Wave Accounting vs. FreshBooks
As a business owner, keeping track of your finances is essential. This typically involves choosing an accounting software which can help you automate many aspects of your accounting, tax, and invoicing needs. Two popular solutions for small businesses are Wave Accounting and FreshBooks.
In this post, we’ll be comparing Wave Accounting and FreshBooks based on various factors such as pricing, features, user-friendliness, and customer support.
Pricing
Pricing is always an important factor when choosing the best accounting software to use for your business. This is why we will be taking a look at pricing for both Wave Accounting and FreshBooks.
Wave Accounting
Wave Accounting has a free plan for startups and small businesses that allows you to manage unlimited business and personal accounts, track income and expenses, and capture receipts. However, it should be noted that earning above $1,000 per month requires the tax service plan that starts from $20 monthly for a single user.
FreshBooks
FreshBooks also has a free plan for those just starting out with basics such as invoicing and expense tracking. FreshBooks paid plans start from $15 monthly and can add additional features such as time tracking and estimates.
Features
When it comes to features, both Wave Accounting and FreshBooks offer plenty of things to make accounting easier for you.
Wave Accounting
Wave Accounting provides various features such as tracking income and expenses, generating invoices, and reconciling bank accounts. One major feature that sets Wave Accounting apart is that it includes a long list of account types, such as accounts payable, accounts receivable, and cash on hand. This can make accounting processes more efficient but may be overwhelming for users who are just starting.
FreshBooks
FreshBooks also provides numerous features such as invoicing, time tracking, project collaboration, and reporting. It also includes automated late payment reminders, which is helpful for small business owners who are focused on keeping their cash flow healthy.
User Interface
Both Wave Accounting and FreshBooks are known for their user-friendly interfaces. However, there are some differences when it comes to functionality and design.
Wave Accounting
Wave Accounting is known for its intuitive, yet robust user interface. Small businesses can get started with the platform easily, as it provides a clear overview of different accounting functionalities.
FreshBooks
FreshBooks has a user interface which is more visually oriented, and users can easily navigate the software to find the functionality they need. In terms of functionality, FreshBooks has a search feature that makes it easy to find past transactions, invoices, or any other accounting-related documents.
Customer Support
When choosing an accounting software, it's important to have good customer service to help with any technical problems or concerns you may have.
Wave Accounting
Wave Accounting’s customer service has a well-thought-out resource center with instructional material, including videos, articles, and user guides. It also provides support with ticket only for premium accounts after completing some requirements.
FreshBooks
FreshBooks has dedicated phone support available for all paid customers. It also utilizes a help center that contains users’ guides, how-to articles, and instructional videos.
Conclusion
Choosing an accounting software can be a challenging task; however, by comparing Wave Accounting and FreshBooks, it becomes evident that each solution has its pros and cons. Wave Accounting may be more affordable, provide a comprehensive package with robust features but lacks direct phone support. Meanwhile, FreshBooks has a more visually pleasing interface with time-tracking and late payment reminders but may be more costly. It is important to note that, ultimately, the decision of whether to opt for Wave Accounting or FreshBooks depends on the size and nature of your business and the features you require.