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Sophia Figerosa
  • Oct 18, 2024
  • 15 min read

Wave vs FreshBooks: Which Invoicing Tool is Best for Freelancers?

Picking the perfect invoicing software can sometimes feel like choosing a Netflix show—you want something that fits your mood and won't leave you hanging. But fear not, freelancers! Today’s contenders are Wave and FreshBooks, two of the flashiest hybrid invoicing and accounting software tools out there for the self-employed, small business superheroes. Let's get ready to rumble with some laughs, some facts, and maybe a dash of drama. Ding-Ding!

The Basics: What Are Wave and FreshBooks?

In short, both Wave and FreshBooks are cloud-based accounting and invoicing tools that were designed with freelancers and small business owners top of mind. They might seem similar at first glance, but the way they roll out the red carpet for users makes a big difference!

  • Wave is like that generous friend who always insists on treating you to lunch. It's totally free, meaning you get all your basic accounting goodies—like invoicing and receipt scanning—without spending a dime. Sure, if you're running a simple gig and just want easy-peasy money management, Wave's your guy. It's not going to flaunt fancy features like advanced time tracking, but it won't ask for your credit card either.
  • Then we have FreshBooks, strutting in like it means business. It does ask for a little pocket money (around $17-ish a month), but it justifies every cent. Imagine project management, expense tracking, and integrations with apps that sound like they're from a sci-fi movie—all in one place. If your freelance work is a bustling beehive of activity with endless client interactions, FreshBooks offers a neat, organized flight path.

So, which one should you choose? Let’s break it down feature by feature.

Wave: Free, Fun, Fantastic

Wave's catchphrase could be "I got you," because it's free forever, indeed. Let's talk about why it’s the peanut butter to your Jelly if you're watching your pennies.

  • Free Forever: Wave is totally free! You can handle invoices, accounting, and receipt scanning without coughing up a penny. It's a fit if you like to keep things simple and your bookkeeping needs stray away from heavy accounting hoopla.
  • Basic Features: Wave covers the basics with a side of flair—you get unlimited invoices, payment tracking, and basic accounting features to keep your business chugging along smoothly. Skipping the fees is the bees knees!
  • Downsides: But remember, you get what you (don’t) pay for. Wave doesn’t offer advanced features like project management, time tracking, or integrations. It's a fantastic starter, but as you scale up, you might find it a bit limiting for your expanding demands.

Wave is perfect for freelancers skimping along or those with “as the crow flies” accounting needs. But if you’re juggling a few too many clients or need more features, you might outgrow it.

FreshBooks: The Grown-Up Choice

FreshBooks steps up as the polished, premium option in the invoicing world. With a monthly fee, it packs in way more features and functionality for your business.

  • User-Friendly: No accounting jargon here! FreshBooks is all about keeping life easy and stress-free. Track your time, whip up invoices, and keep tabs on expenses with a few clicks. It’s as if it knows what you need before you do!
  • More Features: Need more than just invoices? FreshBooks has your back with project management, time tracking, and robust accounting features. Plus, it loves playing nice with apps like Zapier, Stripe, and Gusto. It's perfect for when your business is on the up and up.
  • The Catch? It’ll force you to cough up some coffers. Starting at a clip of $17 per month, (for the Lite plan” the pricing goes up with each number of billable clients you get and the features you need access to.

Of course, FreshBooks is an investment, and those top of the line features may be worth their weight in gold (to some), with a tip of the cap to freelancers managing several clients or more complex projects.

Pricing: Free vs Paid Plans

When you're picking between Wave and FreshBooks, the cost is a big deal. Let’s see how they stack up:

  • Wave’s Free Plan: This is where Wave really shines. It's completely free for invoicing, accounting, and receipt scanning. But here’s the catch—if you need to process payments like credit cards or use payroll services, you’ll need to shell out a bit. If you're keeping things simple and don’t need all the extras, Wave’s free plan is a total winner.
  • FreshBooks’ Paid Plans: FreshBooks kicks off at $17 a month for its Lite plan, perfect for handling invoicing, time tracking, and expense management for up to 5 clients. Got more clients? You’re looking at $30 a month for the Plus plan and $55 for Premium. While these prices are definitely higher than Wave’s, FreshBooks backs it up with advanced accounting tools and stellar customer support that might make the cost worth it.

So, if sticking to a tight budget is your main goal, Wave steals the spotlight. But if you’re ready to invest in more features and support, then FreshBooks could be your best bet.

Invoicing Features Comparison

Invoicing is like the bread and butter for freelancers...well it’s how we make our bread! So, how do Wave and FreshBooks spread the love?

  • Wave’s Invoicing: Picture this: you're sending out unlimited invoices for free, and with Wave, that dream is a reality. You can jazz up your invoices to reflect your unique style—goodbye boring bills! Need to keep hitting up that regular client? No worries, set up recurring invoices. But heads up, Wave skips on the more serious stuff like automatic payment reminders or late fee tactics. So, if you're not-so-secretly a fan of poking clients for payments, you're on your own there.
  • FreshBooks’ Invoicing: FreshBooks is like the invoicing templates superhero, swooping in with customizable invoices and recurring options faster than you can say cash flow. It’s got your back for those "Oops, forgot to pay!" moments by automating late payment reminders. Plus, with Stripe and PayPal in the mix, it's like saying, "Hey, pay me whenever, however!" Payments are a breeze with ACH, credit cards, and tracking—it’s the smoothest ride in the invoicing park.

