FreshBooks vs Wave
FreshBooks and Wave are both accounting options. FreshBooks lists 8 features across 3 platforms; Wave lists 8 features across 3 platforms — see the full breakdown below, sourced from each vendor's own site rather than ratings or reviews.
Side-by-side summary
Best for FreshBooks
Freelancers, consultants, agencies, and service-based small businesses that prioritize client invoicing, time tracking, and professional estimates over complex inventory management.
Best for Wave
Solopreneurs, freelancers, contractors, and micro-businesses seeking zero-subscription invoicing and basic double-entry bookkeeping.
Feature comparison
Every feature listed here comes directly from each vendor's own official site.
FreshBooks
- Customizable client invoicing with automated payment reminders
- Online payment acceptance via credit card, ACH, PayPal, and Stripe
- Expense tracking with bank feeds and automated receipt scanning
- Built-in time tracking with billable hours converted directly to invoices
- Project profitability tracking and team timesheet management
- Double-entry accounting reports including Balance Sheet, General Ledger, and Trial Balance
- Client estimate creation with one-click conversion to active invoices
- Mileage tracking via mobile iOS and Android applications
Wave
- Unlimited customizable invoicing with payment links and recurring schedules
- Double-entry bookkeeping with income statements, balance sheets, and cash flow reports
- Credit card and bank payment processing (2.9% + $0.60 per card, 1% per ACH)
- Income and expense tracking with sales tax calculation
- Automated bank feeds and automated transaction import (Pro tier)
- Mobile receipt scanning with automatic line-item parsing (Pro tier)
- Collaborator access for accountants and business partners (Pro tier)
- Optional payroll add-on for employee and contractor direct deposits
Pros and cons
FreshBooks
- Customizable client invoicing with automated payment reminders
- Online payment acceptance via credit card, ACH, PayPal, and Stripe
- Expense tracking with bank feeds and automated receipt scanning
- Built-in time tracking with billable hours converted directly to invoices
- Project profitability tracking and team timesheet management
- Double-entry accounting reports including Balance Sheet, General Ledger, and Trial Balance
- Client estimate creation with one-click conversion to active invoices
- Mileage tracking via mobile iOS and Android applications
- Lite and Plus cap billable clients at 5 and 50 respectively; Premium removes the billable-client cap.
- Additional team members cost $11/month per user on the current pricing page.
- FreshBooks frequently runs temporary new-customer promotions, so the checkout price can differ sharply from the regular list price.
Wave
- Unlimited customizable invoicing with payment links and recurring schedules
- Double-entry bookkeeping with income statements, balance sheets, and cash flow reports
- Credit card and bank payment processing (2.9% + $0.60 per card, 1% per ACH)
- Income and expense tracking with sales tax calculation
- Automated bank feeds and automated transaction import (Pro tier)
- Mobile receipt scanning with automatic line-item parsing (Pro tier)
- Collaborator access for accountants and business partners (Pro tier)
- Optional payroll add-on for employee and contractor direct deposits
- Automated bank transaction feeds and receipt scanning require the paid Pro tier ($16/mo)
- No built-in inventory tracking, project tracking, or formal audit trail
- Third-party integration ecosystem is limited compared to QuickBooks and Xero
Key differences
- FreshBooks lists Customizable client invoicing with automated payment reminders, Online payment acceptance via credit card, ACH, PayPal, and Stripe, Expense tracking with bank feeds and automated receipt scanning, Built-in time tracking with billable hours converted directly to invoices, Project profitability tracking and team timesheet management, Double-entry accounting reports including Balance Sheet, General Ledger, and Trial Balance, Client estimate creation with one-click conversion to active invoices, Mileage tracking via mobile iOS and Android applications that Wave doesn't list.
- Wave lists Unlimited customizable invoicing with payment links and recurring schedules, Double-entry bookkeeping with income statements, balance sheets, and cash flow reports, Credit card and bank payment processing (2.9% + $0.60 per card, 1% per ACH), Income and expense tracking with sales tax calculation, Automated bank feeds and automated transaction import (Pro tier), Mobile receipt scanning with automatic line-item parsing (Pro tier), Collaborator access for accountants and business partners (Pro tier), Optional payroll add-on for employee and contractor direct deposits that FreshBooks doesn't list.
Choose FreshBooks if…
Choose FreshBooks if this fits: Freelancers, consultants, agencies, and service-based small businesses that prioritize client invoicing, time tracking, and professional estimates over complex inventory management. Compared with Wave specifically, FreshBooks also offers Customizable client invoicing with automated payment reminders, Online payment acceptance via credit card, ACH, PayPal, and Stripe, Expense tracking with bank feeds and automated receipt scanning, and 5 more features that Wave doesn't list.
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Choose Wave if…
Choose Wave if this fits: Solopreneurs, freelancers, contractors, and micro-businesses seeking zero-subscription invoicing and basic double-entry bookkeeping. Compared with FreshBooks specifically, Wave also offers Unlimited customizable invoicing with payment links and recurring schedules, Double-entry bookkeeping with income statements, balance sheets, and cash flow reports, Credit card and bank payment processing (2.9% + $0.60 per card, 1% per ACH), and 5 more features that FreshBooks doesn't list.
Facts on this page are sourced from each vendor's official site (linked below), not from ratings or reviews. Products change — verify anything that matters to your decision directly on the vendor's own site before switching. See our Disclaimer and Sources Policy.
FreshBooks sources
Last verified October 7, 2026
- https://www.freshbooks.com/pricing
- https://www.freshbooks.com/2026-faq-price-change
- https://www.freshbooks.com
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