FreshBooks vs Wave
A detailed comparison of FreshBooks and Wave — features, pricing, pros & cons, and which one is right for you.
Last updated: April 3, 2026
TL;DR
FreshBooks edges ahead in 4 of 5 categories. But Wave fights back, especially in value for money — your choice depends on what matters most to your workflow.
🎯 Quick Pick Quiz
Answer 4quick questions and we'll recommend the best fit for you
How big is your team?
Question 1 of 4
FreshBooks
Accounting software designed for freelancers and service-based businesses. Excels at invoicing, time tracking, and client management.
Wave
Free accounting software for small businesses and freelancers. Offers invoicing, accounting, and receipt scanning at no cost.
🥊 Head to Head
Tale of the tape — how they stack up across 5 key dimensions
🏆FreshBooks wins 4 of 5 categories
Feature Comparison
| Feature | FreshBooks | Wave |
|---|---|---|
| Invoicing | ✓ | ✓ |
| Expense Tracking | ✓ | ✓ |
| Bank Reconciliation | ✓ | ✓ |
| Payroll | ✗ | Paid add-on |
| Tax Preparation | ✓ | Basic |
| Financial Reports | Standard | Standard |
| Multi Currency | ✓ | ✓ |
| Inventory Management | ✗ | ✗ |
| Time Tracking | ✓ | ✗ |
| Mobile App | ✓ | ✓ |
| Receipt Scanning | ✓ | ✓ |
| Api Integrations | 100+ | Limited |
✨ Vibe Check
What's it actually like to use these tools day-to-day?
FreshBooks
FreshBooks is the invoicing tool that accidentally became accounting software. It's built for freelancers and consultants who need to send professional invoices, track time, and manage expenses — without feeling like they need an accounting degree. The client portal is a nice touch, and the mobile app is genuinely good.
Wave
Wave is the 'wait, this is actually free?' accounting tool. No hidden catches — invoicing and accounting are genuinely free. It's not going to handle complex business accounting, but for freelancers and tiny businesses who just need to track income and expenses, it's a no-brainer.
Pros & Cons
FreshBooks
✓ Pros
- •Best-in-class invoicing
- •Excellent time tracking
- •Easy to use for non-accountants
- •Great mobile app
- •Strong client portal
✗ Cons
- •Limited number of clients on lower plans
- •Less powerful for complex accounting
- •Inventory features are basic
- •Payroll requires third-party integration
Wave
✓ Pros
- •Core accounting is completely free
- •Unlimited invoicing included
- •Easy to learn and use
- •No user limits
- •Receipt scanning included
✗ Cons
- •Limited integrations
- •No inventory management
- •Payroll only in US and Canada
- •Customer support limited on free plan
🔄 Switching Difficulty
Already using one? Here's what to expect if you switch.
Straightforward migration — most data can be exported/imported with minimal fuss.
Straightforward migration — most data can be exported/imported with minimal fuss.
The Verdict: FreshBooks or Wave?
Choose FreshBooks if…
you prioritize freelancers and service-based businesses wanting the best invoicing and time tracking experience.
Choose Wave if…
you prioritize freelancers and very small businesses wanting completely free accounting and invoicing software.
Wave offers a free plan, making it easy to try before committing. The best choice depends on your team size, workflow complexity, and specific needs.
Ready to try?
Frequently Asked Questions
Is FreshBooks better than Wave?▼
It depends on your needs. FreshBooks is best for freelancers and service-based businesses wanting the best invoicing and time tracking experience, while Wave excels at freelancers and very small businesses wanting completely free accounting and invoicing software. Wave offers a free plan you can try.
Can I switch from FreshBooks to Wave?▼
Yes, most accounting software tools offer data migration or import features. Wave can typically import data from FreshBooks via export or direct integration. Plan for a transition period as your team adapts to the new workflow.
Which is cheaper, FreshBooks or Wave?▼
FreshBooks pricing starts at $19/mo (Lite). Wave pricing starts at Free (Accounting & Invoicing). Wave offers a free tier — compare features at each price point to find the best value.
Do FreshBooks and Wave have free plans?▼
FreshBooks does not have a free plan. Wave offers a free plan.