FreshBooks vs Wave: Features & Comparison in 2024

However, Wave provides all of the tools and functionality required to manage your business for sole proprietors, freelancers, and micro-business owners. 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.

Make Accounting Effortless for Your Business

You can create recurring invoices and expenses in FreshBooks, which is great way to manage both payments and expenses. FreshBooks will also automatically send reminders when an invoice is past due, and can add a late fee to the invoice. 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 how to account for the value of finished goods inventory account. It offers everything that the Lite plan offers, as well as the ability to accept e-signatures on proposals and contracts.

FreshBooks vs. Wave: Features

It’s also missing basics like double-entry accounting reports (i.e., a chart of accounts and general ledger), accountant access and bank reconciliation tools. These features shouldn’t require a plan upgrade and Wave offers them for free, making it a better deal than FreshBooks’ Lite plan. FreshBooks has four paid options that range in price from $17 to $55+ per month (Lite, Plus, Premium, and Select).

The two programs can set up recurring invoices, but Wave doesn’t allow you to add late fees to your invoice. With Wave, you can upload your company logo and choose the theme color, but you can’t adjust the color of the fields in the invoice. Both customer and vendor information can be managed in the software, though only 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. Like FreshBooks, Wave was created for freelancers, micro-businesses, and sole proprietors. Accounting features in Wave are completely free, so you’ll only pay for the application if you use Wave Payments or Wave Payroll.

1. FreshBooks, on the other hand, is a better fit for small businesses and situations where no more than one person is managing the account.
2. Converting or Implementation can be a blocker, luckily we have migration-specific automation tools at low costs.
3. Your team members can also help you with your business books by creating invoices and tracking their expenses.

FreshBooks Reviews

A navigation bar to the left of the  welcome screen provides access back office accounting to all system features. Various customization options are available from the invoice entry screen, and you can preview a completed invoice prior to emailing or printing. FreshBooks is designed to connect to your banking institution, automatically importing all transactions.

QuickBooks Online

The banking section of this case study focuses on cash management, bank reconciliation, and bank feed connections. The software must have bank integrations to automatically feed bank or card transactions. The bank reconciliation module must also let users reconcile accounts with or without bank feeds for optimal ease of use. FreshBooks takes the win here because it integrates with hundreds of third-party software, including payroll, time tracking, and electronic bill pay integration. Some of its most popular integrations include Shopify, Square, Bench Bookkeeping, Zapier, Calendly, Mailchimp, HubSpot, Gusto, Stripe, and PayPal. If you would like to check out the program first, FreshBooks currently offers a free 30-day trial with no credit card required.

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. You can add a new customer during the invoice creation process, and have the option to use one of the invoice templates available in the application. Both FreshBooks and Wave are designed for freelancers and sole proprietors, though FreshBooks offers a little more wiggle room for those who may want to add an employee or two.

If you plan on remaining a sole proprietor, Wave is a good fit for you. However, if your business plans include growth, it may not be the right option. With its easy-to-use and intuitive interface, FreshBooks is ideal for those entering the business world for the first time who know absolutely nothing about accounting. FreshBooks what is a ucc filing and how does a ucc lien work was originally designed with the sole proprietor in mind, making it a good fit for service professionals such as attorneys, architects, plumbers, designers, and anyone who works solo. But with four plans available, FreshBooks can also be used by growing businesses. FreshBooks runs frequent sales throughout the year, offering new users discounts as deep as 50% off for up to six months.