FreshBooks vs Wave (2024 Comparison)
FreshBooks offers a robust suite of accounting features, including comprehensive invoicing and excellent customer support. It's an ideal choice for small businesses seeking a user-friendly financial management solution.
- Comprehensive invoicing features
- User-friendly interface
- Excellent customer support
- Higher cost for premium features
- Limited free plan
Free plan?
YesStarting price
$9.50 per month
Wave provides essential accounting tools for free, making it a great option for small businesses and freelancers. Its intuitive interface and cost-effective features make financial management accessible to all.
- Free core features
- Intuitive interface
- Good for small businesses
- Limited advanced features
- Basic customer support
Free plan?
YesStarting price
$16 per monthWhat is FreshBooks?
FreshBooks is a cloud-based accounting software designed to simplify the financial management process for small businesses and freelancers. It offers features like invoicing, expense tracking, time tracking, and reporting, making it easier for users to manage their finances efficiently. With its user-friendly interface and robust functionality, FreshBooks helps users save time on accounting tasks, allowing them to focus more on growing their business.
What is Wave?
Wave is a comprehensive financial management software tailored for small businesses and freelancers. It offers a suite of tools including invoicing, accounting, and receipt scanning, all designed to streamline financial operations. Wave's intuitive interface and free core features make it an attractive option for those looking to manage their finances without breaking the bank. It helps users keep track of their income and expenses, ensuring they have a clear picture of their financial health.
Pros and Cons of FreshBooks vs Wave
Pros & Cons of FreshBooks
- FreshBooks offers a wide range of invoicing features that allow you to create professional invoices, automate recurring billing, and accept online payments. This makes it a powerful tool for managing your finances efficiently.
- The intuitive interface of FreshBooks makes it easy for users to navigate and manage their finances. Even if you're not tech-savvy, you'll find it simple to use, saving you time and effort.
- FreshBooks is known for its outstanding customer support, providing timely assistance to users. Whether you have a question or need help with a feature, their support team is always ready to assist.
- While FreshBooks offers a range of features, accessing premium options can be costly. This may not be ideal for businesses on a tight budget, as the costs can add up quickly.
- FreshBooks offers a limited free plan, which may not include all the features you need. If you're looking for a comprehensive solution without spending much, you might find the free plan lacking.
Pros & Cons of Wave
- Wave offers essential accounting features for free, making it an attractive option for small businesses and freelancers. You can manage your finances without incurring additional costs, which is a significant advantage.
- Wave's user-friendly interface makes it easy for users to navigate and manage their finances. Even if you're new to accounting software, you'll find it simple to use, saving you time and effort.
- Wave is designed with small businesses in mind, offering features that cater to their needs. It's an excellent choice for startups and freelancers looking for a cost-effective solution to manage their finances.
- While Wave offers essential features, it lacks some of the advanced tools found in other accounting software. If you need more comprehensive functionality, you might find Wave's offerings limited.
- Wave's customer support may not be as comprehensive as other platforms. If you require extensive support or have complex queries, you might find their assistance lacking.
FreshBooks vs Wave: At A Glance
Value to Price
FreshBooks offers a comprehensive suite of features that justify its pricing, making it a great value for small businesses. Wave, on the other hand, provides essential features for free, which is ideal for startups and freelancers. If you're looking for a cost-effective solution with robust features, FreshBooks is a better choice.
Ease of Use
Both FreshBooks and Wave are designed with user-friendliness in mind. FreshBooks has a slightly more intuitive interface, making it easier for users to navigate and manage their finances. Wave is also easy to use, but may require a bit more time to get accustomed to. If ease of use is your priority, FreshBooks is the way to go.
Functionality
FreshBooks excels in functionality with its advanced features like time tracking and project management. Wave offers essential accounting features but lacks some of the advanced tools found in FreshBooks. If you need a tool with more comprehensive functionality, FreshBooks is the better option.
Scalability
FreshBooks is designed to grow with your business, offering scalable solutions that can accommodate increasing demands. Wave is suitable for small businesses and freelancers but may not scale as effectively as FreshBooks. If scalability is a concern, FreshBooks is the preferred choice.
Integrations
FreshBooks offers a wide range of integrations with popular apps, enhancing its functionality. Wave also provides integrations, but the options are more limited compared to FreshBooks. If you rely on multiple tools and need seamless integration, FreshBooks is the better choice.
Customer Support
FreshBooks is known for its excellent customer support, providing timely assistance to users. Wave offers support as well, but it may not be as comprehensive as FreshBooks. If customer support is crucial for you, FreshBooks is the better option.
Security
Both FreshBooks and Wave prioritize security, ensuring that user data is protected. FreshBooks has a slight edge with its advanced security measures. If security is a top priority, FreshBooks is the safer choice.
Overall Rating
Overall, FreshBooks scores higher due to its comprehensive features, ease of use, and excellent customer support. Wave is a great option for those looking for a free solution with essential features. If you're looking for a more robust tool, FreshBooks is the better choice.
