FreshBooks vs Wave. Best Accounting Software Compared

Last Updated on December 5, 2025

When comparing FreshBooks vs Wave, you’re looking at two accounting platforms built for small business owners, but with very different approaches.

FreshBooks is a premium, feature-rich solution designed for freelancers, consultants, and small teams that want simplicity, automation, and top-tier support.

Wave, on the other hand, is a completely free accounting software that provides core financial tools like invoicing, expense tracking, and reporting for startups and small businesses on tight budgets.

Both platforms aim to simplify bookkeeping and empower non-accountants to manage their finances with confidence.

The key difference lies in pricing, scalability, and available features.

FreshBooks offers advanced capabilities such as project management, time tracking, and automation, while Wave focuses on delivering essential accounting and invoicing features without a price tag.

If you’re deciding between affordable simplicity and professional-grade functionality, this comparison will help you see how each performs across usability, features, integrations, support, and overall value.

1. Comparison Table: Wave vs FreshBooks

Feature	Wave	FreshBooks
Ease of Use	Simple and beginner-friendly but less polished; fewer guided workflows	Extremely intuitive with a clean, modern interface designed for non-accountants
Core Features	Invoicing, accounting, expense tracking, and basic reporting	Invoicing, expense tracking, time tracking, project management, reporting
Integrations	Limited integrations (mostly payment and banking tools)	100+ integrations including Gusto, Stripe, PayPal, Shopify, and Zapier
Automation	Basic automation; limited compared to FreshBooks	Recurring invoices, payment reminders, and expense categorization
Pricing	100% free (revenue comes from payment processing and payroll fees)	Paid plans from $19 to $60/month; 30-day free trial
Support	Email-only support; community forum for help	Email, phone, and live chat with highly rated service
Best For	Startups and solo entrepreneurs looking for free, essential accounting	Freelancers and small businesses needing automation and scalability

Takeaway:

• FreshBooks is best for professionals who want automated, scalable accounting with premium support and integrations.
• Wave is ideal for those who need free, no-frills bookkeeping without complex features or ongoing costs.

2. Company Background & Market Fit

Understanding each company’s background helps explain who their software is designed for and how they’ve positioned themselves in the accounting market.

FreshBooks

FreshBooks was launched in 2003 in Toronto, Canada, originally as a simple invoicing solution for freelancers.

Over time, it evolved into a full-fledged cloud accounting platform used by more than 30 million users worldwide.

Its focus has always been on simplicity, automation, and excellent user experience, helping service-based businesses handle invoicing, expenses, and time tracking without needing an accountant.

FreshBooks primarily targets freelancers, consultants, and small business owners who want to spend less time on bookkeeping and more time running their businesses.

Wave

Wave, also based in Toronto, entered the market in 2010 with a completely different mission—to make accounting accessible to everyone.

Wave offers 100% free accounting software, supported by paid services like payment processing, payroll, and advisory.

This model made it a favorite among freelancers, solopreneurs, and startups that need reliable accounting tools but can’t justify a monthly subscription.

Since being acquired by H&R Block in 2019, Wave has continued expanding its capabilities while keeping its core tools free.

Takeaway:

• FreshBooks caters to growing businesses that value efficiency and support.
• Wave focuses on budget-conscious users who need simple, dependable accounting without paying a cent.

3. Ease of Use & User Experience

When it comes to user experience, both FreshBooks and Wave excel in simplicity — but they deliver it at different levels of refinement and capability.

FreshBooks

FreshBooks is renowned for its clean, intuitive, and visually polished interface.

It’s built for users with no accounting background, featuring an easy-to-navigate dashboard that highlights invoices, expenses, and reports in a logical layout.

The setup is quick, and the system offers helpful onboarding tips that guide you through each task.

FreshBooks also has fully functional mobile apps for iOS and Android, letting users send invoices, capture receipts, and manage expenses on the go.

The software’s smooth experience and consistent design make it ideal for busy freelancers and service-based business owners.

Wave

Wave, meanwhile, offers a straightforward but basic interface that’s easy for beginners to understand.

