FreshBooks vs Wave
A detailed comparison of FreshBooks and Wave — features, pricing, pros & cons, and which one is right for you.
Last updated: April 2, 2026
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.
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 |
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
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.
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.