FreshBooks vs Wave: which should you choose?
Quick answer: FreshBooks is built for freelancers, while Wave suits micro businesses. For most users FreshBooks is the stronger default, but Wave can be the better fit depending on your budget and use case. Wave has the lower entry price.
Both FreshBooks and Wave get recommended a lot, but they solve the job differently. Below we compare them on pricing, strengths and the use cases each one fits, then give a clear verdict.
Side-by-side
| FreshBooks | Wave | |
|---|---|---|
| Category | Invoicing & Accounting | Accounting |
| What it's known for | Invoicing-first accounting built for freelancers and service businesses; very easy time tracking, proposals and client billing. | Free core accounting and invoicing for very small businesses; monetizes via payments and payroll add-ons. |
| Pricing | From ~$19/mo (Lite) up to ~$60/mo (Premium); Select tier custom. | Free accounting/invoicing core; Pro ~$16/mo; pay-per-use payments and payroll. |
| Best audience | Freelancers and small service businesses focused on invoicing and time billing. | Micro businesses, solopreneurs and side hustles wanting free books. |
| Best for | Freelancers, Service businesses, Invoicing | Micro businesses, Free accounting, Solopreneurs |
| Entry price | ~$23/mo | Free |
| Biggest strength | Very easy to use for freelancers and service businesses. | Genuinely free core accounting and invoicing. |
| Main caveat | Lite plan caps billable clients at 5; Plus at 50. | Only operates in the US and Canada. |
Features compared
Beyond the spec sheet, these are the capabilities that define each tool:
FreshBooks key features
- Invoicing-first workflow with recurring invoices and payment reminders
- Built-in time tracking and project/proposal tools
- Expense tracking and double-entry accounting on higher tiers
- Client portal for billing and approvals
Wave key features
- Free core accounting, invoicing and expense tracking (Starter)
- Unlimited income/expense tracking and unlimited invoices
- Pro plan adds automatic bank feeds (Plaid), OCR receipts and unlimited collaborators
- Pay-per-use payment processing
Pricing tiers side by side
FreshBooks plans
| Plan | Price | What's included |
|---|---|---|
| Lite | ~$23/mo | Up to 5 billable clients |
| Plus | ~$43/mo | Up to 50 clients, double-entry |
| Premium | ~$70/mo | Unlimited clients |
| Select | custom | Dedicated account manager |
Wave plans
| Plan | Price | What's included |
|---|---|---|
| Starter | Free | Core accounting and invoicing |
| Pro | ~$19/mo (or $190/yr) | Bank feeds, OCR receipts, unlimited collaborators |
Tiers compiled from the vendors' published plans and independent reviews; prices are approximate and change often, so confirm current figures (and your region's taxes) on each vendor's site.
Strengths compared
Where FreshBooks wins
Built around getting invoices out and paid, ideal for service-based solopreneurs.
- Very easy to use for freelancers and service businesses.
- Strong time-tracking-to-invoice flow.
That makes it the stronger pick for freelancers and small service businesses focused on invoicing and time billing.
Where Wave wins
Free, capable accounting for micro businesses that monetizes only through payments and payroll.
- Genuinely free core accounting and invoicing.
- No monthly fee for micro businesses and solopreneurs.
That makes it the stronger pick for micro businesses, solopreneurs and side hustles wanting free books.
Verdict: choose by fit
There is no single winner; it depends on where you sit.
- Choose FreshBooks if you fit its core audience — freelancers and small service businesses focused on invoicing and time billing.
- Choose Wave if you fit its core audience — micro businesses, solopreneurs and side hustles wanting free books.
FAQ
Is FreshBooks better than Wave?
FreshBooks is the stronger default for most users, but Wave can be the better fit depending on your budget and use case.
What is the main difference between FreshBooks and Wave?
FreshBooks is built around getting invoices out and paid, ideal for service-based solopreneurs. Wave is free, capable accounting for micro businesses that monetizes only through payments and payroll.
Which is cheaper, FreshBooks or Wave?
Entry pricing differs: FreshBooks starts at ~$23/mo, while Wave offers a free tier. Compare the tiers above against your usage.
Sources
Facts above are drawn from these independent reviews and the vendors' own pages for FreshBooks and Wave: