What users are saying about

Accounting by Wave

Top Rated
97 Ratings

FreshBooks

Top Rated
120 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

FreshBooks

Top Rated
120 Ratings
Score 8.4 out of 101

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Likelihood to Recommend

Accounting by Wave

Wave is great at small business accounting where fairly simple quotes and invoices can be set up and payments can be received online or as mailed checks. Other or more complicated situations are not well suited to the platform. Any business that takes in Bitcoin or other alternative currencies will struggle to link the account types together
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FreshBooks

FreshBooks is the perfect tool for businesses who have hundreds of clients and customers whom they invoice regularly. It removes the need to manually send invoices to clients and customers, by streamlining inputted information to create an automated invoicing system which keeps clients and customers up to date with their bills.It is also a great tool for managing expenses, especially for companies with different teams working on varying projects, ensuring these teams do not exceed the budget ceiling.
Sandra Ikegwuonu profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
FreshBooks
Pay calculation
Accounting by Wave
8.4
FreshBooks
Benefit plan administration
Accounting by Wave
7.5
FreshBooks
Direct deposit files
Accounting by Wave
8.0
FreshBooks
Salary revision and increment management
Accounting by Wave
7.7
FreshBooks
Reimbursement management
Accounting by Wave
8.0
FreshBooks

Customization

Accounting by Wave
9.1
FreshBooks
6.7
API for custom integration
Accounting by Wave
8.9
FreshBooks
6.7
Plug-ins
Accounting by Wave
9.2
FreshBooks
6.7

Security

Accounting by Wave
8.6
FreshBooks
8.9
Single sign-on capability
Accounting by Wave
9.0
FreshBooks
10.0
Role-based user permissions
Accounting by Wave
8.2
FreshBooks
7.8

Reporting & Analytics

Accounting by Wave
8.5
FreshBooks
6.8
Dashboards
Accounting by Wave
8.4
FreshBooks
7.8
Standard reports
Accounting by Wave
8.3
FreshBooks
7.8
Custom reports
Accounting by Wave
8.6
FreshBooks
4.8

General Ledger and Configurable Accounting

Accounting by Wave
8.2
FreshBooks
7.8
Accounts payable
Accounting by Wave
8.4
FreshBooks
8.5
Accounts receivable
Accounting by Wave
9.1
FreshBooks
8.5
Cash management
Accounting by Wave
8.1
FreshBooks
7.0
Bank reconciliation
Accounting by Wave
7.8
FreshBooks
7.0
Expense management
Accounting by Wave
8.5
FreshBooks
7.5
Time tracking
Accounting by Wave
7.3
FreshBooks
8.1
Fixed asset management
Accounting by Wave
5.2
FreshBooks
Multi-currency support
Accounting by Wave
8.6
FreshBooks
7.0
Multi-division support
Accounting by Wave
7.4
FreshBooks
Regulations compliance
Accounting by Wave
7.3
FreshBooks
7.9
Electronic tax filing
Accounting by Wave
6.0
FreshBooks
Self-service portal
Accounting by Wave
9.1
FreshBooks
9.1
Global Financial Support
Accounting by Wave
9.0
FreshBooks
Primary and Secondary Ledgers
Accounting by Wave
9.3
FreshBooks
Intercompany Accounting
Accounting by Wave
8.7
FreshBooks
Localizations
Accounting by Wave
9.5
FreshBooks
Journals and Reconciliations
Accounting by Wave
8.4
FreshBooks
Enterprise Accounting
Accounting by Wave
8.7
FreshBooks
Configurable Accounting
Accounting by Wave
8.7
FreshBooks
Centralized Rules Framework
Accounting by Wave
9.0
FreshBooks
Standardized Processes
Accounting by Wave
7.9
FreshBooks

Inventory Management

Accounting by Wave
8.9
FreshBooks
Inventory tracking
Accounting by Wave
9.5
FreshBooks
Automatic reordering
Accounting by Wave
8.0
FreshBooks
Location management
Accounting by Wave
9.0
FreshBooks
Manufacturing module
Accounting by Wave
9.0
FreshBooks

