Sifting through piles of transaction papers isn’t anyone’s ideal way to spend their day. Accounting software makes things simple and more efficient, equipping you with the figures and insights you need in seconds, saving you time and effort you can channel into growing your business!
Wave and FreshBooks are accounting software used by business owners to skip the paper piles. In this post, we’ll be discussing both options, helping you make an informed decision tailored to your business needs.
Wave
Wave is a free invoicing and accounting software for freelancers and small businesses. It comes with add-ons at a price for users; Wave payment to process transactions, Wave Payroll, Mobile Receipts and Advisors.
Pros
- Free invoicing and accounting software (Wave Payment and Wave Payroll come at a price)
- The interface is easy to use.
- There is no limit to the number of users on an account
Cons
- Wave services are restricted to businesses in the US and Canada alone.
- It generates limited reports
- Wave only integrates with Wave payment as an online payment gateway.
- Not suitable for businesses with inventory (e.g., wholesalers and retailers).
Wave Pricing
(Source Wave.com)
What customers are saying about Wave
It’s now exclusive to North America when it used to be available World Wide which makes it difficult to integrate new business ventures. (Review from Capterra)
Their customer service is horrible. If you can even get them, they have no problem lying right to your face. Read other review sites and you’ll see! (Review from G2)
It is very disappointing that they have withdrawn their services from Europe and other countries outside the US and Canada. (Review from G2)
Bank reconciliation is known to be inaccurate with Wave, with many reports that data doesn’t sync with the bank for months at a time (Review from Capterra)
Related post: Wave vs Quickbooks: 2023 Comparison
FreshBooks
FreshBooks is a cloud-based accounting software for freelancers and small businesses. It offers features for invoicing clients, inventory management, business reports, and others. FreshBooks integrates with third-party software to generate advanced accounting reports.
Pros
- Create professional-looking invoices for your clients
- Users can track billable time and mileage
- FreshBooks is relatively easy to use
Cons
- Lacks comprehensive reports for businesses; needs integration for advanced reports
- FreshBooks lacks comprehensive inventory management and accounting for retailers and wholesalers
- Cost tends to add up for small businesses: the least expensive plans allow only five billable clients.
- The plans are restrictive, offering only one user access and two on the most expensive plan, making it challenging for businesses to scale without incurring extra costs to add team members.
FreshBooks Pricing
(Source FreshBooks.com)
There is no free plan however, there’s a 30-day free trial period to test out FreshBooks, thereafter, a plan has to be purchased.
Pricing ranges from $17 to $55 billed monthly. There are add-ons available for each plan at a price:
- Team members at $11 per user per month
- Advanced payment at $20 per month
What customers are saying about FreshBooks
I wish it wasn’t so expensive. I like the service, but I feel that the annual cost is pretty steep. (Review from G2)
The learning curve. As a busy business owner, it does take some time to practice and perfect. (Review from G2)
One of the areas where I feel this platform could use some improvement is its reporting and analytics functionality. While the platform provides basic data on projects, payments, and clients, I would like access to more advanced and customizable metrics that allow me to more closely track how my business is performing. (Review from Capterra)
One of my most significant pain points with FreshBooks is their Reports sections. The reports are converted into downloadable CVS documents. The problem is that they are incredibly messy, difficult to understand and make trying to keep track of earnings a headache. (Review from G2)
Wave Apps vs FreshBooks
| Feature | Wave Apps | Freshbooks |
| Free Plan | Yes | No |
| Invoicing | Yes | Yes |
| Inventory tracking | No | Yes |
| Accounting reports | Yes | Yes |
| Estimates and Quotes | Yes | Yes |
| Vendor Billing | Yes | Yes |
| Multiple user access | Yes | Yes |
| Audit Trail | No | Yes |
| Budgeting tools | No | Yes |
Vencru: The Invoicing and Accounting Software for All Businesses
Vencru is an all-in-one simple and intuitive invoicing, inventory management and accounting software for businesses all over the world!
Invoice clients anywhere, track inventory and orders, streamline sales process with a POS app, track expenses, generate comprehensive accounting and business reports, manage customer relations, manage vendors, track employee performance, collaborate with team members and lots more all at an affordable price with plans starting from $6 to $50.
With Vencru, experience powerful accounting software in a simple and intuitive interface built for all business owners and freelancers without breaking the bank!
| Feature | Vencru | Wave Apps | Freshbooks |
| Free Plan | Yes | Yes | Yes |
| Coverage | Worldwide with over 160 supported currencies | US and Canada | Worldwide |
| Intuitive (Easy to use) | Yes | Yes | Relatively |
| Pricing (billed monthly) | Starts at $6 | Free | Starts at $17 |
| Invoicing | Yes | Yes | Yes |
| Inventory management | Yes | No | No |
| Estimates and Quotes | Yes | Yes | Yes |
| Order Management (shipping status) | Yes | No | No |
| Accept Online Payment | Yes | Yes (Restricted to Wave Payment) | Yes |
| Multicurrency (For sales and expenses) | Yes | Yes | Yes |
| POS App (Mobile, Desktop and Web) | Yes | No | No |
| Tax reporting | Yes | Yes | Yes |
| Purchase Order and Vendor Bills | Yes | Yes | Yes |
| Business reports | Yes | Yes | Yes |
| Double-Entry Accounting reports | Yes | Yes | Yes |
| Employee management (sales by employee report) | Yes | No | No |
| Budgeting tools | Yes | No | Yes |
| Product barcode scanning for sales and inventory | Yes | No | No |
| Expiry date tracking for products | Yes | No | No |
| Audit Trail | Yes | No | Yes (Not fully accessible to Accountants) |
| Mobile App | Yes | Yes | Yes |
Key features of Vencru
- Invoicing and Sales Management– Create online invoices in less than a minute. Automatically track debtors, manage business sales, improve cash flow, and get your financial reports
- Estimates and Quotes– Create quotes and proposals in various currencies and seamlessly convert estimates into invoices.
- Inventory Management– Keep track of what you have in store, update when to restock, and deduct when you create invoices or receipts
- Double-Entry Accounting– Powerful and robust double-entry accounting system. Track assets, liabilities, equity, revenue, and expenses.
- Expense Management– Track and manage all your business expenses and receipts in one place. Say goodbye to manual expense reporting and streamline your finances.
- Vendor Billing– Make and send vendor bills, track orders and deliveries, and sync inventory items easily.
- Business Reporting– Convert all data into insights needed to grow your business with simplified business reports. Review dashboards and reports on your sales, expenses, inventory and clients.
- Accept Online Payments– Accept online payments with credit cards, debit cards, eChecks, and more, and have every penny accounted for with our bookkeeping features.
- Client Management- Manage your clients, automate client statement reports, track their orders, and keep on top of your debtors.
Vencru Pricing
Check out our pricing page!
Free Trial: Signup for a free 14-day trial on Vencru. No credit card is required! See how Vencru makes managing your business very simple!
Demo: If you prefer, you can schedule a free demo with one of our experts. We’ll answer all your questions.
How to migrate to Vencru from Wave or FreshBooks
Want to migrate from your present business management software to Vencru? Here’s how easy it is:
- Book a free demo with our customer support team
- Decide on the best plan that works for you
- We will work with you and provide training on how to migrate successfully.
