FreeAgent
FreeAgent is a comprehensive cloud accounting software designed specifically for small business owners and freelancers to manage invoices, expenses, and tax returns in one place.
Wave
Wave is a comprehensive financial management software providing small business owners with integrated tools for accounting, invoicing, payroll, and payment processing to simplify bookkeeping and improve cash flow management.
Quick Comparison
| Feature | FreeAgent | Wave |
|---|---|---|
| Website | freeagent.com | waveapps.com |
| Pricing Model | Freemium | Freemium |
| Starting Price | Free | Free |
| FREE Trial | ✓ 30 days free trial | ✘ No free trial |
| Free Plan | ✓ Has free plan | ✓ Has free plan |
| Product Demo | ✓ Request demo here | ✘ No product demo |
| Deployment | ||
| Integrations | ||
| Target Users | ||
| Target Industries | ||
| Customer Count | 0 | 0 |
| Founded Year | 2007 | 2010 |
| Headquarters | Edinburgh, UK | Toronto, Canada |
Overview
FreeAgent
FreeAgent is a powerful cloud accounting tool built to simplify the financial lives of freelancers and small business owners. You can manage every aspect of your business finances from a single dashboard, including professional invoicing, automated expense tracking, and real-time cash flow monitoring. It eliminates the stress of manual bookkeeping by connecting directly to your bank accounts and automatically categorizing your transactions.
You can also stay on top of your tax obligations with ease, as the software generates VAT returns and Self Assessment filings based on your data. Whether you are a sole trader or running a limited company, you get a clear view of your profitability and upcoming tax deadlines. It is designed to be accessible for non-accountants, giving you the confidence to manage your books without needing a finance degree.
Wave
Wave is a specialized financial platform designed to help you manage your small business money without the complexity of traditional accounting suites. You can track your income and expenses, create professional invoices, and scan receipts directly from your phone. It solves the headache of manual bookkeeping by automatically syncing your bank transactions and categorizing them for tax season.
The platform is built specifically for freelancers, consultants, and businesses with only a few employees who need a clear view of their profitability. You can manage multiple businesses under one account and invite your accountant to collaborate on your books. While the core accounting features are free, you can add paid services like payroll or credit card processing as your business grows.
Overview
FreeAgent Features
- Smart Invoicing Create and send professional invoices in seconds and set up automated reminders to chase late payments for you.
- Expense Management Snap photos of your receipts with the mobile app to track your business spending and out-of-pocket expenses instantly.
- Bank Feeds Connect your bank account to automatically import transactions and see your real-time cash flow without manual entry.
- Project Management Track your time, log billable hours, and monitor project profitability to ensure every job stays within your budget.
- Tax Forecasting Get a real-time view of how much tax you owe and receive automatic alerts for upcoming filing deadlines.
- Mobile Accounting Manage your business finances on the go with native iOS and Android apps that sync across all your devices.
Wave Features
- Unlimited Invoicing. Create and send professional, customized invoices to your clients in seconds and track their payment status in real-time.
- Automated Bookkeeping. Connect your bank accounts to automatically import transactions and keep your books up to date without manual entry.
- Receipt Scanning. Snap photos of your receipts with the mobile app to automatically capture expense details and stay organized for tax time.
- Online Payments. Accept credit cards and bank transfers directly through your invoices so your customers can pay you with one click.
- Financial Reporting. Generate instant profit and loss statements, balance sheets, and cash flow reports to understand your business health.
- Payroll Integration. Pay your employees and contractors easily while Wave handles the tax filings and payments in supported regions.
Pricing Comparison
FreeAgent Pricing
- Full feature access
- Free for NatWest/RBS/Ulster customers
- Unlimited users
- Unlimited clients and projects
- Self Assessment filing
- UK-based support
- Everything in Free, plus:
- Designed for non-VAT registered
- Self Assessment filing included
- Automated bank feeds
- Unlimited invoices and estimates
- Smart reporting tools
Wave Pricing
- Unlimited invoicing
- Unlimited bookkeeping
- Bank connection sync
- Unlimited receipt scanning
- Exportable accounting reports
- Everything in Starter, plus:
- Auto-merge and categorize receipts
- Automated bank transaction imports
- Unlimited additional users
- Discounted payment processing rates
Pros & Cons
FreeAgent
Pros
- Completely free for many UK business bank customers
- Very intuitive interface designed for non-accountants
- Excellent automated tax forecasting and filing features
- Highly rated UK-based customer support team
- Seamless mobile app for managing expenses on the go
Cons
- Limited inventory management for product-based businesses
- Pricing can be high for those without partner banks
- Fewer third-party integrations compared to Xero or QuickBooks
Wave
Pros
- Core accounting and invoicing features are completely free
- User interface is clean and easy to navigate
- Mobile app makes receipt scanning very convenient
- Setup process is quick for non-accountants
Cons
- Customer support is limited for free users
- Payroll features are only available in specific regions
- Lacks advanced inventory management for product sellers