Nov 6, 2018 - Cloudwards compares FreshBooks vs. QuickBooks Online to find which of the two works best for your business. QB is definitely the more.
Services: FreshBooks Wave Send recurring invoices Automatically add late fees Send payment reminders Integrate with inventory Bill for hours worked Customize invoices (not many options) (not many options) FreshBooks gives users a comprehensive invoicing system. Its invoices are clearly laid out, with common fields such as customer, quantity and notes.
After setting up an invoice, you can select how often you want to send payment reminders for past due invoices. FreshBooks is unique in the marketplace in that it lets you customize payment reminders and late fees by client. Many businesses bill for the same services each month. FreshBooks “make recurring” feature appears after every invoice you enter and save or you can select it when inputting an invoice.
The time-saving function also ensures that your clients get billed, even if your bookkeeper calls in sick or forgets. Wave has the ability to set up recurring bills, too, and gives you more payment reminder options. There is no way to add late fees to an invoice automatically like you can in FreshBooks, though. In Wave, you have to add a new line item to an existing invoice if you want to charge a late fee.
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In FreshBooks, hours worked on a client’s project get pulled in to invoices. The service includes a projects function, which Wave doesn’t have. Creative and project-based businesses should take a deeper look at FreshBooks when determining their accounting software needs. FreshBooks has a basic inventory system, unless you purchase an app, but you can select from items on hand when creating an invoice. Wave doesn’t include inventory options, but if you need to track quantities on hand and manage significant inventory, we suggest you check out Xero.
If you’re curious, you can read our review of. Though customization options for invoices exist in FreshBooks and Wave, they’re limited. Options you can customize include colors, fonts and layout.
Wave has three invoice templates you can add a logo to, while FreshBooks provides more templates and includes estimates and proposals. Sending an invoice is only the first step. While both will send automatic payment reminders to customers who are overdue, it’s still a good idea for business owners to keep an eye on cash flow. Outstanding revenue appears at the very top of FreshBooks’ main dashboard. It displays the total amount due in red as a visual reminder of unpaid invoices. In its “advanced reports” section, you’ll find an accounts aging report, which breaks out past due receivables by the length of time you’ve been owed. Wave’s dashboard also presents invoices that you’re owed, but you have to scroll down to find the information.