Welcome to Startup Savant’s quick comparative analysis of the Wave Accounting vs FreshBooks question. By looking at their commonalities, differences, service packages and pricing we hope to help you determine which accounting software (or if either) is right for you business. Enjoy!
10 Features wave & FreshBooks Share in common
- Mobile apps with basic features can make running your business and your life easier.
- Has an invoicing tool allowing you to create your business invoices and send them in a click.
- Bank reconciliation feature is available to avoid the hassle of entering manual bank and credit/debit card information.
- Offers multi-currency support so it doesn’t matter where you are in the world.
- Fit for accountants, bookkeepers, business consultants, freelancers and other contemporary professionals.
- Expense tracking tools help you keep a close eye on outbound cash flow.
- Bill and invoice reminding features.
- Generate wonderful financial graphs, charts, and reports curated to your specs daily.
- Easy time tracking tools to log your hours.
- Cloud-based, so accessible anytime, anywhere on any device or gadget with an internet connection.
Distinct Wave Accounting Features
- Invoicing, basic accounting and receipt scanning apps are free (more on this momentarily).
- Can help you find clients if you’re an accountant or find an accountant for you if need one.
- Has premium tools which you add to improve your existing free account as needed.
Popular FreshBooks Features
- Even easier and more efficient billing if you can believe that – comes in handy with lots of contracts.
- Payment history allowing you and your clients to view your transactions.
- Request copies of expense or financial reports and FreshBooks will mail them to your doorstep.
- Allows you to create and customize any type of invoice with fully developed features.
- FreshBooks has significantly better customer support according to most reviews/testimonials out there.
Pricing & Packaging: Wave Accounting vs FreshBooks
In the Wave Accounting vs FreshBooks debate it becomes clear they have completely different payment plans and ways of packing their services. Let’s jump right in and start with Wave.
Wave Accounting pricing
Wave Accounting offers their accounting services for free – no hidden charges or fees whatsoever. Some of the free perks that you can get includes accounting and reports, creating and sending invoices, receipt scanning, personal finance tracking, and email support. See for yourself how it works.
Costs come into the picture if/when you need to process credit cards, implement payroll and take advantage of premium (phone/online chat) support. They’ve monetized their platform through advertising to substantially lower costs for their users and so far it’s working rather well.
A Quick Look Inside Wave Accounting
The next three screenshots are here to give you an idea of what it might feel like to use this software on a pretty regular basis. Some of the user-interface feels conventional, while other aspects feel a bit more modern and intuitive.
FreshBooks on the other hand goes about things in a neat and easy to understand way: Sprout is for your average freelancer or independent profressional, while Seedling and Evergreen (the most popular because of price + features) are for typical startups. The Mighty Oak plan is great for more established operations with up to 5 staff. Though it also delivers things like tax filing assistance which are great for just about any business. Together with these, each plan has built-in features which includes the following:
- Security & Backup
- Great Customer Support
- Third Party App Integration
- Free Automatic Updates
A Quick Look Inside FreshBooks
Ready to Make Your Move?
While we believe FreshBooks is the clear winner of the two, Wave’s free apps are also popular for a growing body of startups out there for obvious reasons. What’s important is you find the right software that helps you really leverage the power and potential in your financials.
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We adore FreshBooks as do many of our readers, but Startup Savant actually uses Xero because we feel it provides the most value for the best prices and it's software we can grow into over the long haul. Here's to a prosperous year ahead!
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