Cloud-based invoicing software showdown: FreshBooks vs Zoho Invoice vs Wave
If you're a business owner, you know how important invoicing is for your company's cash flow. Not only does it ensure timely payments and thereby bolster your financial stability, but it also helps with budgeting and forecasting. Thanks to modern technology, invoicing has evolved quite dramatically, and as a result, businesses today have a wide range of cloud-based invoicing software options to choose from. In this blog post, we'll compare three of the most popular invoicing software: FreshBooks, Zoho Invoice, and Wave.
Pricing
When it comes to cost, all three of these invoicing software options are relatively affordable. However, the pricing structures of each software are slightly different. FreshBooks and Zoho Invoice both offer a pricing plan with a free trial period. FreshBooks has three different pricing plans: Lite, Plus, and Premium, starting at $15 per month, with an additional fee for more than five clients. Zoho Invoice has four different pricing plans: Free, Basic, Standard and Professional, starting at $0 with limited features to $30 per month with added functionalities. On the other hand, Wave offers full invoicing software capabilities completely free of charge.
Winner: Wave
Invoicing Features
All three of these options offer several important invoicing features, with some unique features that may appeal to a particular type of business. For example, Zoho Invoice includes project management tools, while FreshBooks has extensive time-tracking capabilities. Wave, on the other hand, offers only basic invoicing abilities but includes other free accounting features like expense tracking, taxation, reporting and receipts.
Winner: Tie
Integration
Invoicing software integration with other program is vital for companies who require wide capabilities. FreshBooks has a tightly integrated system with various accounting software, major e-commerce platforms and official collaboration with Gusto Payroll. Zoho Invoice plays nice with a great number of tools, more than Freshbooks does, such as Salesforce and Google Drive, to a name a few but lacks some important aspects like inventory management or procurement systems. Wave integrates with fewer software than the other two options found in this review, but it includes all the well-known payment gateways like PayPal and Stripe.
Winner: FreshBooks
Ease of Use
Ease of use is an essential factor as most small business owners do not necessarily come with prior accounting knowledge or IT enablement. Both Zoho Invoice and Wave are relatively easy to use, without requiring an extensive background in accounting, but FreshBooks takes the ease of use factor to the next level. Its user interface is intuitive but depends on internet connectivity speed in some remote areas.
Winner: FreshBooks
Summary
It is quite clear that all three invoicing software we considered, FreshBooks, Zoho Invoice, and Wave, have their own unique strengths and weaknesses. In conclusion, FreshBooks offers the most comprehensive and efficient option, but its service is at a premium price range, followed by Zoho Invoice which stands out for its wide integration options, the ability to manage projects and budget-friendly plans, and lastly Wave is an excellent option for those starting on their invoicing and accounting journey without a budget.