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Can Wave users benefit from using FreshBooks?

 

When running your own business, it’s helpful to use accounting software which is user-friendly and cloud-based. Fortunately, there are options to choose from, each with their own pros and cons. Let’s take a look at two popular choices – FreshBooks and Wave, to determine which might be the best choice for you and your business.

FreshBooks is cloud based accounting software designed with small business owners in mind. It is particularly useful for service-based business owners like designers, IT professionals, plumbers, lawyers, or even architects. FreshBooks software includes invoicing, expenses and reports, web and mobile access, and free customer support.  Additionally, FreshBooks has exclusive features that competitors like Wave cannot offer such as time tracking, project tracking, team timesheets, and an industry-leading customer happiness score.

Wave is accounting software which helps more than 3 million small business users every day manage their books. Since Wave can be used for free, it is typically appealing for businesses with tight budgets such as freelancers or startups. Moreover, Wave has options for owners of multiple businesses, such as the ability to grant third-party access.

 

Invoicing

Invoicing is an integral part of the survival of a business to stay on top of and track accounts receivable. FreshBooks offers users a comprehensive invoicing system. The layout includes fields such as customer name, quantity, and notes. Once an invoice is set up, users can select how often they want to send payment reminders. FreshBooks also offers a unique feature that allows customization of payment reminders.

FreshBooks is the best choice if you want to get paid faster. Putting your customer billing on autopilot is possible by sending automatic invoices as well as using the automatic reminder tools offered by FreshBooks.

While both software options can send recurring invoices, send payment reminders, and create customized invoices, Freshbooks has the edge in terms of billing. FreshBooks offers more options such as automatically adding late fees, integrating with inventory, and billing for hours worked.

 

Pricing

FreshBooks has a three-tiered monthly pricing plan. Lite, the lowest monthly plan, allows five users to access the program for $15 monthly. The basic functions of the service are included. 

While Wave costs nothing to use, you have to deal with its drawbacks as it charges fees for payroll, tax services, and credit card processing. Both available only in six states, payroll and tax services charge $25 per month plus $4 per employee. For just payroll, it costs $20 per month plus $4 per employee.

 

Advanced Functions

Compared to other competitors, FreshBooks provides more options for your small business accounting. When it comes to setting up a new project, it is much easier to assign tasks and due dates to your team members with FreshBooks. Did you know that multiple people can be invited to contribute to a project including external clients with your control of their access?

On the other hand, Wave allows you to manage projects, inventory, or assets only if you sign up and pay for an additional program. It may be difficult to choose between FreshBooks and Wave but, it only shows that Freshbooks has more to offer than its competitors.