FreshBooks vs Wave
FreshBooks vs Wave comparison: pricing, features, pros & cons. Find out which accounting platform fits your freelance or small business needs.
Quick Answer
FreshBooks is the better choice if you need professional invoicing, time tracking, and client management with room to grow. Wave is the better choice if you're a solo freelancer or micro-business on a tight budget who needs basic accounting and invoicing at zero cost.
FreshBooks
Cloud accounting built for freelancers and service businesses, with best-in-class invoicing and time tracking.
Pricing
$23/mo
Key Features
- ✓Professional invoicing with customizable templates, recurring billing, and late payment reminders
- ✓Time tracking with billable hours — log time against projects and convert to invoices in one click
- ✓Expense tracking with receipt capture via mobile app
- ✓Bank reconciliation with auto-import and categorization rules
- ✓Online payment processing (credit card, bank transfer, PayPal)
- ✓Project management with client collaboration tools and proposal creation
Pros
- +Best-in-class invoicing UX — creating and sending invoices is faster and more intuitive than any competitor
- +Excellent time tracking with project-level logging that converts directly to billable invoices
- +Client self-service portal lets clients view invoices, make payments, and download receipts independently
- +Clean, modern interface with a shallow learning curve — usable immediately without training
- +Strong mobile apps with full invoice creation and receipt scanning capabilities
Cons
- −Less robust for product-based businesses — no inventory tracking and limited COGS support
- −Expensive per-seat pricing — adding team members increases cost faster than competitors
- −Limited reporting depth — custom report builder is basic compared to QuickBooks or Xero
- −No payroll module — requires a separate payroll service like Gusto or ADP
- −Fewer third-party integrations (roughly 100) compared to QuickBooks' 500+ marketplace
Platforms
Web, iOS, Android
Learn more →Wave
Free cloud accounting platform for small businesses and freelancers in the US and Canada.
Pricing
$19/mo
Key Features
- ✓Free core accounting — invoicing, expense tracking, bank reconciliation
- ✓Unlimited invoices and estimates on all plans
- ✓Receipt scanning via mobile app (free on Pro plan)
- ✓Bank and credit card connection with auto-import
- ✓Payment processing with credit card and bank payments (2.9% + 30¢ per transaction)
- ✓Payroll add-on (US only, $20/mo + per-employee fee)
Pros
- +Free core accounting — no subscription needed for invoicing, reconciliation, and reporting
- +Simple, intuitive interface designed for non-accountants and freelancers
- +Unlimited invoices and estimates even on the free plan
- +Receipt scanning and bank feeds available without upgrading
- +No long-term contracts or commitments — truly free with no trial expiry
Cons
- −US and Canada only — international operations were sunset in 2023, so not suitable for non-North-American businesses
- −No inventory tracking — Wave cannot manage stock or COGS, making it unsuitable for product-based businesses
- −Limited CPA access — accountants cannot collaborate inside the platform the way they can with QuickBooks or Xero
- −Minimal customer support — no phone support on the free plan, only email and chat with slow response times
- −Reporting is basic compared to paid alternatives — no custom report builder or advanced financial analytics
Platforms
Web, iOS, Android
Learn more →Real-World Scenarios
You send professional invoices and track billable hours
You need customizable invoices, automated payment reminders, and time tracking to bill clients accurately. Your business is growing and you may need to add team members.
You need free accounting with basic invoicing
You're a solo freelancer or very small business with simple finances. You want accounting, invoicing, and receipt scanning without monthly fees.