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Quick answer (June 2026): FreshBooks wins for growing small businesses and service professionals who bill clients and need time tracking. Wave wins if you need free accounting and basic invoicing. FreshBooks' 30-day free trial lets you test before committing — and its feature depth at $17/mo is hard to beat once you have regular clients.
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TL;DR Quick Answer
FreshBooks wins overall — scoring 8.9/10. Choose FreshBooks for client billing, time tracking, and a polished professional workflow. Choose Wave if your budget is genuinely $0 — its free core accounting is real, not crippled.
Our PickFreshBooks
FreshBooks
Cloud accounting for small businesses & freelancers. Lite from $17/mo.
Score: 8.9/10Wave
Wave
Free accounting, invoicing & banking for micro-businesses.
Score: 7.8/10Our Verdict
FreshBooks
Best for most small businesses — 30-day free trial
→ Read our reasoning
Verified 2026-06-06
Hands-on tested
Updated June 2026
By Kaylan von Papen
FreshBooks
Accounting Software · from $17/mo
Cloud accounting built for small businesses and service professionals. Covers invoicing, expense tracking, time tracking, projects, proposals, and financial reporting. Connects to 14,000+ banks. 30-day free trial.
Wave
Free Accounting Software · Free core
Genuinely free accounting, invoicing, and financial reporting for micro-businesses and freelancers. Payroll and Payments are paid add-ons. Wave Money (US only) adds business banking. No subscription required for core features.
Who Are These Tools For?
Both FreshBooks and Wave target small businesses and freelancers in the Accounting Software category, but they serve different budget and complexity needs. The decision often comes down to one question: can you justify a monthly subscription?
FreshBooks is the right fit if you're billing clients regularly, need time tracking baked in, want polished client-facing proposals, or require expense receipts captured on mobile. At $17/mo (Lite, up to 5 clients) it's an investment — but for a service business billing even $500/mo, it pays for itself quickly in time saved and more professional invoices.
Wave is the right fit if you're just starting out, have very simple books, or genuinely cannot budget a subscription. Its core features — invoicing, double-entry accounting, income/expense tracking, and financial reports — are free forever. Wave Payroll ($20/mo + $6/employee) and Wave Payments (pay-per-use fees) are the only costs.
Where FreshBooks Pulls Ahead
Time tracking: Built into every plan. Track time by client or project, then convert directly to an invoice in one click. Wave has no native time tracking.
Proposals and contracts: FreshBooks lets you send proposals and get e-signatures — essential for service businesses. Wave does not offer this.
Project management: FreshBooks includes basic project tracking with budgets and team collaboration. Wave is invoice-only beyond core bookkeeping.
Receipt capture: Mobile app photo-to-expense on all plans. Wave supports receipt scanning via Wave Receipts (separate app).
Client portal: Clients can pay invoices, review proposals, and leave comments through a branded FreshBooks portal. Wave's client experience is more basic.
Customer support: Phone and chat support on all FreshBooks plans. Wave offers email-only support on the free tier; phone support is a paid add-on.
Where Wave Holds Its Own
Price (it's free): For businesses that genuinely only need invoicing and basic bookkeeping, $0 beats $17/mo every time.
Unlimited invoices and clients on free plan: FreshBooks Lite caps at 5 billable clients. Wave has no such limit — useful for freelancers with many small, occasional clients.
Wave Money (US only): An integrated business bank account that connects directly to your books — a genuinely useful feature for US sole traders.
Double-entry accounting: Wave uses proper double-entry bookkeeping, so your Chart of Accounts and reports are accountant-ready. It's not a toy.
Our recommendation
Start with FreshBooks' 30-day free trial
No credit card required for 30 days. Test time tracking, invoicing, and the client portal with real client work. If you decide the features aren't worth $17/mo, Wave is always free to fall back on.
Full-service payroll with tax filings (select states)
Wave Payroll (Canada)
$20/mo + $6/employee
Self-serve payroll with direct deposit
Wave Payments — bank transfers (ACH)
1% per transaction
US only; minimum fee may apply
Wave Payments — credit/debit cards
2.9% + 60¢ per transaction
Visa, Mastercard, Amex accepted
Wave Advisors (bookkeeping support)
From $149/mo
Optional managed bookkeeping service
Premium support
Paid add-on
Phone + priority support; free tier is email-only
Head-to-Head Pricing Summary
Factor
FreshBooks
Wave
Starting price
$17/mo (Lite)
Free
Unlimited clients
Premium ($55/mo)
Free
Free trial
30 days
Free forever (no trial needed)
Payroll
Via Gusto integration
$20/mo + $6/employee (native)
Payment processing
2.9% + 30¢ (cards) / 1% (ACH)
2.9% + 60¢ (cards) / 1% (ACH)
Business banking
Not included
Wave Money (US only, free)
Annual discount
Available (save ~10%)
N/A (free)
Bottom line on pricing: Wave wins on cost — $0 is $0. But FreshBooks' Lite plan at $17/mo is cost-effective for any business that invoices clients regularly. The 30-day trial means zero risk to test the full feature set before committing.
FreshBooks is a more complete business platform; Wave is a lean, free accounting tool. Here's how every key feature stacks up.
