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 Online is a more scalable solution than FreshBooks and Wave, with four plan tiers and the ability to accommodate larger small businesses. The software has a range of features and add-ons, and integrates with hundreds of apps including QuickBooks’ own payroll and payment processing software. FreshBooks has one of the easiest invoicing features across accounting software tools. The first time you log onto the interface, FreshBooks will walk you through the process of creating and sending your first invoice.

How does Wave compare to QuickBooks?

Wave's platform is simpler and designed for easy use for freelancers and businesses of one, while QuickBooks is designed to cover complex business needs and grow as your business grows. If you're a freelancer or other solo service provider, Wave is a better option.

In its “advanced reports” section, you’ll find an accounts aging report, which breaks out past due receivables by the length of time you’ve been owed. Wave has the ability to set up recurring bills, too, and gives you more payment reminder options. There is no way to add late fees to an Freshbooks Vs Wave invoice automatically like you can in FreshBooks, though. In Wave, you have to add a new line item to an existing invoice if you want to charge a late fee. FreshBooks has excellent customer support, where users can seek help through email or talk with a representative via a chatbot.

FreshBooks Offers Invoicing, Time Tracking, Projects, Estimates, and So Much More…

If you pay the same expenses monthly, such as rent or a utility payment, auto-payments save time and ensure that you never incur a late fee because you missed an important bill. After selecting how often it should be paid and how many times, you can forget about it. In FreshBooks, the expense form lets you select the type of expense from a drop-down menu. You can upload and attach a receipt, if needed, and mark it as billable if a customer owes reimbursement.

All businesses should use accounting software to manage invoices, track finances, and prepare for tax season. As a business owner, you’ll use accounting software to send invoices to clients, upload receipts for business expenses, and record financial information. Your bookkeeper or accountant will likely be given access to the software and do most of the heavy lifting regarding the reporting, tax forms, and more. FreshBooks follows the three-tiered monthly pricing plan that so many of its rivals use. The lowest monthly plan, Lite, lets five users access the program for $15 per month. Those who left FreshBooks reviews said that they like that the tool is one-stop accounting software that’s easy to set up and use.


But you can’t solve all your accounting needs because that’s not what it’s built for. In the end, if you’re a small business or freelancer and don’t have the budget for an accounting or invoicing service, Wave is your best bet. However, if you plan to scale your company and don’t mind paying a bit more in fees, FreshBooks is what you want. Compared to FreshBooks, Wave offers an incredible number of accounting and invoicing features for free. It is a fully-loaded, powerful, and professional small business software.

Freshbooks Vs Wave

All plans include one user with the option to add additional users for $10 per month. If you would like to check out the program first, FreshBooks currently offers a free 30-day trial with no credit card required. With FreshBooks both you and your team can collaborate on and track time towards the same projects and clients. Your team members can also help you with your business books by creating invoices and tracking their expenses.

Accounting Made Easy with FreshBooks

Whether you’re in ecommerce, retail, or consulting, you could use either of these options. Zoho Books provides a range of features including automated workflows and real-time project tracking. Its highest tier plan caps users at 15, but you can add more for an additional monthly fee. Zoho has a suite of accompanying software that integrates with its accounting program, including customer relationship management, sales and marketing tools.

  • Conversely, Wave offers invoicing, expense tracking, recurring billing, and automatic payments for free.
  • Wave simplifies the process of creating and sending invoices and helps you to stay organized ahead of tax season.
  • Some accounting tools are designed for specific industries, but FreshBooks and Wave can both be applied to businesses of all types.
  • If you’re willing to manually enter recurring bills every month and want to cut costs, it’s worth a look.
  • The similarities between FreshBooks and Wave make it difficult to choose between them, but FreshBooks has a slight edge.

You can also add team members to your account with specific user roles and levels of access to sensitive information. FreshBooks offers you time tracking, expense tracking, payments, reports and so much more. If you are still using Wave plus a second tool to handle all your accounting, it might be time for an upgrade.

Business Line of Credit: Compare the Best Options

Wave offers around 15 accounting reports, which cover all the basics for accounting and financial reports. FreshBooks does offer a few more than this, and though neither option gives a particularly broad range of reports, it’s enough for you and your accountant to keep track of finances. The similarities between FreshBooks and Wave make it difficult to choose between them, but FreshBooks has a slight edge.

In addition to a chatbot, you can use the Wave Help Center, which includes some helpful resources that provide answers to your questions. 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.

That won’t be an issue for more straightforward businesses, but complex companies may want to change account groupings and displays. FreshBooks’s reports will never win when compared to those of other cloud-based accounting programs. It’s an odd area for the service to neglect, given its importance for making business decisions, but it only has nine reports. The top products based on usability and customer satisfaction, as rated by user reviews.

  • It’s an odd area for the service to neglect, given its importance for making business decisions, but it only has nine reports.
  • FreshBooks offers industry standard pricing, while Wave is free, though there are fees assessed if you accept online payments or use Wave Payroll.
  • With FreshBooks, you can’t upload files of transactions unless you connect your bank account.
  • Has a strong invoicing feature; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking.
  • Unfortunately, Wave has no project accounting system, although it does allow you to create an estimate.

That said, both will fulfill the core bookkeeping needs of any business — invoicing and bill payment — so it’s necessary to look deeper to identify their differences and choose between them. In addition to user interface (UI) and navigation, we also consider the available customer support options, including live chat, and email and phone support. Based on our case study, FreshBooks and Wave have their own unique strengths and weaknesses in terms of bank account reconciliation.

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