The navigation is simple, and users can access core functions like invoicing, expenses, and reports without difficulty.

However, Wave lacks the level of polish, responsiveness, and guided workflows that FreshBooks provides.

Its mobile app (limited to invoicing and receipts) is functional but less robust, meaning users often rely on the web version for full control.

Despite that, Wave’s minimal learning curve makes it accessible for those new to accounting software.

Takeaway:

• FreshBooks offers a sleek, modern, and fully optimized for both web and mobile; ideal for users seeking a professional-grade experience.
• Wave is simple, functional, and easy to grasp; best for beginners who want basic tools without distractions.

4. Core Features

Both FreshBooks and Wave provide essential accounting tools for small business owners, but their focus and depth of functionality differ greatly.

FreshBooks aims for all-in-one business management, while Wave keeps things simple and cost-effective.

FreshBooks

• Invoicing & Estimates: Create branded invoices, automate recurring billing, and send late payment reminders.

• Expense Tracking: Automatically import expenses from bank feeds and categorize them for tax time.

• Time Tracking: Log billable hours directly within projects and convert them into invoices in one click.

• Project Management: Collaborate with clients, assign tasks, and track project profitability.

• Reports: Access detailed insights including P&L, cash flow, and tax summaries.

• Mobile App: Manage invoices, expenses, and clients seamlessly from any device (iOS or Android).

Wave

• Invoicing: Customize invoices and set up recurring payments for clients.

• Expense Management: Link bank accounts for automatic transaction imports and expense tracking.

• Accounting: Full double-entry accounting with balance sheet and income statement reporting.

• Receipts: Snap and upload receipts using the mobile app for easy expense capture.

• Payroll (Add-on): Available in certain regions, includes tax calculation and direct deposits.

• Multi-Business Management: Handle multiple businesses or income streams under a single login.

Takeaway:

• FreshBooks shines with its project management and time tracking tools, making it a strong choice for service-based businesses and freelancers who bill by the hour.
• Wave focuses on core accounting simplicity and affordability, making it perfect for solo entrepreneurs and small businesses that want to manage books without spending a dime.

5. Pricing & Value

When comparing FreshBooks and Wave, pricing is where the two take completely different paths.

FreshBooks runs on a subscription-based model, while Wave remains one of the few fully free accounting platforms available today.

FreshBooks

FreshBooks offers four paid plans, each designed to match the size and needs of your business:

• Lite ($19/month): Manage up to 5 billable clients, send unlimited invoices, and track expenses.

• Plus ($33/month): Supports up to 50 clients, includes recurring billing, client retainers, and double-entry accounting.

• Premium ($60/month): Handles unlimited clients with advanced reports, automated reminders, and project profitability insights.

• Select (Custom pricing): Tailored for larger firms, with dedicated account management and priority support.

FreshBooks also provides a 30-day free trial, so users can test all premium features before committing.

Wave

Wave stands out for being completely free for its core accounting, invoicing, and receipt-scanning tools.

There are no hidden monthly costs, and businesses can send unlimited invoices, track expenses, and run reports without upgrading.

However, Wave charges pay-as-you-go fees for optional services:

• Payment Processing: 2.9% + 60¢ per transaction for credit cards; 1% (minimum $1) for bank payments.

• Payroll (US and Canada): Starts at $20/month plus $6 per active employee.

This pricing model makes Wave ideal for businesses that want to keep overhead low and only pay for what they use.

Takeaway:

• If you want premium automation, client management, and advanced insights, FreshBooks justifies its cost through professional-grade tools and scalability.
• If your goal is affordable, simple accounting with essential features, Wave delivers unbeatable value — you get a full accounting suite without monthly fees.

6. Integrations & Add-Ons

Integrations often determine how seamlessly accounting software fits into your broader tech stack.

Both FreshBooks and Wave connect to popular tools, but their scope and flexibility differ significantly.

FreshBooks

FreshBooks offers an extensive integration ecosystem designed to support freelancers, agencies, and growing businesses.

It connects with over 100 third-party apps, covering everything from payment gateways to CRM and project management.

