FreshBooks vs Wave
FreshBooks and Wave are cloud-based accounting platforms designed for small businesses and freelancers. FreshBooks emphasizes premium features and automation, while Wave provides free accounting with limited paid add-ons.
FreshBooks
A cloud accounting platform offering invoicing, expense tracking, time tracking, and financial reporting with automation and integrations. Designed for small to mid-sized businesses seeking robust features and customer support.
Starting Price
$17.50/month
Free Option
No; 30-day free trial
Founded
2003
Key Feature
Time tracking and invoicing automation
Pros
- Advanced automation and workflow customization
- Comprehensive time tracking and project management built-in
- Dedicated customer support with phone and chat assistance
Cons
- Subscription costs $17.50–$55 USD monthly depending on features
- Steeper learning curve for new users
- Limited free tier; free trial only
Wave
A free cloud accounting platform providing invoicing, receipt scanning, financial reporting, and payroll processing. Monetizes through optional paid services like payroll and payments processing.
Starting Price
Free
Payroll Pricing
$20/month + per-employee fees
Founded
2010
Key Feature
Free invoicing and accounting
Pros
- Completely free accounting, invoicing, and reporting
- User-friendly interface with minimal onboarding
- Integrated payment processing and payroll add-ons available
Cons
- Limited advanced automation and customization options
- No built-in time tracking or project management
- Fewer integrations compared to premium competitors
Wave wins
Wave wins for affordability and simplicity, offering free accounting with adequate features for most freelancers and small businesses; FreshBooks wins for teams and service businesses requiring advanced automation and time tracking.
FreshBooks
Best for service-based businesses, agencies, and teams needing comprehensive time tracking and automation.
Wave
Best for freelancers, solopreneurs, and small businesses on a tight budget seeking straightforward invoicing and accounting.
Core Features & Pricing Comparison
| Aspect | FreshBooks | Wave |
|---|---|---|
| Base Accounting Cost | $17.50–$55/month | Free |
| Invoicing | Included; advanced customization | Included; standard templates |
| Time Tracking | Built-in, unlimited users | Not available |
| Expense Management | Advanced receipt scanning and categorization | Basic receipt upload |
| Payroll | Partner integrations required | Native integration; $20/month base + per-employee |
| Customer Support | Phone, chat, email 24/5 | Email and community forums only |
Feature Depth & Usability Scoring
Invoicing Capabilities
FreshBooks offers advanced customization, recurring invoices, and detailed templates; Wave provides solid but simpler invoicing suitable for basic needs.
Automation & Workflows
FreshBooks includes automated reminders, late fees, and workflow rules; Wave has minimal automation beyond standard processes.
Time Tracking Integration
FreshBooks has native time tracking with project linking; Wave does not offer built-in time tracking at all.
Ease of Use
Wave's interface is more intuitive for beginners; FreshBooks requires more setup and exploration but offers greater depth.
Overall Value for Price
FreshBooks delivers premium features at mid-range pricing; Wave is unbeatable for free accounting and basic workflows.
When to Choose Each Platform
Choose FreshBooks if your business requires advanced invoicing automation, time tracking, project management, and dedicated support—ideal for service-based businesses, agencies, or consultants managing multiple team members. Choose Wave if you need simple, free accounting with basic invoicing and expense tracking, particularly suitable for freelancers, very small startups, or those testing accounting software before committing to a paid solution.
When to choose each
Choose FreshBooks if…
Best for service-based businesses, agencies, and teams needing comprehensive time tracking and automation.
Choose Wave if…
Best for freelancers, solopreneurs, and small businesses on a tight budget seeking straightforward invoicing and accounting.
Frequently Asked Questions
Wave is ideal—it's free and handles invoicing and basic accounting without unnecessary overhead. FreshBooks is better if you bill by the hour and need time tracking across multiple projects.
Wave is completely free for accounting and invoicing; FreshBooks starts at $17.50/month. Wave charges for optional services like payroll; FreshBooks charges by subscription tier.
FreshBooks has built-in time tracking linked to invoices and projects. Wave does not offer native time tracking; you'd need a separate tool or third-party integration.
Sources & references
Suggested sources to verify product details, pricing, reviews, and specifications.
- PricingWave Payroll Pricing
Wave's optional payroll service costs and per-employee fee structure.
- Referencer/Bookkeeping on Reddit: Is Freshbooks a good option?
When I last used freshbooks, you couldn't mark how something was paid! Ludacris!! No balance sheet? That's not
- ReferenceFreshBooks Reviews | Read Customer Service Reviews of freshbooks.com
I do wish that they had a means to print checks without having to use another app. Overall, I think they are an excellen