Wave vs FreshBooks for December 2023 Accounting Software Programs
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. If your business relies on checks for your day-to-day transactions, you should consider QuickBooks Online for powerful bank reconciliation. Overall, FreshBooks offers better functionality, but only at higher plans. Wave has a solid feature set, even though it offers just a single inexpensive plan.
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. Being free software, Wave is one of the easiest-to-use accounting programs on the market. When setting up your account in Wave, you’ll start with the Wave Launchpad, where you can choose one of the displayed options and then set up the entire process. The problem with FreshBooks is that you can’t modify the chart of accounts or import a chart of accounts unless you sign in as an accountant. This can be annoying if you’re switching to FreshBooks from previous accounting software.
Accounting Software Program Reviews
Instead, QuickBooks was found to be the best (scoring 4.7/5 overall), at least for small business owners. The QuickBooks accounting service offers better features and add-ons than either Wave or FreshBooks, even though Wave does still have the best pricing overall. Plus, the right plan (QuickBooks Advanced) will net you 24/7 email and phone support, making it easy to solve any problems. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business.
- Some accounting tools are designed for specific industries, but FreshBooks and Wave can both be applied to businesses of all types.
- However, if you only need basic accounting features, such as income and expense tracking and invoicing, regardless of how many users you need, the price of Wave is unbeatable.
- Payroll by Wave is also available, but complete payroll tax services are only available in CA, FL, IL, NY, NC, TX, VA, and WA.
- Some professionals also ask for the proposal to be signed, which essentially makes it a contract.
Even with the availability of easy-to-use applications such as these, there remains a need for adequate product support. No matter how many resources are provided, it’s always nice to have the option to call support and talk to someone about a persistent problem. Both FreshBooks and Wave have been on the market for at least a decade, with each application offering similar features and functionality.
But the good news is the two apps can integrate with each other via Zapier. This means you can connect the two accounting platforms to automate tasks and streamline your workflow by using Zapier as the bridge between them. Wave integrates seamlessly with in-house apps https://accounting-services.net/freshbooks-vs-wave/ like Wave Payments and Wave Payroll and connects directly with banks and financial institutions. 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.
When you create a record, though, you can click on it to see a history of transactions and communication. However, you do have the option to connect a payment processor, which would, of course, mean you won’t have to pay Wave’s fees. Once the invoice was finished, the next page let me finalize and send it. I approved it, which meant it was ready to go, and then I had the option to either send it or to skip sending it for now.
Is Wave Invoicing really free?
With FreshBooks’ project management functionality, you can create a project, assign it to a client as well as to your team, set a rate and pick an end date. You can bill either hourly or by flat rate, and if you choose hourly, you can specify which rate based on the service or team member. To track time spent on a project, you can use the timer, enter time manually or create a timed task so you don’t go over hours charged. FreshBooks also provides mobile apps for iOS and Android devices.
FreshBooks vs Wave: Features
You can export any report to Microsoft Excel for further customization. Both FreshBooks and Wave are good at invoicing, but FreshBooks has more options to make it work for you. It has more templates and extra features like customizing payment reminders and late fees for different clients. If you have a Plus or Premium plan, you can send reminders for payments, add late fees, and make recurring invoices. Wave has many templates, and you can choose how you want to invoice during the initial setup.
Learn more about Wave’s feature offering in our Wave accounting review. Find a platform that makes accounting easy for your small business. Stay updated on the latest products and services anytime anywhere. There is a big price difference between FreshBooks and Wave and there might be a reason for it. FreshBooks offers more features and its app has better scores in both the Apple and Android app stores.
FreshBooks Is Built to Support UK Businesses—and Their Clients
Although every FreshBooks’ plan allows for unlimited invoicing, the two cheapest plans limit how many clients a user can invoice. User-friendly interfaces, complete with dashboards and drag-and-drop features, make these software solutions accessible even for novices. FreshBooks offers industry standard pricing, while Wave is free, though there are fees assessed if you accept online payments or use Wave Payroll.
You can input your business details easily, such as company name, address, and telephone number. Additionally, the main page includes shortcut functions like the +New button to help you execute certain tasks easily, such as creating a new invoice and adding a new customer or bill. The left menu bar contains all the core features of FreshBooks, including Banking, Sales, Cashflow, Expenses, Projects, and Payroll. Both FreshBooks and Wave allow users to create income statements, cash-flow statements, balance sheets, as well as sales and tax reports.