The Plus and Premium plans are $7.50 and $13.75 per month, respectively, during the same time frame. This is ample time to see if the platform meets your business needs and will perform the functions you desire. These include financial statements, sales tax reports, accounts payable and accounts receivable reports, and a trial balance sheet. Wave allows you to manually record sales transactions or create and send invoices within the platform. When a customer pays, you can mark the invoice as paid, and Wave automatically tracks your cash flow. Wave’s invoicing software is fully integrated with our accounting and online payments solutions so you can send recurring invoices, get paid, and organize your books—all in one place.
Wave’s free plan aced our scoring rubric, but even the paid version, which is the basis of our evaluation, has a higher score than FreshBooks, making Wave the clear winner for pricing. While FreshBooks has a slightly higher rating than Wave, both received a fair share of positive and negative user reviews, so we consider this section a tie. If you didn’t receive an email don’t forgot to check your spam folder, otherwise contact support. You can also check out how FreshBooks compares to other programs and details about its function as a viable alternative on our comparison page. Invite employees, contractors, and clients to collaborate on your projects.
Online payments
While weighing your options between FreshBooks and Wave, we encourage you to explore our comprehensive list of the best online accounting for small businesses. This list lets you compare FreshBooks and Wave alongside competitors like Xero, Zoho Books, and QuickBooks Online. What’s more, you can track time using a timer or log time manually.
- Wave has many templates, and you can choose how you want to invoice during the initial setup.
- Stay on top of your tax records while taking the stress out of preparing and filing your end-of-year returns.
- All of these competitors include accountant access with every plan, even plans that otherwise limit you to one user only.
- FreshBooks enables online payments through the payment processor WePay, which costs 2.9% plus 30 cents per transaction.
- Our researchers didn’t choose FreshBooks or Wave as their top pick.
FreshBooks also offers an intuitive interface that is simple to navigate. The company regularly updates its navigation to enhance user experience. So, even if you’ve never used accounting software before, you’ll find it effortless to navigate the system.
FreshBooks Solves Your Accounting Challenges, at Any Stage of Your Journey
However, Wave may not be the best choice for businesses that anticipate significant growth. Both FreshBooks and Wave allow users to create income statements, cash-flow statements, balance sheets, as well as sales and tax reports. FreshBooks offers the ability to customize reports on some plans (Plus, Premium, and Select) but Wave doesn’t offer custom reporting on any plans.
Should your business use FreshBooks or Wave Accounting?
Meanwhile, Wave doesn’t integrate with time tracking and electronic bill pay software programs and has very few direct integrations. However, it connects with thousands of apps via Zapier, such as PayPal, Square, Stripe, Etsy, HubSpot, Slack, Google Sheets, and Pipedrive. 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. With FreshBooks, you can easily input your business details, such as company name, address, and telephone number. Additionally, the main page includes shortcut functions bookkeeping to run your business like the +New button to help you execute certain tasks easily, such as creating a new invoice and adding a new customer or bill.
With Bench, you’ll receive a dedicated bookkeeper who’ll assist you in managing your books. They’ll help you connect your bank and credit card accounts, categorize your transactions, reconcile your statements, and prepare the reports you need for the tax season. With FreshBooks both you and your team can collaborate on and track time towards the same projects and clients.
Assisted Bookkeeping: Tie
FreshBooks wins this round because it directly connects with more apps than Wave. FreshBooks has native integrations with 100+ other apps like Gusto, Hubspot CRM, SquareSpace, Gmail, Microsoft Outlook, Slack, and Zendesk. FreshBooks ensures your financial records always follow HMRC’s guidelines.
FreshBooks and QuickBooks are two of the most well-known accounting software on the market. Get a snapshot of your overall revenues so that you can properly report your business income. It categorizes expenses so you can run reports and get totals for your deductions. All this data is at your fingertips so that you can share it with your accountant. The higher-tiered plans do offer accountant access, making it even easier for a business owner to share necessary data with their tax preparer and reduce the chance of errors. FreshBooks offers 14 standard reports with limited customization options, including business health and double-entry accounting reports.
