FreshBooks Review 2024: Features, Pros And Cons

Both Wave and FreshBooks scored poorly because their live support options are not that extensive. For instance, while FreshBooks provides phone support, it has no live chat feature, which could be the preference of some users. On the other hand, Wave lacks phone support and provides live chat and email assistance only if you purchase an add-on in the free plan or upgrade to the paid version.

Wave also offers self-service payroll starting at $20 per month, plus $6 for each active employee or independent contractor. With the self-service option, you have to handle payroll tax payments and filings manually. FreshBooks includes a strong Projects feature that allows you to collaborate with clients and team members. You can assign projects to clients, create flat-rate or hourly projects, and tailor your projects to your specific requirements. Within a project, you can also share files, attachments, and comments.

1. But FreshBooks remains a better pick for retailers than Wave, because it offers inventory management tools in all its plans, while Wave doesn’t allow inventory management at all.
2. It will make tax time easier by providing the required reports that your tax preparer needs to accurately file your taxes.
3. Within a project, you can also share files, attachments, and comments.
4. 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.
5. Paid plans start at $40 per month, with an additional $6 for each active employee or independent contractor.

FreshBooks vs. Wave: Which Software Should You Use?

FreshBooks updates its product reciprocal in math definition rules examples facts faqs regularly, including a complete rebuild in 2016. FreshBooks is known for its intuitive interface that’s easy to navigate. If you’re looking for a simple solution to organize your business accounting in one system, it won’t take long to get started with the basics and send your first invoice. Switching from Wave, spreadsheets or a different accounting software? Our team will migrate your account, onboard your team, and walk you through the most important features you need. However, FreshBooks’ cheapest plan relies on the single-entry accounting system, which is less accurate than the more widely accepted double-entry system.

Inventory Management

Both FreshBooks and Wave have been on the market for at least a decade, with each application offering similar features and functionality. Find the perfect plan to support your business by visiting our pricing page. Invite employees, contractors, and clients to collaborate on your projects. If you didn’t receive an email don’t forgot to check your spam folder, otherwise contact support. Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules; no global search function. FreshBooks wins this round because it integrates with more apps directly than Wave.

Assisted Bookkeeping: Tie

Reports can be exported to a CSV file for customizing, or saved as a PDF. Wave recently updated the report interface screen which is now organized by report type. Both FreshBooks and Wave offer intuitive system navigation, making it easy for new users to jump in and get to work. While most of the help the circular flow of income and expenditure and support options in both are similar, FreshBooks wins this one with its live support options. Perhaps the most important change has been FreshBooks move to double-entry accounting, which results in the software being a more credible competitor to similar products on the market.

Best Accounting Software for Small Businesses of 2024

FreshBooks automates lots of your business accounting so you can spend more time focusing on your work and your clients. You can have invoices automatically generated and sent, expenses automatically tracked and even have your payments automatically recorded, all from a single software. Unlike FreshBooks and QuickBooks, Xero allows unlimited users in even its lowest-priced plans. It offers an accountant certification program and connects with more than 1,000 small-business apps, including PayPal and Gusto. FreshBooks and Wave Accounting are each solid small-business accounting software options for freelancers, independent contractors and microbusinesses.

Software providers also receive points based on other resources available, such as self-help articles and user communities. Finally, they are awarded points based on the ease with which users will find assistance from independent bookkeepers with expertise in the platform. The software must have enough reports that can be generated with a few clicks. Moreover, we’d also like to see customization options to enable users to generate reports based on what they want to see. Businesses with inventory items should choose accounting software that can track inventory costs, manage COGS, and monitor inventory units. With FreshBooks, you can easily input your business details, such as company name, address, and telephone number.

Our partners cannot pay us to guarantee favorable reviews of their products or services. Find the best GnuCash alternatives to suit your personal or business needs. From advanced task management tools to simple, intuitive project planners, explore optio… If you have a limited budget and require free accounting and invoicing software, Wave may be a better solution.

FreshBooks includes many capabilities that make it a great accounting and invoicing software for freelancers, solopreneurs and small business owners. It allows you to easily put an invoice together and accept payment through credit and debit cards, ACH transfers, Stripe and PayPal. The credit card processing fee is 2.9% plus 30 cents per transaction for Visa, Mastercard and Discover, which is standard in the industry. QuickBooks Online is a more scalable solution than FreshBooks and Wave, with four plan tiers and the ability to accommodate larger small businesses. The software has a range of features and add-ons, and integrates with hundreds of apps including QuickBooks’ own payroll and payment processing software. Has a strong invoicing feature; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking.

Wave’s receipt scanning tool is useful, but you need a web browser to upload receipts because the certificate of deposit mobile app does not support this feature. The software must have a mobile app to enable users to perform accounting tasks even when away from their laptops or desktops. Some of the features we looked into include the ability to create and send invoices, accept online payments, enter and track bills, and view reports on the go.