wave vs freshbooks

Check out our growing YouTube channel where we go deeper into the digital tools and share more of our personal experiences growing our businesses. I especially like the yellow bar at the top that says how much of the invoice is outstanding. If you click the message bubble on the top right, the client can send a message to you that’ll go right to your email. The invoice is slightly less user friendly than Wave’s, but not so much that it would make or break your decision to use FreshBooks. By entering your login information for your financial institutions, FreshBooks will connect your accounts and import your transactions. 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.

  1. Zoho Books provides a range of features including automated workflows and real-time project tracking.
  2. Wave Accounting is an entirely free option for small business owners.
  3. We collect the data for our software ratings from products’ public-facing websites and from company representatives.
  4. 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.

Time Tracking

See how FreshBooks makes bookkeeping easy to use for business owners—even if you have no prior experience with accounting software. Wave offers a free plan if you want to send invoices and not do much else. But you can’t solve all your accounting needs because that’s not what it’s built for. Don’t let the amount of data tied up in your current accounting software stop you from finding the right fit for you and your business. With Easy Switch, our specialists will handle the heavy lifting, moving all your important info (like expenses, invoices, and client details) from Wave to FreshBooks.

Accounting Made Easy with FreshBooks

For example, I have need a system in place for tracking time, so as beneficial as an accounting solution with time tracking makes a BIG differences. 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 what is data governance and why does it matter or create a timed task so you don’t go over hours charged.

wave vs freshbooks

Wave’s lower price point and deeper features make it the top choice for smaller operations that need a lot of bang for their buck – as long as they aren’t retailers. If you’re a service-based business or an independent contractor who’s always out in the field, having the ability to record hours worked and assign them to your customers is very convenient. However, both Wave and FreshBooks don’t allow you to enter bill payments, classify transactions from bank feeds, and view reports.

Once the invoice was finished, the next small business bookkeeping 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. I clicked through to see my options, but ended up using the first one it showed me. No, it isn’t possible to reconcile bank statements manually in FreshBooks because it doesn’t allow you to upload files of transactions.

If this is what matters most to you in an accounting app and invoicing software, you’ll want to go with FreshBooks. Looking at it from the client’s point of view, I know exactly what to do next. I usually use PayPal to send invoices, and clients don’t always realize that they can pay using a credit card if they don’t have a PayPal account. We recommend Wave over FreshBooks because it offers better features, pricing, and support. Wave is a particularly good pick for side businesses, since it has a free plan that offers more complex tools than you’ll tend to find with other accounting solutions. FreshBooks is the best free tool for tracking bills, and Wave is the best accounting software for retail operations.

If you run a small company or a freelance business, you are likely familiar with juggling multiple clients, payment deadlines, invoices and more—there’s always something else to remember. FreshBooks is an accounting software designed for solo business owners, freelancers and sole proprietors. The software makes it easy to stay organized, keep track of payments owed and expenses made, send invoices and accept payments. While there are many accounting software options out there, FreshBooks is particularly well-suited for smaller businesses and companies with one main owner and operator. Wave 2020 tax changes for 1099 independent contractors and FreshBooks are two of the most noteworthy accounting software options for small businesses.

Wave Accounting’s only built-in integration is with its payroll product, Wave Payroll. And while Wave Payroll is perfectly serviceable, that’s about all it is. The software includes only basic payroll features like paycheck calculation, direct deposit, access to one payroll report and end-of-year W-2 form generation. Next, I went to the dashboard, which is where all of your accounting and invoicing information lives.

Award-Winning Customer Support

NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy. Though both products have apps for sending invoices on the go, FreshBooks’ mobile app capabilities go a step further by letting you snap photos of receipts and track mileage. Only ideal for very small service-based businesses, freelancers or contractors; allows an unlimited number of users. With FreshBooks accounting system, you can save time and even money by tracking and capturing any business mile.

When to choose Wave

The Premium plan is $55 per month, and raises the billable client cap to 500, but adds no other important features. Finally, Select is available for corporations at a custom price, and adds a dedicated Account Manager, training, and lower credit card transaction rates. The software must have features that allow users to set sales tax rates, apply them to invoices, and enable users to pay sales tax liability. Wave users needing assistance with their books can seek help from Wave Advisors. These are Wave-certified accounting and tax professionals who provide one-on-one accounting, bookkeeping, and tax consulting services exclusively for Wave customers. Just like FreshBooks, the Wave dashboard is easy to navigate, with uncluttered menu items and visible buttons to help you find what you need easily.