Freshbooks vs Wave: Which Is Better for Your Business?

FreshBooks is cloud based accounting software and uses industry–leading secure servers. With FreshBooks Payments your business can start accepting credit card payments online right away, in just a few clicks. FreshBooks, in contrast, has an excellent time-tracking feature built into explicit and implicit costs definition and examples every plan. It’s easy to track time (for yourself or for any 1099 contractors you work with), then sync that time to your client’s invoice so you can be paid accurately for your time.

Time tracking

1. Unlike Wave, all of FreshBooks’ plans have a strict user limit of one, except Select, which ups this limit to two users.
2. FreshBooks invoicing is top notch, allowing you to add a new customer as you’re preparing the invoice.
3. That number jumps to 50 billable clients with the Plus plan and then an unlimited number for the Premium plan.
4. It gives you an overview of the outstanding revenue and total profit of your company.
5. But with four plans available, FreshBooks can also be used by growing businesses.
6. FreshBooks is a software that provides the accounting essentials for freelancers, small business owners and solopreneurs.

If you need such features, you might want to check out Zoho Books, which tops our list of the best mobile accounting apps. FreshBooks is a software that provides the accounting essentials for freelancers, small business owners and solopreneurs. It’s simple to use, relatively affordable and it makes it easy to stay organized.

Expenses

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. However, FreshBooks can work well for some self-employed freelancers, and Wave Accounting’s features could be ideal for some small and midsize businesses. In our FreshBooks vs. Wave review below, we compare each software’s pros, cons, pricing and features to help you hone in on the right option for your needs. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most.

Using our internal case study, we compared FreshBooks and Wave across several key categories, such as general features, accounts payable (A/P), accounts receivable (A/R), and banking and cash management. Once the product has been set up, the dashboard will display a summarized view of your business. Both customer and vendor information can be managed in the software, though only what is accounts payable what is the process and what is included limited information can be entered. You can also add a product or service in Wave, but there is no option to manage inventory in the application. However, because Wave is designed for online payment acceptance, there is no quick way to record a payment made by check.

If you would like to check out the program first, FreshBooks currently offers a free 30-day trial with no credit card required. For small businesses that may experience some growth, FreshBooks may be the better solution. However, for sole proprietors, freelancers, and micro-business owners, Wave offers all of the features and functionality you need to manage your business. It also offers good time-tracking capability with a built-in timer available.

However, what is certified payroll FreshBooks is a bit more robust, as it has features not found in Wave, including project accounting and time tracking. Wave, on the other hand, has fewer features but is more affordable, with a free plan for a single user. FreshBooks is a great option for freelancers, small business owners and anyone who needs to send invoices and accept payment as part of a business. On the other hand, if you’re a larger team or want more customization options or more than one person on the account, it may be worth considering another option such as QuickBooks.

Integrates with more than 100 third-party apps; limited choices for direct payroll and point-of-sale integrations. The Digital Merchant has the best strategies and tools to grow your digital business. FreshBooks may have slightly less customization than Wave, but it more than makes up for it with its excellent suite of business tools. If you use the FreshBooks payment processor, you’ll pay 2.9% plus 30 cents per transaction. You can customize the invoice with colors and fonts, and you can add a logo to the top left corner. I decided to create an invoice here to see how the experience compares with Wave.

Plus Plan

QuickBooks is more comprehensive but also requires more training to maximize the use of features. Find the perfect plan to support your business by visiting our pricing page. 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.

Wave Features

Businesses with limited needs should pick Wave, while those that can benefit from an expanded set of features should opt for FreshBooks Premium. When it comes to value, Wave is a better accounting software provider when compared with FreshBooks. This is because it offers better features and slightly better pricing and support. Wave and FreshBooks are accounting software used by business owners to skip the paper piles.