Research Outline

Invoicing Software


Identify/calculate the average cost per acquisition (CPA) for new customers for each of the following invoicing tools in order to use as an industry comparison benchmark:
  • Wave Financial
  • FreshBooks
  • Quickbooks
  • Harvest
  • Zoho

Early Findings

According to Google Ads Help, average cost-per-acquisition (CPA) is equivalent to the total cost of all ad conversions divided by the total number of conversions: [cost of all ad conversions added together] / [number of conversions].

  • Wave Financial charges 2.9% plus a 30¢ fee for each credit card transaction; they also charge a 1% fee for all bank payments when possible.
  • FreshBooks does not say how much they charge for invoicing, but they do offer a free trial for their product online.
  • Quickbooks offers invoicing plans that start at $10/month and go up to $20/month, $35/month, and $60/month for additional features and add-ons.
  • Harvest invoicing products are offered free for 1 person and 2 projects. However, for $12/month one person can run unlimited invoices. 2+ people can run unlimited invoices for $12/person per month.
  • Zoho offers free invoicing for 1 user and 5 customers. They also offer invoicing for 50 customers and 1 user for $9/month, invoicing for 500 customers and 3 users for $19/month, and invoicing for unlimited customers and 10 users for $29/month. Additionally, an extra user can be added to any plan for $2/month or $20/year.