FreshBooks vs Wave Compared: Is Waveapps or FreshBooks Best?

There's no doubt that choosing the right accounting software can be a bit of a challenge. 

There must be hundreds, if not thousands, of options available on the market today. Two of those names are FreshBooks vs Wave that are equally popular and recommended by small business owners and accounting enthusiasts alike. 

But which one would suit your needs best?

In this blog post, we'll compare FreshBooks and Wave, going over their features, advantages, and disadvantages. Our goal is to assist you in making an informed decision that makes financial management easier for you.

Let's stop losing time and dive straight in! 

What is the difference between FreshBooks and Wave?

The main difference between Wave and FreshBooks lies in their target audience and pricing structure. While both platforms cater to freelancers, micro-businesses, and sole proprietors, FreshBooks offers scalability with its four plans, making it suitable for growing businesses as well. Both solutions support double-entry accounting but lack inventory management. 

Initially designed with the sole proprietor in mind, FreshBooks is a great fit for service professionals like attorneys, architects, plumbers, and designers. As a business grows, FreshBooks can easily adapt as it offers additional features and resources through its multiple plans.

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. However, Wave may not be the best choice for businesses that anticipate significant growth.

We suggest taking a look at our in-depth FreshBooks review and Wave Accounting review. These reviews will give you a clearer understanding of what each platform provides, their pricing, and the user experience. By highlighting the strengths and weaknesses of each software, our reviews can assist you in determining which option is the ideal fit for your needs.

FreshBooks vs Wave comparison chart

We've put together a straightforward comparison chart for FreshBooks vs Wave. This chart presents their features side-by-side to make it easy for you to pinpoint the accounting solution that aligns best with your business requirements.

FreshBooks vs Wave pricing

FreshBooks has four paid plans ranging from $17 to $55+ per month (Lite, Plus, Premium, and Select), whereas Wave provides its invoicing and accounting services at no cost. 

FreshBooks includes one user in all plans, except the Select plan, which supports two users; additional members can be added at $11/person/month. 

FreshBooks also has other add-on services, including advanced payments ($20/month) and Gusto Payroll (starts at $39/month + $6/month per person). Wave allows an unlimited number of users. Even though you can use Wave for free, certain services like Payroll and Payments do come with fees. 

Winner: 

The best option for you in terms of pricing would depend on your needs and plans. 

If you're planning on growing your business and need features like unlimited billable clients, FreshBooks might be a better option, as there are several subscription levels you can opt for, each with more functionality. 

Wave can be a more suitable option if you're a budget-limited business that needs free accounting and invoicing software. 
 

Wave vs FreshBooks free versions

Wave's accounting and invoicing software comes at no cost. You'll be able to create unlimited invoices, track income, and expenses without limits, connect to an unlimited number of bank and credit card accounts, and add as many partners, collaborators, or accountants as needed. 

However, to accept electronic payments from your customers, you'll need to enable Wave Payments.

Unfortunately, FreshBooks doesn't offer a free plan at this time. 

Winner: 

Wave wins this round, as it's the only one with a free plan. 
 

Wave accounting vs FreshBooks Customer support

With the free Wave software, you'll receive self-service support through their Help Center and assistance from their chatbot, Mave. For users of Wave's Payroll, Payments, Advisors, or Banking services, email support and live chat with Mave are available on weekdays from 9 a.m. to 5 p.m. EST. 

FreshBooks, on the other hand, offers various customer support options such as chat, email, and phone. Phone support is accessible Monday through Friday, 8 a.m. to 8 p.m. Eastern Time. Email responses are prompt, and you can also chat with live specialists to address any questions or concerns.

Winner: 

FreshBooks has a slight edge here as it offers phone support, unlike Wave, which only has chat and email. 
 

Knowledgebase & learning

Wave Accounting has a comprehensive knowledge base packed with help articles, blogs, and setup guides. 

FreshBooks has a help center that offers a range of how-to articles and frequently asked questions. To deepen your understanding of the software, you can even view on-demand webinars. 

An additional benefit is that FreshBooks offers in-app assistance that guides you through the software's features and how to use them properly.

Winner: 

FreshBooks has an edge as it also offers in-app assistance. 
 

FreshBooks or Wave for ease of use?

Wave shines with its user-friendly design. Even those without accounting experience can easily learn to manage their finances using Wave. 

FreshBooks also offers an intuitive interface that is simple to navigate. The company regularly updates its navigation to enhance user experience. So, even if you've never used accounting software before, you'll find it effortless to navigate the system.

Winner: 

We'll call this round a tie as both accounting solutions are incredibly easy to use. 

Wave vs FreshBooks features & functionality

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.

Waveapps vs FreshBooks online versions

FreshBooks and Wave are both web-based business accounting platforms, meaning you can access them via any web browser without installing any software. Wave is available on Chrome, Firefox, Safari, and Edge, and FreshBooks is also available on Opera. 

Winner: 

This round is a tie as both solutions are supported on multiple browsers. 
 

FreshBooks vs Waveapps desktop versions

Neither Wave nor FreshBooks offer a desktop app. Both function as cloud-based software, meaning they can be accessed through a web browser on any device with internet connectivity.

Winner: 

This round is another tie. 
 

Wave accounting vs FreshBooks mobile apps

Wave offers mobile apps for Android and iOS that support managing your finances on the go. You can create and send invoices, log payments, send reminders, generate accounting reports, and more, all from your phone.

FreshBooks also provides mobile apps for iOS and Android devices. These apps let you create invoices, organize receipts, receive notifications, and more. Although both platforms offer on-the-go invoicing, FreshBooks' mobile app goes the extra mile by allowing you to log hours worked and track mileage.