Notable integrations include:

• Payments: Stripe, PayPal, Square

• E-commerce: Shopify, WooCommerce, BigCommerce

• CRM & Productivity: HubSpot, Trello, Asana, Slack, Zapier

• Tax & Reporting: Gusto, QuickBooks Payroll, Google Sheets

Additionally, FreshBooks supports Zapier automation, which opens the door to thousands of app connections for automated workflows.

You can easily trigger actions such as invoice creation or client updates when specific conditions are met, a strong plus for time-conscious professionals.

Wave

Wave’s integration list is far smaller but still practical for basic accounting tasks. It connects directly with:

• Bank feeds for automatic transaction imports

• Payment processors (Wave Payments, Stripe)

• Payroll add-on (Wave Payroll, US and Canada only)

Wave does not natively integrate with many third-party business tools outside its own ecosystem, and there’s no Zapier support.

This makes it suitable for small, standalone operations but limiting for companies seeking cross-platform automation or advanced data sync.

Takeaway:

• FreshBooks offers broader integrations and flexible automation options, ideal for businesses already using multiple online tools
• Wave, while convenient and self-contained, lacks the ecosystem depth to scale alongside a growing digital workflow.

7. Customer Support & Reliability

Reliable support and platform stability are critical when choosing accounting software, and FreshBooks and Wave offer different levels of service.

FreshBooks

FreshBooks is widely recognized for its responsive and accessible customer support.

Users can reach the team via phone, email, or live chat, and the support staff is known for being knowledgeable and helpful.

The platform also provides an extensive knowledge base, video tutorials, and community forum, allowing users to troubleshoot independently or learn best practices.

In terms of reliability, FreshBooks operates on a secure cloud infrastructure with automatic backups and 99.9% uptime, ensuring your financial data is safe and accessible at all times.

Wave

Wave offers email-only support, supplemented by a community forum and extensive help center.

While responsive, Wave’s support is not as personalized or immediate as FreshBooks, which can be a limitation for users who need quick guidance.

The platform itself is cloud-based and reliable for core accounting and invoicing tasks, with secure data storage and regular backups.

However, as Wave is free, features like guaranteed uptime SLAs or priority support are not available.

Takeaway:

• FreshBooks excels in high-touch support and platform reliability, making it ideal for users who value assistance and uptime.
• Wave is dependable for basic accounting needs, but support is more limited and slower, reflecting its free service model.

8. Pros & Cons

Both FreshBooks and Wave have clear strengths and limitations, reflecting their target audiences and design philosophies.

FreshBooks

• Clean, intuitive design suitable for non-accountants.

• Ideal for service-based businesses billing by hour or project.

• Connects with 100+ apps for payments, CRM, and productivity.

• Recurring invoices, payment reminders, and expense categorization save time.

• Full-featured iOS and Android apps for managing finances on the go.

• Monthly fees may be high for very small or budget-conscious businesses.

• Inventory/Payroll requires third-party integrations.

• Not Ideal for product-based businesses but primarily geared toward service-based workflows.

Wave

• Core accounting, invoicing, and expense tracking come at no cost.

• Easy to use, especially for beginners and solopreneurs.

• Manage multiple businesses under a single account.

• Optional add-ons for payroll and payment processing.

• Few third-party apps and no Zapier support.

• Email-only support with slower response times.

• Mobile functionality is basic compared to FreshBooks.

• Lacks advanced automated workflows found in premium software.

9. Verdict: Which One Should You Choose?

Choosing between FreshBooks and Wave comes down to your business type, workflow needs, and budget.

FreshBooks

FreshBooks is best suited for freelancers, consultants, and small service-based businesses that value automation, professional invoicing, project tracking, and mobile flexibility.

Its polished interface, extensive integrations, and responsive customer support make it ideal for businesses willing to invest in a premium solution to save time and streamline workflows.

Wave

Wave, in contrast, is perfect for startups, solopreneurs, and small businesses on a tight budget. It provides all the essential accounting tools for free, including invoicing, expense tracking, and basic reporting.

Optional add-ons like payroll and payment processing allow businesses to scale when needed, making Wave a practical, low-cost solution for managing finances without a subscription fee.

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