FreshBooks vs Wave: Which Software is Best for Your Business?

Unlike Wave, all of FreshBooks’ plans have a strict user limit of one, except Select, which ups this limit to two users. FreshBooks is a cloud based software, which means you can use it from anywhere. You can download iOS and Android apps that let you painlessly invoice your clients and track expenses wherever and whenever you need to. Track everyone’s time spent on projects and automatically bill for their hours. Add clients to your projects so they can stay in the loop.

Explore more details on the competition in our full roundup of the best accounting software for small businesses. Before you commit to accounting software, it’s in your best interest to shop around and compare all your options. Unlike QuickBooks and FreshBooks, Wave Accounting is completely free to use. It can allow you to manage all your accounting processes without paying a dime. It’s also intuitive so you don’t need to be an accountant to use it successfully. Yes, switching from other accounting apps or products to Wave is easy!

Keep Track of Projects

Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy. The Premium plan is $55 per month, and raises the billable client cap to 500, but adds no other important features. Finally, Select is available for corporations at a custom price, and adds a dedicated Account Manager, training, and lower credit card transaction rates. Our researchers have tested and ranked all the top accounting software options. The safety of your private data is our top priority, that’s why it’s protected by 256-bit SSL encryption—the gold standard in Internet security. FreshBooks is cloud based accounting software and uses industry–leading secure servers.

It’s hard to beat free accounting software, especially if you’re running a small business on a budget. It also complies with accounting standards and uses double-entry accounting, which can help ensure accuracy. If you’re a startup, micro-business or sole proprietor who doesn’t want to invest in accounting software but needs to keep track of your finances, Wave Accounting is a great option. As long as you’re content with basic features and don’t see yourself expanding in the foreseeable future, you’ll find this completely free, easy-to-use software particularly appealing.

Accounting

1. Create projects for each client and invite your team to collaborate.
2. Track everyone’s time spent on projects and automatically bill for their hours.
3. Wave also offers a free app to help you manage your invoices on the go.
4. Log your team’s hours and add them to invoices, automatically.
5. The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it.

Servers are housed under physical and electronic protection. Wave is PCI Level-1 certified for handling credit card and bank account information. It’s always available, and it’s backed up for extra peace of mind. We provide different levels of support, depending on the plan and/or the add-on features you choose.

It’s also missing an audit trail and third-party integrations. If you’re a small business owner in search equity investments of free, cloud-based accounting software, Wave Accounting is worth considering. This is particularly true if you don’t have much accounting experience and would like an easy-to-use, fully functional tool.

Payments

It’s also missing basics like double-entry accounting reports (i.e., a chart of accounts and general ledger), accountant access and bank reconciliation tools. These features shouldn’t require a plan upgrade and Wave offers them for free, making it a better deal than FreshBooks’ Lite plan. You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan. With FreshBooks, both you and your team can collaborate on and track time towards the same projects and clients. Your team members can also help you with your business books by creating invoices and tracking their expenses. You can also add team members to your account with specific user roles and levels of access to sensitive information.

Manage yourmoney like a boss.

These solutions are integrated within your dashboard and you’ll access them both through your single Wave login. Includes tools that help automate the reconciliation process and auto-categorizes transactions for you in the Pro plan, but you can’t permanent accounts set up your own bank rules; no global search function. Bank data connections are read-only and use 256-bit encryption.

QuickBooks Online’s detailed reporting and transaction tracking is ideal for growing businesses. Moreover, you can integrate QuickBooks with hundreds of third-party tools available in understanding accounts receivable definition and examples the app marketplace. There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time.