FreshBooks vs Wave for January 2024 Accounting Software Programs

While most of the help and support options in both are similar, FreshBooks wins this one with its live support options. Both FreshBooks and Wave have been on the market for at how to calculate the present value of a sum of money least a decade, with each application offering similar features and functionality. You can create your free Wave account, set up your business in minutes and see for yourself.

These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. If Wave has all of the features your small business needs and you don’t foresee any future expansion, there’s little reason to pay for a different product. FreshBooks also limits the number of billable clients you can have in its Lite and Plus plans, whereas Wave enables unlimited invoicing for an unlimited number of clients for free. 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.

Top Accounting Software

It offers an accountant certification program and connects with more than 1,000 small-business apps, including PayPal and Gusto. Project tracking tools in higher-tier plans; lacks industry-specific reports and transaction tracking tags; users with multiple businesses must pay for separate subscriptions. See how FreshBooks makes day-to-day bookkeeping easy to use for business owners—even if you have no prior experience with accounting software. These include financial statements, sales tax reports, accounts payable and accounts receivable reports, and a trial balance sheet. FreshBooks also provides mobile apps for iOS and Android devices. These apps let you create invoices, organize receipts, receive notifications, and more.

• If you need relatively entry-level functionality combined with the ultimate ease of use, FreshBooks is a great option.
• Our partners cannot pay us to guarantee favorable reviews of their products or services.
• Wave provides its native full-service Wave Payroll, available in 14 states and Canada.
• These features shouldn’t require a plan upgrade and Wave offers them for free, making it a better deal than FreshBooks’ Lite plan.
• Various customization options are available from the invoice entry screen, and you can preview a completed invoice prior to emailing or printing.

Our evaluation was based on a rubric scoring methodology in six categories, each with a designated appropriate percentage. Based on our case study, FreshBooks and Wave have their own unique strengths and weaknesses in terms of bank account reconciliation. While both let you connect your bank accounts, Wave lets you manually upload your files of transactions, instead of linking your bank.

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On the other hand, you can’t trust Wave to help you with serious or immediate technical problems. There’s literally no one to talk to over the phone, and the only thing you can hold on to is chat support, which is available for new users for 60 days after purchase. In addition to a chatbot, you can use the Wave Help Center, which includes some helpful resources that provide answers to your questions. 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.

Software Categories

From generating, sending, and tracking invoices to managing your payroll and preparing you for tax season, modern accounting software is your financial Swiss Army knife. These platforms often go beyond the basics to offer real-time expense tracking by linking directly to your bank accounts or enabling you to snap pictures of your receipts with a mobile app. Wave’s accounting software, invoicing features, and business bank accounts are entirely free of charge. Customers will pay for things like online payments, payroll, and bookkeeping and tax services. Most accounting solutions include features like invoicing, expense tracking, accounting reports, payroll, and accounting or bookkeeping services. Some accounting tools are designed for specific industries, but FreshBooks and Wave can both be applied to businesses of all types.

Accounting Software Program Reviews

No more jumping between Wave and Excel or Wave and sticky notes. FreshBooks has all the features you need to handle invoicing and tons of other business and accounting needs. We believe everyone should be able to make financial decisions with confidence. Which company offers the best business debt management services? Online business debt management has become widely popular because it meets the specific needs and challenges faced by … But that means you get customer support from real humans, on top of all the amazing functionality that saves you 11 hours each week.

Invite employees, contractors, and clients to collaborate on projects. Partly, because they lack the resources to stay compliant with legislations such as Open Banking and MTD. We’ll share our latest software reviews, technology tips, and deals. Once a project is done, you can generate an invoice directly from this screen, where all information will be pulled to the invoice and you can send it with just a couple clicks. FreshBooks pricing begins at $15 per month for the Lite Plan and costs up to $50 per month with the Premium Plan.

Wave connects with a few apps directly, including Etsy, PayPal, and Shoeboxed, while offering connection to more than 1,000 additional apps using Zapier. Once the product has been set up, the dashboard will display a summarized view of your business. Various customization options are available from the invoice entry screen, and you can preview a completed invoice prior to emailing or printing.

FreshBooks and Wave have a lot of similar features despite their different pricing structures. FreshBooks has a definite edge as it provides more options to invoice and bill customers, track employee time, track actual vs estimated project costs, and unbeatable customer support. 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.