to spare every month, Wave offers monthly payroll services as well as taxes. Wave Accounting is an intuitive accounting ERP for small businesses, freelancers and entrepreneurs. Users also fancy the program’s user friendliness, documenting every task a user conducts and relaying accurate data.

FreshBooks vs Wave pricing

We’ll call this round a tie as both accounting solutions are incredibly easy to use. FreshBooks has a slight edge here as it offers phone support, unlike Wave, which only has chat and email. However, to accept electronic payments from your customers, you’ll need to enable Wave Payments. There’s no doubt that choosing the right accounting software can be a bit of a challenge. Danielle Bauter is a writer for the Accounting division of Fit Small Business.

Only ideal for very small service-based businesses, freelancers or contractors; allows an unlimited number of users. Our partners cannot pay us to guarantee favorable reviews of their products or services. We believe everyone should be able to make financial decisions with confidence.

FreshBooks vs Wave: Integrations

It’s the better option if you’re a service-based business or independent contractor that’s often working out of the office. You’ll be able to record the hours worked and assign them to clients. Now that we covered the fundamentals let’s compare the essential features and functionality of the two apps to see which one outshines the other in various categories.

• Invite employees, contractors, and clients to collaborate on projects.
• FreshBooks also provides mobile apps for iOS and Android devices.
• Note that the company also offers discounts for annual payment.

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. On the other hand, you can’t trust Wave to help you with serious or immediate technical problems. There’s literally no one to talk to over the phone, and the only thing you can hold on to is chat support, which is available for new users for 60 days after purchase. In addition to a chatbot, you can use the Wave Help Center, which includes some helpful resources that provide answers to your questions. 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.

FreshBooks vs. Wave Accounting: Comparison table

The safety of your private data is our top priority, that’s why it’s protected by 256-bit SSL encryption—the gold standard in Internet security. FreshBooks is cloud based accounting software and uses industry–leading secure servers. Track everyone’s time spent on projects and automatically bill for their hours.

Although both platforms offer on-the-go invoicing, FreshBooks’ mobile app goes the extra mile by allowing you to log hours worked and track mileage. FreshBooks also offers an intuitive interface that is simple to navigate. 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. Initially designed with the sole proprietor in mind, FreshBooks is a great fit for service professionals like attorneys, architects, plumbers, and designers.

More than 4 million businesses already manage their finances with Wave. 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.