Winner: 

FreshBooks takes the win in this category. It's the better option if you're a service-based business or independent contractor that's often working out of the office. You'll be able to record the hours worked and assign them to clients.
 

Invoicing 

Wave has many templates, and you can choose how you want to invoice during the initial setup. The software also helps with making regular invoices and keeping track of payments. Wave's templates can be changed easily, so you can add your own style to the invoice.

Making and sending invoices with FreshBooks is easy too. 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. 

You can also add terms, notes, and attachments to invoices. If you have a Plus or Premium plan, you can send reminders for payments, add late fees, and make recurring invoices.

Winner:

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.
 

Integrations

Wave integrates seamlessly with in-house apps like Wave Payments and Wave Payroll and connects directly with banks and financial institutions. It also links with over 5,000 apps using Zapier.

FreshBooks has native integrations with 100+ other apps like Gusto, Hubspot CRM, SquareSpace, Gmail, Microsoft Outlook, Slack, and Zendesk. Developers can use an API. Through Zapier, it connects with thousands of more apps.

Winner:

FreshBooks wins this round because it directly connects with more apps than Wave. Most of Wave's connections work via Zapier.

A note on FreshBooks Wave integration

Unfortunately, there's no native Wave FreshBooks integration. 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.
 

Income and expenses 

Wave allows you to manually record sales transactions or create and send invoices within the platform. When a customer pays, you can mark the invoice as paid, and Wave automatically tracks your cash flow. 

The software also lets you connect your bank account or credit card, importing transactions automatically and categorizing them into tax-friendly groups. You can add expenses manually, too. Wave's receipt scanning tool is handy, but you'll need to use the web browser to upload receipts since the mobile app doesn't support this feature.

FreshBooks tracks your income from invoices, but it also lets you record income from other sources like Etsy and Shopify. 

This feature ensures that all your revenue streams are accounted for. You can also create and edit expenses, create expense reports, and set recurring expenses that will be generated automatically on a frequent basis. You can upload receipts and track business expenses in different currencies.

Winner: 

Although both apps have strong income and expense tracking features, FreshBooks has a slight lead. The software lets you assign expenses to customers, a feature that's not available in Wave.  
 

Wave or FreshBooks for project management 

FreshBooks has a solid Projects feature that lets you collaborate with clients and team members. You can assign projects to clients, set up flat rate or hourly projects, and tailor your projects to your needs. It's also possible to share files, attachments, and comments within a project. 

What's more, you can track time using a timer or log time manually. This allows you to view all time tracked by you and your team members, as well as invoices and expenses related to a specific project.

Wave doesn't come with project management features. 

Winner: 

FreshBooks wins this round as it's the only one of the two with project management capabilities. 
 

Online payments 

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. 

Credit card processing fees are 2.9% plus 60 cents per transaction, with a slightly higher rate for American Express at 3.4% plus 60 cents. Bank transactions have a $1 minimum fee and a 1% charge.

FreshBooks enables online payments through the payment processor WePay, which costs 2.9% plus 30 cents per transaction. Additionally, you can accept payments via Stripe and PayPal.

Winner: 

Wave has an advantage in this category with its native Wave Payments option.
 

Payroll 

Wave and FreshBooks both offer payroll as an add-on service. FreshBooks partners with Gusto for payroll processing, with plans starting at $39 + $6 per person monthly fee. 

Wave provides its native full-service Wave Payroll, available in 14 states and Canada. Paid plans begin at $40/month, with an additional $6 per active employee or independent contractor. 

Wave also has a self-service Payroll option starting at $20/month, plus $6 per active employee or independent contractor. With the self-service option, you'll need to handle payroll tax payments and filings manually.

Winner: 

We'll give this round to Wave as it has a native payroll service, unlike FreshBooks, which integrates with a third-party app to enable payroll. 
 

Reporting 

FreshBooks offers 14 standard reports with limited customization options, including business health and double-entry accounting reports. You can export any report to Microsoft Excel for further customization. You can also save reports as PDF files.

To compare, Wave offers 12 reports. These include financial statements, sales tax reports, accounts payable and accounts receivable reports, and a trial balance sheet.

Winner: 

There's no clear winner in this round, as both tools offer a similar number of reports.
 

Assisted bookkeeping

Wave offers a service called Wave Advisors, which assists with bookkeeping, accounting coaching, and tax-related tasks. They can manage activities such as organizing bank transactions, verifying bank records, and preparing for taxes. 

Bookkeeping support starts at $149 per month, while accounting and payroll coaching are available for a one-time fee of $379.

FreshBooks doesn't offer an assisted bookkeeping service. 

Winner: 

Wave's the winner in this category. 

Is FreshBooks better than Wave? Key takeaways

Choosing between FreshBooks and Wave comes down to your specific business needs and preferences. Here's a quick sum up to help you decide when to choose Wave and when to opt for FreshBooks:

Go with Wave if you:

• Need a free accounting software for your business.

• Want a user-friendly and intuitive software platform.

• Require support for multiple currencies.

• Have a small team or sole proprietorship.

• Are looking for a small business accounting software that offers unlimited users.

Choose FreshBooks if you:

• Require more advanced accounting features and reporting capabilities.

• Run a service-based business that bills clients by the hour.

• Need project management and time tracking features.

• Plan on scaling your business and anticipate needing more robust accounting tools in the future.

• Are willing to invest in a paid plan for additional features and support.

By considering these factors, you can make an informed decision on which accounting solution best suits your business needs.

While weighing your options between FreshBooks and Wave, we encourage you to explore our comprehensive list of the best online accounting for small businesses. This list lets you compare FreshBooks and Wave alongside competitors like Xero, Zoho Books, and QuickBooks Online. 

By reviewing these alternatives, you'll be better prepared to make the most appropriate choice for your business's accounting needs.