Freshbooks vs Wave: Which Is Better for Your Business?

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. Meanwhile, as 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. 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.

Features: FreshBooks Wins

If your business relies on checks for your day-to-day transactions, you should consider QuickBooks Online for powerful bank reconciliation. We consider this a tie since the two programs have their unique strengths and weaknesses. All FreshBooks plans let you connect your bank accounts, while with Wave, you need to upgrade to the paid plan to do so. Meanwhile, Wave gives you the option to manually upload your files of transactions, while FreshBooks requires you to establish a live connection with your bank account. Our meticulous evaluation process makes us a trustworthy source for accounting software insights. We don’t just scratch the surface; we immerse ourselves in every platform we review by exploring the features down to the finest nuances.

Featured in

FreshBooks also has other add-on services, including advanced payments ($20/month) and Gusto Payroll (starts at $39/month + $6/month per person). Even though you can use Wave for free, certain services like Payroll and Payments do come with fees. However, FreshBooks has a few more invoicing features than Wave. FreshBooks automates lots of your business accounting so you can spend more time focusing on your work and your clients. You can have invoices automatically generated and sent, expenses automatically tracked and even have your payments automatically recorded, all from a single software. FreshBooks is a software that provides the accounting essentials for freelancers, small business owners and solopreneurs.

The bank reconciliation module must also let users reconcile accounts with or what is a death spiral definition meaning example without bank feeds for optimal ease of use. Lastly, the software must generate useful reports related to cash. When setting up a project estimate in FreshBooks, you have the option to add sales taxes, inventories, and labor.

See What Wave Users Think About “Free”

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. 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. FreshBooks is a cloud based software, which means you can use it from anywhere.

1. FreshBooks is a software that provides the accounting essentials for freelancers, small business owners and solopreneurs.
2. This site does not include all software companies or all available software companies offers.
3. This section focuses more on first-time setup and software settings.
4. Easily take the hours you’ve logged and add them to a client’s invoice.
5. Neither can reconcile transactions with timing differences, including outstanding checks that haven’t yet been cleared by your bank.

These are Wave-certified accounting and tax professionals who provide one-on-one accounting, bookkeeping, and tax consulting services exclusively for Wave customers. We have an extensive history of reviewing small business accounting software, and we stay up-to-date with the latest features and enhancements. Our first-hand experience, guided by our internal case study, helps us understand how the different products compare with each other and how they work in real-world scenarios.

FreshBooks vs Waveapps desktop versions

Wave is available on Chrome, Firefox, Safari, and Edge, and FreshBooks is also available on Opera. 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. FreshBooks includes one user in all plans, except the Select plan, which supports two users; additional members can be added at $11/person/month.

The credit card processing fee is 2.9% plus 30 cents per transaction for Visa, Mastercard and Discover, which is standard in the industry. Our researchers didn’t choose FreshBooks or Wave as their top pick. Instead, QuickBooks was found to be the best (scoring 4.7/5 overall), at least for small business owners.

So it will be up to the business owners to determine which limit will be more detrimental to business needs. QuickBooks is better suited for larger companies as it enables more customization options, but it comes at an additional cost. FreshBooks, on the other hand, is a better fit for small businesses and situations where no more than one person is managing the account. Whether you are navigating from entering expenses to collecting payments, the sidebar is intuitive to use and doesn’t get lost in confusing jargon. Additionally, FreshBooks has a user-friendly mobile app that allows you to enter data as you need to while out of the office.