Freshbooks vs Wave: Which Is Better for Your Business?

Businesses with inventory items should choose accounting software that can track inventory costs, manage COGS, and monitor inventory units. 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 what is a cash book definition explanation and types most popular integrations include Shopify, Square, Bench Bookkeeping, Zapier, Calendly, Mailchimp, HubSpot, Gusto, Stripe, and PayPal. Once you’re done with a project, you can convert it into an invoice easily.

Keep Track of Projects

As an added bonus, you can invite your accountant or CPA to access your account at no extra charge. It offers everything that the Lite plan offers, as well as the ability to accept e-signatures on proposals and contracts. The Plus plan will allow you to send an unlimited number of proposals and take client retainers for regular work.

Fit Small Business Case Study

FreshBooks includes 14 standard reports, with limited customization available, though you can export any report to Microsoft Excel for customizing. FreshBooks does offer a nice report screen, where you can save favorite reports for easier future access. FreshBooks wins, offering a direct connection with more than 200 apps, though both applications offer solid integration with additional apps through Zapier.

Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits. The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance. The Lite plan offers the essentials and is best for people who only have a couple of clients and do not have a business model that focuses on attaining more. Still, you’re able to send payments with credit cards and bank transfers and track unlimited expenses, some of the key tools freelancers need. This plan also allows you to easily keep track of payroll through a Gusto Payments integration.

FreshBooks is a cloud-based accounting software for freelancers and small businesses. It offers features for invoicing clients, inventory management, business reports, and others. FreshBooks integrates with third-party software to generate advanced accounting reports.

1. Meanwhile, Wave doesn’t integrate with time tracking and electronic bill pay software programs and has very few direct integrations.
2. Mobile apps are available for both iOS and Android devices, and offer invoice creation, receipt management, and the ability to receive important notifications.
3. Your team members can also help you with your business books by creating invoices and tracking their expenses.
4. Both also lack options for combining multiple checks in a single deposit.
5. FreshBooks is a cloud-based accounting software for freelancers and small businesses.

Even as a beginner, you’ll get the gist of automating workflows easily, such as setting up a new client, adding a new bill, creating a project estimate, and sending an invoice. Neither can reconcile transactions with timing differences, including outstanding checks that haven’t yet been cleared by your bank. Both also lack options for combining multiple checks in a single deposit.

Payment

We consider this a tie since the two programs have their unique strengths and weaknesses. All FreshBooks plans let you connect your bank accounts, while with Wave, you need to upgrade to the paid plan to do so. Meanwhile, Wave gives you the option to manually upload your files of transactions, while FreshBooks requires duplicate payment controls in sap you to establish a live connection with your bank account.

On the other hand, FreshBooks has limitations for larger companies or teams. Adding a team member to your account will cost an extra $11 per month, for example, and the lower-tier plans have a limit to how many clients you can have. FreshBooks offers you time tracking, expense tracking, payments, reports and so much more. If you are still using Wave plus a second tool to handle all your accounting, it might be time for an upgrade.

FreshBooks (all plans)

You’ll be able to utilize the automatic expense receipt capture to simplify the accounting of regular expenses such as meals and travel. Whether you are navigating from entering expenses to collecting payments, the sidebar is intuitive to use and doesn’t get lost in confusing jargon. Additionally, FreshBooks has a user-friendly mobile app that allows you to enter data as you need to while 5 reasons for quality inventory management systems out of the office.