Running a small business is tough, and managing your money can feel like a headache.
How do you pick the right one?
Many business owners struggle to find a tool that fits their needs without breaking the bank.
Are you wondering which one will work best for your business?
This guide will help you understand Wave vs FreshBooks and their differences so you can make a smart choice.
Overview
We tried out both Wave and FreshBooks.
We used them like real business owners would.
This helped us see what each one is good at.
Now, let’s compare them side-by-side.
Over 4 million small businesses trust Wave to manage their finances.
Pricing: Free plan available. Paid plan starts at $16/month.
Key Features:
- Unlimited Invoicing
- Expense Tracking
- Basic Reporting
Ready to simplify your invoicing and get paid faster? Try it now!
Pricing: It has a free trial. Paid plan starts at $10.50/month.
Key Features:
- Unlimited invoicing
- Expense tracking
- Time tracking
What is Wave?
Okay, let’s talk about Wave.
Think of it like a helpful friend for your business money.
It lets you do things like send invoices and track what money comes in and goes out.
It can help you see the big picture of your business finances.
Also, explore our favorite Wave alternatives…
Over 4 million small businesses trust Wave to manage their finances. See why 88% of users report saving an average of 5 hours per month on bookkeeping with Wave.
Key Benefits
Wave stands out with:
- A 100% free basic accounting plan.
- Easy to use interface for beginners.
- Seamless integration with its payroll add-on.
- Over 2 million small businesses use it.
Pricing
Free: $0
Pro Plan: $16
Pros
Cons
What is FreshBooks?
Okay, so let’s talk about FreshBooks.
Think of it like a helper for your money stuff.
It’s made for people who run small businesses and do freelance work.
It helps you send bills (invoices), keep track of your money coming in, and see where your money is going.
It’s like having a simple way to manage your business finances.
Also, explore our favorite Freshbooks alternatives…
Ready to simplify your invoicing and get paid faster? Over 30 million people have used FreshBooks.
Key Benefits
FreshBooks has some really cool things it does well:
- It makes sending professional-looking invoices super easy. You can even set up automatic payment reminders!
- Keeping track of your time is a breeze with its built-in time tracking tools. This is great if you bill clients by the hour.
- You can easily see how much money you’re making and what you’re spending with its clear reports.
- It lets you work with your team and share information easily.
- FreshBooks can connect with over 100 other apps to make your work smoother.
Pricing
FreshBooks has different plans depending on what you need:
- Lite: $10.50/month
- Plus: $19/month
- Premium: $32.50/month
- Select: Talk to a consultant
Pros
Cons
Feature Comparison
Let’s look at what each software can do.
We’ll compare their main features.
This will help you see which one has what you need for your business.
1. Invoicing
Both Wave and FreshBooks let you send invoices.
Wave’s invoices are simple and easy to make.
FreshBooks has more options for customizing your invoices.
You can add your logo and change the design to look more professional.
2. Expense Tracking
You can track your spending with both tools.
Wave lets you link your bank accounts to automatically bring in transactions.
FreshBooks also links to your bank.
It has a good system for adding receipts using your phone camera.
3. Reporting
Both give you financial reports.
Wave offers basic reports like profit and loss.
These reports help you see how your business is doing.
FreshBooks has more detailed reports.
This can be helpful if you need to dig deeper into your finances.
4. Payroll
Wave offers payroll services, but it costs extra money.
This allows you to pay your employees.
FreshBooks does not have its own payroll service.
You would need to use another tool for payroll if you choose FreshBooks.
5. Integrations
Wave connects with some other apps.
This helps you use it with tools you already like.
FreshBooks connects with many more apps.
This makes it easier to link with other software you use for your business.
6. Customer Support
Both offer help if you get stuck.
Wave has online help articles and email support.
FreshBooks also has email support.
They also offer phone support, which can be helpful if you need quick answers.
7. Time Tracking
FreshBooks has a built-in tool for tracking time spent on projects.
This is great if you bill clients by the hour.
Wave does not have its own time tracking feature.
If you use Wave and need this, you’d have to use a separate app.
What to look for when choosing an Accounting Software?
- Scalability: Can the software grow with your business?
- Support: What kind of help is available if you have questions?
- Ease of Use: Is it something you and your team can learn quickly?
- Specific Needs: Does it handle the unique things your business does?
- Security: How safe is your financial data with this software?
Final Verdict (Our Pick)
We looked at everything closely.
Our choice depends on your business needs.
If you’re new and need free tools, Wave is a great pick.