Order Management

Accounting by Wave
7.8
FreshBooks
8.3
Pricing
Accounting by Wave
8.1
FreshBooks
7.2
Order entry
Accounting by Wave
8.0
FreshBooks
7.8
Credit card processing
Accounting by Wave
9.1
FreshBooks
8.4
Cost of goods sold
Accounting by Wave
8.8
FreshBooks
10.0
Order Orchestration
Accounting by Wave
8.0
FreshBooks
End-to-end order visibility
Accounting by Wave
4.7
FreshBooks
Order exception Resolution
Accounting by Wave
8.0
FreshBooks

Accounting Firm BPO Features

Accounting by Wave
8.0
FreshBooks
7.4
Branded client dashboards
Accounting by Wave
8.0
FreshBooks
5.0
Client data roll-up capabilities
Accounting by Wave
8.0
FreshBooks
Client data consolidation for benchmarking
Accounting by Wave
7.5
FreshBooks
Configurable alerts
Accounting by Wave
8.0
FreshBooks
7.9
Billing bypass
Accounting by Wave
8.0
FreshBooks
Client template cloning
Accounting by Wave
8.0
FreshBooks
8.5
Single sign-on
Accounting by Wave
9.0
FreshBooks
8.3
Configurable client onboarding questions
Accounting by Wave
8.0
FreshBooks
Cross-client workflow management
Accounting by Wave
8.0
FreshBooks
Industry-specific versioning
Accounting by Wave
8.0
FreshBooks
Legacy system data migration
Accounting by Wave
8.0
FreshBooks

Pros

  • The ease of use with Wave makes it a great tool. Someone without much accounting experience can jump in and use the software.
  • The reports features in Wave make looking at financial statements a breeze. In addition you can quickly drill down into expense categories to see all transactions of a certain type.
  • It is very easy to generate a sales invoice and see the average period for our company to get paid.
  • I love the Wave Invoice app where we can track invoices on the go and verify payment history.
Lukas Sundahl, MBA profile photo
  • Invoices branded for my company are sent directly to my clients from within FreshBooks.
  • FreshBooks will request reviews of my services from my clients when they make payments.
  • Online payments can be made by my clients directly from the invoice.
Raylene Wall profile photo

Cons

  • One area of improvement for Wave would be combining the various mobile applications into one app.
  • Another room for improvement would be on the dashboard level. It would be great if they could use more bar graphs and get away from pie charts for things like expenses.
  • Some of the other areas from improvement have been addressed by recent updates so I am excited to see what else Wave brings out.
Lukas Sundahl, MBA profile photo
  • I can brand invoices with my business logo, but I might like to change colours of the invoices themselves to match the rest of my business documents. That isn't a major point at all, but it's something that I'd like to see.
  • Freshbooks doesn't remember the categories that similar expenses were previously assigned to. It would be nice if Freshbooks would suggest a category for an already saved vendor, to ensure the consistency of expense reporting.
  • The home page of a Freshbooks account has a great graph display of expenses and income, but it only shows the last 6 months. This is still very useful, but I'd like to be able to see this kind of graph for different periods of time.
Raylene Wall profile photo

Likelihood to Renew

Accounting by Wave7.8
Based on 3 answers
Easy to use for clients with no accounting background and the price is right.
Jeanne Harris profile photo
FreshBooks6.6
Based on 18 answers
At the current needs of our business, FreshBooks suits us perfectly - it allows online access by our accountant to the system for GST purposes, easy input of expenses and tracking of Profit and Loss statements. FreshBooks customer service is great as well - very understanding and accommodating.
Stan Zaslavsky ★ 3D Visuals for Projects profile photo

Usability

Accounting by Wave5.3
Based on 4 answers
I am a professional bookkeeper and I have no problems using Wave and all of it's features. I can see that certain individuals who have no accounting knowledge might struggle with a few different features and entries, but that is why Wave has an emphasis in connecting users to Wave Pro's who will walk them through things
Melissa Whaley profile photo
FreshBooks8.0
Based on 7 answers
FreshBooks is very easy to use even for novices. If you're looking for an online accounting software that is full of features, has great aesthetics and is user-friendly, then this is definitely the software for you. I've been using it for several years now and despite being tempted to switch by other vendors, I like the feel of FreshBooks and it's mobile features.
LaToya M. Davidson-Perez profile photo