Feature
FreshBooks
Wave
Invoicing
Unlimited (plan-dependent clients)
Unlimited (free)
Expense tracking
Auto-import + receipt photo
Manual or bank import
Time tracking
Built-in, all plans
Not available
Project management
Budget, tasks, team collaboration
Not available
Proposals & contracts
Plus plan and above
Not available
Recurring invoices
All plans
Available (free)
Late payment reminders
Automated, all plans
Manual reminders only
Client portal
Branded, all plans
Basic payment page
Bank connections
14,000+ banks
Bank import + Wave Money (US)
Bank reconciliation
Auto-match
Manual reconciliation
Double-entry accounting
Yes
Yes
Financial reports
P&L, balance sheet, cash flow, aging
P&L, balance sheet, cash flow
Tax support
Sales tax tracking, tax summary
Sales tax on invoices
Multi-currency
Yes (Premium)
Yes (free)
Payroll
Via Gusto integration (extra cost)
Native Wave Payroll ($20/mo)
Mobile app
iOS + Android (full-featured)
iOS + Android (basic)
Integrations
100+ (Stripe, Shopify, HubSpot, Slack, etc.)
Limited (Etsy, PayPal, Zapier)
Accountant access
All plans (dedicated on Premium)
Accountant invite (free)
Customer support
Phone + chat (all plans)
Email only (free tier)
Overall score
8.9/10
7.8/10
Integrations Worth Knowing About
FreshBooks connects to 100+ apps including Stripe, Shopify, HubSpot, G Suite, Slack, Trello, Basecamp, and Asana. This makes it genuinely useful as the financial hub of a small business tech stack.
Wave's integration library is much smaller — Etsy, PayPal, Shoeboxed, and Zapier cover the basics. If you're already using Wave and need a missing integration, Zapier can bridge many gaps, but it adds complexity and cost.
Mobile Apps
FreshBooks' mobile app (iOS and Android) is genuinely capable: snap receipts, log time, create and send invoices, accept payments, and reply to clients — all from your phone. It's one of the better accounting mobile apps on the market.
Wave's mobile app handles invoicing and receipt capture adequately, but lacks time tracking and project management because those features don't exist in Wave at all. For many freelancers, that's fine.
Our Final Verdict: FreshBooks vs Wave
This comparison has a clear winner for most users, but the right answer depends entirely on your situation.
Choose FreshBooks if:
You invoice clients regularly and want time tracked automatically against those invoices
You send proposals, quotes, or contracts and want e-signatures built in
You have a team and need project budgets, task tracking, and collaboration
You want automated late payment reminders and a branded client portal
You need phone or chat support when something goes wrong
You're billing enough to justify $17–$55/mo (most service businesses are)
Choose Wave if:
Your budget is genuinely $0 and basic invoicing + bookkeeping is all you need
You have more than 5 clients but only need simple invoices (FreshBooks Lite caps at 5)
You want native payroll without a third-party integration (US/Canada)
You're in the US and want a built-in business bank account (Wave Money)
You're a sole trader with very simple accounts and no employees
Scores
Dimension
FreshBooks
Wave
Invoicing & billing
9.5/10
8.0/10
Expense tracking
9.0/10
7.5/10
Time tracking
9.0/10
N/A
Accounting depth
8.5/10
8.0/10
Integrations
9.0/10
6.5/10
Mobile app
8.8/10
7.2/10
Value for money
8.0/10
10/10 (free)
Support quality
8.5/10
6.5/10
Overall
8.9/10
7.8/10
Our take: FreshBooks (8.9/10) is a better product for any business that is actively growing. Wave (7.8/10) earns its score purely on value — it's genuinely functional, genuinely free, and the right choice for a freelancer who can't yet justify a subscription.
FreshBooks' 30-day trial removes all risk. We recommend starting there — you can always drop to Wave if FreshBooks feels like overkill after testing it with real work.
FreshBooks (8.9/10) is better for service-based businesses that invoice clients, track time, and need proposal and contract features. Wave (7.8/10) is better if budget is zero — its free accounting and invoicing covers basic needs. FreshBooks wins on features; Wave wins on price.
Does Wave really cost nothing?
Wave's core accounting, invoicing, and financial reporting are genuinely free. You pay only for optional add-ons: Wave Payroll ($20/mo + $6/employee), Wave Payments (transaction fees only), and premium support. There's no subscription for basic bookkeeping.
Which is better for freelancers?
Depends on client volume. Wave handles unlimited invoices free — ideal for freelancers just starting out. FreshBooks Lite ($17/mo, 5 clients) adds time tracking, proposal tools, and receipt capture, making it worth it once you have regular clients and want a more professional workflow.
Can FreshBooks and Wave integrate with my bank?
Both offer bank connections. FreshBooks connects to 14,000+ banks for transaction imports and auto-reconciliation. Wave offers Wave Money (US only) — a business banking account built in. Both support manual CSV import as a fallback.
Does FreshBooks have a free plan?
FreshBooks does not have a permanent free plan, but it offers a 30-day free trial with full access to all features — no credit card required. After the trial, paid plans start at $17/mo (Lite, up to 5 billable clients).
Which is better for a small business with employees?
Wave has native payroll built in ($20/mo + $6/employee in the US and Canada), which is a genuine advantage if you need payroll without a third-party integration. FreshBooks integrates with Gusto for payroll at extra cost. For everything beyond payroll — project tracking, time logging, client billing — FreshBooks is the stronger platform.