It handles invoices and expenses well. It costs you nothing.
But if you need more, like time tracking or quick help, FreshBooks might be better.
It does cost money. We tried both products ourselves.
This gives you an honest review.
We focused on what small businesses truly need.
More of Wave
- Wave vs Puzzle IO: Puzzle IO shines with its AI-powered smart categorization and predictive invoicing for modern accounting.
- Wave vs Dext: Dext excels at automated data capture from receipts and invoices, streamlining expense management.
- Wave vs Xero: Xero offers strong cloud-based accounting, emphasizing cash flow management and multi-currency support.
- Wave vs Synder: Synder specializes in e-commerce accounting, seamlessly syncing data from various online sales platforms.
- Wave vs Docyt: Docyt provides AI-driven bookkeeping and workflow automation, aiming for a fast month-end close.
- Wave vs Zoho Books: Zoho Books provides a broad accounting solution with strong invoicing, expense tracking, and inventory management.
- Wave vs Quicken: Quicken is primarily for personal finance, offering budgeting, investment tracking, and basic invoicing for freelancers.
- Wave vs Hubdoc: Hubdoc automates document collection and data extraction, centralizing financial paperwork for accountants.
- Wave vs Expensify: Expensify is a leader in expense reporting, featuring smart receipt scanning and automated reimbursements.
- Wave vs QuickBooks: QuickBooks is a comprehensive accounting software with robust features for all business sizes, including payroll and inventory.
- Wave vs NetSuite: NetSuite is a full ERP solution that offers extensive financial management, CRM, and supply chain capabilities for larger businesses.
More of FreshBooks
- FreshBooks vs Puzzle IO: Puzzle IO uses AI for smart financial insights and automated bookkeeping, focusing on real-time data.
- FreshBooks vs Dext: Dext specializes in automated receipt and invoice data capture, streamlining data entry into accounting systems.
- FreshBooks vs Xero: Xero offers comprehensive cloud-based accounting with strong bank reconciliation, suitable for growing small businesses, offering a robust FreshBooks vs Xero choice.
- FreshBooks vs Synder: Synder excels at syncing sales data from multiple platforms directly into accounting software, automating reconciliation.
- FreshBooks vs Docyt: Docyt provides AI-driven bookkeeping automation and real-time financial dashboards, aiming to eliminate manual tasks.
- FreshBooks vs RefreshMe: RefreshMe is designed for personal finance tracking, budgeting, and identity protection, not business needs.
- FreshBooks vs Quicken: Quicken is a personal finance manager focused on budgeting and investment tracking, with basic business features.
- FreshBooks vs Hubdoc: Hubdoc automates the collection and categorization of financial documents for easy integration into accounting software.
- FreshBooks vs Expensify: Expensify is primarily an expense management tool, excellent for receipt scanning and employee credit card reimbursement.
- FreshBooks vs QuickBooks: QuickBooks is a highly versatile, comprehensive accounting software catering to diverse business needs with extensive features.
- FreshBooks vs AutoEntry: AutoEntry focuses on intelligent data capture from documents, automating data entry for accounting systems.
- FreshBooks vs NetSuite: NetSuite is a full-fledged cloud ERP system, offering integrated financials, CRM, and e-commerce for larger enterprises.
Frequently Asked Questions
Is FreshBooks better than QuickBooks for small businesses?
FreshBooks is often simpler for service-based businesses and freelancers focusing on invoicing and time tracking. QuickBooks offers a broader range of features, suitable for more complex inventory or payroll needs. Your choice depends on your specific business structure.
Can I connect my Wave account to other software?
Yes, you can connect your Wave account to various other applications. This helps streamline your financial management by integrating with tools you already use. It enhances the overall functionality of your accounting process.
How does Wave compare to Xero?
Wave is known for its free core accounting features, making it ideal for budget-conscious small businesses. Xero offers a more comprehensive, paid platform with advanced features and integrations. Xero might suit growing businesses needing more robust tools than a basic wave account.
Is Zoho Books a good alternative to FreshBooks vs Wave?
Zoho Books is a strong contender. It offers a balance between Wave’s free core and FreshBooks’ invoicing focus, providing a comprehensive suite of features for various business sizes. It’s great for managing billable client work and recurring invoices.
Which software is best for freelancers?
For freelancers, FreshBooks excels with its strong invoicing, time tracking, and expense management. Wave is also a good free option. Both help manage your finances without needing an accountant, especially for tracking billable client hours and recurring invoices.