Reliability and Availability

Accounting by Wave6.7
Based on 4 answers
WAVE is always available when we need it ! Peter
Peter Cullen profile photo
FreshBooks10.0
Based on 2 answers
FreshBooks is easy to use and always works!
Matt Franko profile photo

Performance

Accounting by Wave2.9
Based on 2 answers
Wave does tend to slow down when filtering your transactions screen especially by date. This is more of an issue when trying to trouble shoot certain transactions or clean-up a set of books.
Melissa Whaley profile photo
FreshBooks8.0
Based on 1 answer
No answer on this topic is available.

Support

Accounting by Wave9.0
Based on 1 answer
If they had live chat service then I'd rate this a 10.
Matthew Gehrman profile photo
FreshBooks7.0
Based on 3 answers
I think that their online tools and resources are great and concise but would like it more if you knew what improvements were in the pipeline. There are a number of features or tweaks that I've seen suggested but I don't really know if anyone from FreshBooks is listening to them or if they're being worked on.
LaToya M. Davidson-Perez profile photo

Online Training

Accounting by Wave4.7
Based on 3 answers
easy to use and east to train on ! Our WAVE clients enjoy the ease of use
Peter Cullen profile photo
No score
No answers yet
No answers on this topic

Implementation

No score
No answers yet
No answers on this topic
FreshBooks10.0
Based on 1 answer
I haven't changed my mind since my first evaluation. Freshbooks is still meeting my needs, easy to use, etc.
Kathleen Allardyce profile photo

Alternatives Considered

Across the board Wave takes the cake on price at $0/mo aside from payroll fees and credit card processing. That aside I'd say most accounting systems are fairly similar, however what I like about Wave is just how simple the interface is and the outstanding customer support from both the community and the company.
Matthew Gehrman profile photo
Don't get me wrong — I like Xero for accounting purposes. But Xero's invoicing isn't great. There's too many features I depend on that FreshBooks has that Xero just does not. I need to be able to take deposits, send automatic reminders, and create an extremely user-friendly experience. Xero is great for accounting, but doesn't provide that experience. That's why FreshBooks was a no-brainer for me. I technically use both, but FreshBooks specifically for invoicing.
Asia Matos profile photo

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
I rated the software an 7 due to its ease of use. It would be rated higher, but I consider this to be a niche product instead of a go to product for all clients. This is the software to use if you want an inexpensive entry level software for an owner managed business.
Randy O'Malley profile photo
FreshBooks7.0
Based on 1 answer
A good software just not as familiar as QuickBooks Online
Brent Bement, CPA profile photo

Scalability

Accounting by Wave3.0
Based on 2 answers
Once they out grow what is ability to move up to a more robust system?
Penny Breslin profile photo
No score
No answers yet
No answers on this topic

Return on Investment

  • Wave has removed several of the stresses of running my own business and helped me collect payment from a variety of local and national clients in one easy space.
  • Wave has helped give me eyes in on how my money has been allocated, and how the business expenses have been tracked.
  • Wave is a good self-service tool, that can do much of the work Quickbooks does for others, but as a free solution provider.
Carl Grivakis profile photo
  • Easy billing.
  • Overall increased efficiency with bookkeeping.
  • Great tool for creating estimates and tracking receipts.
LaToya M. Davidson-Perez profile photo

Screenshots

Accounting by Wave

Pricing Details

Accounting by Wave

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Entry-level set up fee?
No
Accounting by Wave Editions & Modules
Accounting by Wave
Additional Pricing Details

FreshBooks

General
Free Trial
Yes
Free/Freemium Version
Premium Consulting/Integration Services
Entry-level set up fee?
No
FreshBooks Editions & Modules
FreshBooks
Edition
Lite
$15
Plus
$25
Premium
$50
Additional Pricing Details