So, in the grand invoice showdown, FreshBooks packs more punch with its features, but Wave can still win hearts—especially given its zero-dollar price tag.

User Experience: FreshBooks vs Wave on Mobile and Desktop

For freelancers always on the move, a dependable mobile app is like having your favorite travel mug filled with coffee. So, how do Wave and FreshBooks stack up?

  • Wave Mobile App: Think of it as that cozy, familiar mug—it’s straightforward and does everything you need. You can create invoices, snap receipts, and keep track of your cash flow on iOS and Android. It may not be fancy, but it’s free and reliable.
  • FreshBooks Mobile App: FreshBooks is more like the sleek, stylish bottle—sharp and loaded with features. Time tracking, project management, fancy invoicing, and on-the-spot payments—it does it all! If you’re hopping between clients or working from anywhere, this app is a personal assistant in your pocket (minus the hefty salary and unnecessary noise).

In the world of mobile apps, FreshBooks shines for those who want all the bells and whistles. But if you’re after straightforward simplicity, Wave is a dependable and budget-friendly choice.

Payment Processing and Online Payments

Getting paid is the sweetest reward for all your hard work, so let's dive into payment processing and see how Wave and FreshBooks make it rain.

  • Wave: If you like to keep things low-key and no-fuss, Wave is your buddy. You can collect payments through Stripe and PayPal, and it even handles ACH transfers and credit cards. Just be ready for that usual fee dance of 2.9% + $0.30 for cards and 1% for ACH. Nothing too wild, just good ol' reliable payout time.
  • FreshBooks: If you're looking for a little more pizzazz, FreshBooks steps up its game. Not only does it work with Stripe and PayPal, but it throws in extras like automatic nudges for payments and late fees for those clients who might need a little reminder. It's all about keeping it smooth and easy, like Sunday morning.

In the great showdown of payment buddies, both are solid. But if you want some extra flair in your freelancer toolkit, FreshBooks might just be your jam. You do you, money maestro!

Expense Tracking and Bookkeeping Capabilities

Both Wave and FreshBooks keep it kosher when it comes to tabs on those oh so not fun expenses.

  • Wave’s Expense Tracking: It’s free and does the job. Snap pics of receipts, get them categorized, and wave goodbye (pun intended) to manual entry by syncing your bank account for auto transaction imports. Basic, but totally handy.
  • FreshBooks’ Expense Tracking: If you’re looking for something a bit fancier, FreshBooks ups the ante with automatic categorization, comprehensive expense reports, and the slick ability to attach receipts to invoices. Plus, with double-entry accounting, you’re set for growth!

Shooting from the hip, for freelancers who like basic bookkeeping, Wave’s free features get the nudge. But for downright bougie accounting tools, FreshBooks is the way to go.

Integrations and Add-Ons: Enhancing Functionality

Ever wish your invoicing tool could grab coffee with your other apps? Well, here’s how these platforms fare:

  • Wave: It plays nice with essentials like Zapier, Stripe, and PayPal. Perfect for when you need the core group to work together, but don’t expect it to host a massive party of integrations..
  • FreshBooks: It will end up hosting a kegger’ of integrations—think Gusto for payroll, QuickBooks for accounting, and Zoho for project management. If connecting your invoicing tool to the rest of your business is crucial, FreshBooks has you covered.

If integrations are important to your business, FreshBooks is the better option. Otherwise, Wave is the answer!

Customer Support and Help Options

When things go south (and they tend to), you’ll want an intuitive customer support squad to be ready to step up!

  • Wave’s Customer Support: It gets the job done with email and chatbot, especially if you’ve got a paid service. Good, but if you need a lot of hand-holding, it might feel a bit meh.
  • FreshBooks’ Customer Support: Known for being top-notch, FreshBooks offers phone support along with email. Their team is like a dream, ready to help you sort out your freelancing invoicing woes with a smile.

FreshBooks takes the win here if customer support is a top priority for you.

Pros and Cons: FreshBooks vs Wave

Here’s a laundry list of pro’s and con’s worth a look:

Wave Pros:

  • Completely free for invoicing, accounting, and receipt scanning.
  • Ideal for budget-conscious freelancers.
  • Unlimited invoices and no tucked-in-tight fees for basic use.

Wave Cons:

  • Skimpy features compared to FreshBooks.
  • Fewer integrations and lacking in customer support.
  • No project management or time tracking features.

FreshBooks Pros:

  • Advanced invoicing features, including automatic payment reminders.
  • Time tracking and project management built in.
  • Lightning fast and well equipped customer support and ready for integrations.

FreshBooks Cons:

  • Monthly fee, starting at $17.
  • It costs even more as your business flourishes and the clients stack up.
  • Wave and FreshBooks Alternatives: QuickBooks, Xero, and Zoho

Not convinced to ride the Wave or jump in on Freshbooks? Consider QuickBooks Online, Xero, or Zoho as alternatives. They’re more feature-heavy, which might be overkill for solo freelancer, but are solid for bigger freelancing operations needing advanced functionality.

Conclusion: Which Tool is Right for Your Business?

It really boils down to your needs and wallet. Just starting out? Wave’s free, easy, and covers the essentials without dipping into your funds. Need more muscle with time tracking, inventory management, and project management? FreshBooks is an ace pick for growth-focused freelancers looking for all the extras.

No matter which you choose, both Wave and FreshBooks are equipped to help you ace your invoicing game and keep your financial journey smooth and rewarding.

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