This user review score helps us give more credit to software products that deliver a consistent service to their customers. The A/P section focuses on vendor management, bill management, bill payments, and other payable-related transactions. A/P features include creating vendors and bills, recording purchase orders and converting them to bills, creating service items, and recording full or partial bill payments.
Online payments
Both solutions support double-entry accounting but lack inventory management. When it comes to value, Wave is a better accounting software provider when compared with FreshBooks. This is because it offers better features and slightly better pricing and support. Both what are direct costs Wave and FreshBooks scored poorly because their live support options are not that extensive.
Wave offers a solid amount of features with its one free plan, beating FreshBooks’ cheaper plans. If your business has limited needs, Wave is the most inexpensive solution, but if it has greater accounting needs, FreshBooks Premium is best. The two programs can set up recurring invoices, but Wave doesn’t allow you to add late fees to your invoice. With Wave, you can upload your company logo and choose the theme color, but you can’t adjust the color of the fields in the invoice. Wave Accounting’s only built-in integration is with its payroll product, Wave Payroll.
Pricing: Wave Wins
This helps you from falling behind on entries when working away from your desk. Wave uses its native Wave Payments service for payment processing that lets your customers pay with major credit cards directly from the invoice. It also supports digital wallet payments via Apple Pay and recurring billing for clients on retainer.
Account Information
- FreshBooks has a help center that offers a range of how-to articles and frequently asked questions.
- Both platforms have good invoicing capabilities, but FreshBooks offers more optimization options.
- FreshBooks is a cloud based software, which means you can use it from anywhere.
- Two of those names are FreshBooks vs Wave that are equally popular and recommended by small business owners and accounting enthusiasts alike.
Ease of use gets the highest weight in this case study because we want to give more credit to easy accounting software. For this section, we considered customer service, support network, and a subjective expert opinion score. Users must have easy access to customer service channels in case of problems, questions, or assistance. The software must have features that allow users to set sales tax rates, apply them to invoices, and enable users to pay sales tax liability. The banking section of this case study focuses on cash management, bank reconciliation, and bank feed connections. The software must have bank integrations to automatically feed bank or card transactions.
But the good news is the two apps can integrate with each other via Zapier. This means you can connect the two accounting platforms to automate tasks and streamline your workflow by using Zapier as the bridge between them. You can add a client to the invoice and change different parts, like the due date, company info, date of issue, and more. There are lots of templates you can change by picking different colors, fonts, logo, and headers. Both function as cloud-based software, meaning they can be accessed through a web browser on any device with internet connectivity. Now that we covered the fundamentals let’s compare the essential features and functionality of the two apps to see which one outshines the other in various categories.
They can manage activities such as organizing bank transactions, verifying bank records, and preparing for taxes. Both FreshBooks and Wave are good at invoicing, but FreshBooks has more options to make it work for you. It has more templates and extra features like customizing payment reminders and late fees for different clients. On the other hand, Wave focuses on providing its core accounting features for free, charging only for Wave Payments or Wave Payroll services. This makes it an attractive option for sole proprietors, freelancers, and micro businesses that need basic accounting features without the extra cost.
What sets it apart from the competition isn’t any one unique feature, but its simplicity. Accounting can be confusing and overwhelming for business owners who aren’t trained accountants. FreshBooks streamlines the dashboard, which makes it easy to toggle between certain functions and reports.
Award-Winning Customer Support
The software must also have a mobile app to enable users to perform accounting tasks even when away from their laptops or desktops. Reports are important for managers, owners, and decision-makers. 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 cost of goods sold (COGS), and monitor inventory units.
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