FreshBooks vs Wave: A Detailed Breakdown of Key Features
Invoicing
FreshBooks offers a highly customizable invoicing feature that allows you to create professional invoices with ease. You can automate recurring invoices and accept online payments, which is a huge time-saver. Wave also provides invoicing capabilities, but it lacks some of the advanced customization options found in FreshBooks. If invoicing is a critical part of your business, FreshBooks is the better choice.
Expense Tracking
With FreshBooks, tracking expenses is a breeze. You can easily categorize expenses and attach receipts, making it simple to keep your finances organized. Wave also offers expense tracking, but it may not be as intuitive as FreshBooks. If you need a tool that simplifies expense management, FreshBooks is the way to go.
Time Tracking
FreshBooks excels in time tracking, allowing you to log hours and bill clients accurately. This feature is particularly useful for freelancers and service-based businesses. Wave offers basic time tracking, but it may not be as robust as FreshBooks. If precise time tracking is essential, FreshBooks is the better option.
Reporting
FreshBooks provides detailed financial reports that give you insights into your business performance. You can generate profit and loss statements, balance sheets, and more. Wave also offers reporting features, but they may not be as comprehensive as FreshBooks. If you rely on detailed reports for decision-making, FreshBooks is the preferred choice.
Mobile App
FreshBooks has a user-friendly mobile app that allows you to manage your finances on the go. You can create invoices, track expenses, and more from your smartphone. Wave also offers a mobile app, but it may not be as feature-rich as FreshBooks. If mobile access is important to you, FreshBooks is the better choice.
Multi-Currency Support
FreshBooks supports multiple currencies, making it ideal for businesses with international clients. You can easily invoice clients in their preferred currency. Wave also offers multi-currency support, but it may not be as seamless as FreshBooks. If you deal with international transactions, FreshBooks is the better option.
Pricing Comparison of FreshBooks and Wave
We’ve compiled the pricing tables and highlighted the key features of both FreshBooks and Wave to aid in your decision-making process. Let’s explore what each platform has to offer.
FreshBooks Pricing Plans
- Track unlimited expenses to manage your finances effectively.
- Send unlimited estimates to set clear client expectations.
- Get paid with credit cards and bank transfers (ACH) seamlessly.
- Run reports for an easy tax time and financial overview.
- Set up recurring invoices and client retainers for consistent billing.
- Automatically capture receipt data for accurate record-keeping.
- Invite your accountant for seamless collaboration and support.
- Run financial and accounting reports for detailed insights.
- Track project profitability to optimize business performance.
- Customize email templates with dynamic fields for personalization.
- Automatically capture bills and receipt data for efficiency.
- Access advanced financial reports for strategic planning.
- Access to lower credit card transaction fees for cost savings.
- Remove FreshBooks branding from client emails for professionalism.
- 2 team member accounts included for collaborative work.
- A dedicated number for exclusive Select support for priority service.
Wave Pricing Plans
- Option to accept online payments for faster transactions.
- Invoice on-the-go via the Wave app for convenience.
- Manage cash flow and customers in one dashboard efficiently.
- Access to basic accounting features for small businesses.
- Auto-import and categorize bank transactions for accuracy.
- Digitally capture unlimited receipts and track expenses.
- Automate late payment reminders to save time.
- Advanced features for better cash flow management.
Our Rating Methodology
We thoroughly evaluate each accounting software, focusing on key aspects like functionality, ease of use, and customer support. By analyzing user feedback and testing features, we ensure our recommendations align with your needs. Each factor is weighted to provide an accurate final rating, helping you make informed decisions.
FreshBooks or Wave: Which One Matches Your Business Needs?
Choose FreshBooks If You Need ...
- Comprehensive invoicing features
If you need a tool with comprehensive invoicing features, FreshBooks is the better choice. It offers advanced customization options, automated billing, and online payment acceptance, making it ideal for businesses that rely heavily on invoicing.
- User-friendly interface
If you prefer a user-friendly interface, FreshBooks is the way to go. Its intuitive design makes it easy to navigate and manage your finances, even if you're not tech-savvy. This can save you time and effort in the long run.
Choose Wave If You Need ...
- Free core features
If you're looking for a cost-effective solution with free core features, Wave is the better option. It offers essential accounting tools without incurring additional costs, making it ideal for small businesses and freelancers on a budget.
- Good for small businesses
If you're a small business owner or freelancer, Wave is a great choice. It offers features tailored to your needs, providing a cost-effective solution for managing your finances without sacrificing functionality.
Frequently Asked Questions
Which tool is better for invoicing, FreshBooks or Wave?
Is Wave really free to use?
Which tool offers better customer support?
Can FreshBooks handle multi-currency transactions?
Is FreshBooks suitable for freelancers?
Does Wave offer a mobile app?
Martin Lunendonk
Martin Lunendonk is a senior tech writer specializing in website builders, web hosting, and ecommerce platforms. With a background in finance, accounting, and philosophy, he has founded multiple tech startups and worked in medium to large tech companies and investment banking, bringing deep expertise and reliable insights to his software reviews.
