Wave Accounting vs FreshBooks: Features, Pricing and Verdict

Wave is free for unlimited invoices. FreshBooks starts at $23 a month for five clients. We compare costs, features and limits for freelancers.

By Galactic News Editorial · Published 2026-11-13T16:28:21+00:00 · Updated 2026-11-13T16:28:21+00:00

Wave Accounting vs FreshBooks: Features, Pricing and Verdict

Wave Accounting and FreshBooks both serve freelancers and small service businesses. They charge in opposite ways. Wave is free for unlimited invoices and charges per business, not per user. FreshBooks charges per month by how many clients you bill. Wave Starter costs $0. FreshBooks Lite costs $23 a month. This comparison covers pricing, features, limits and the right pick for each business. Prices below are list prices. Confirm them on the pricing page before you pay.

Wave Accounting vs FreshBooks pricing at a glance

Wave has two plans. FreshBooks has four. Wave Pro costs less than FreshBooks Lite. FreshBooks Plus costs more than twice Wave Pro. The real cost sits in payment fees and add-ons.

Promotions change the first months. Wave has offered Pro at $9.50 a month for the first three months. FreshBooks has offered 80% to 90% off for the first three to four months, and Lite at $1 a month for a year in some offers. Price the decision on the list price. Promotions end.

What Wave does well

Wave Starter is a genuine free accounting plan. It includes unlimited estimates, invoices, bills and bookkeeping records. It includes a mobile app and a cash flow dashboard. There is no time limit and no invoice cap. Wave earns from payment processing, not from the subscription. Card payments cost 2.9% plus $0.60 per transaction on Starter. American Express costs 3.4% plus $0.60. Bank payments cost 1% per transaction with a $1 minimum. Pro costs $19 a month or $190 a year per business. It adds automatic bank import with auto-merge and categorisation. It adds unlimited receipt capture, automated late-payment reminders and removal of Wave branding from invoice footers. It also adds user roles and live human support. Receipt scanning is a paid add-on on Starter at $11 a month, or $8 a month on Pro. Wave Payroll is a separate add-on at $40 a month plus $6 per active employee and $6 per contractor paid.

What FreshBooks does well

FreshBooks is built around invoicing and time tracking for service businesses. Lite costs $23 a month for up to 5 billable clients. It includes unlimited invoices, estimates, time tracking, expense tracking and a profit and loss report. Plus costs $43 a month for up to 50 billable clients. It adds proposals, retainers, e-signatures, double-entry reports, bank reconciliation and accountant access. Premium costs $70 a month for unlimited billable clients. It adds project profitability reports, accounts payable tracking and bill receipt capture. Select is custom priced for high-volume teams and bundles two team member seats. Every paid plan includes one user. Extra team members cost $11 a month each. Every paid plan includes a 30-day free trial with no card required. FreshBooks runs frequent introductory discounts, so the price on the page is often a promotion, not the list price.

Wave Accounting vs FreshBooks: key differences

The free plan is the first split. Wave Starter is free forever with unlimited invoices. FreshBooks has no free plan at all. A freelancer with few clients can run Wave at $0 for years. The same freelancer pays at least $23 a month on FreshBooks.

The billing unit is the second split. Wave charges per business. FreshBooks charges by billable clients. A freelancer with six clients outgrows FreshBooks Lite at $23 and needs Plus at $43. The same freelancer pays $0 or $19 on Wave. A firm with three staff on FreshBooks Plus pays $43 plus $22 for two extra seats, or $65 a month. Wave Pro charges $19 for the business.

Accounting depth is the third split. Wave is double-entry accounting with a real ledger on both plans. FreshBooks Lite has basic reports. Double-entry reports and bank reconciliation arrive on Plus at $43. Project profitability arrives on Premium at $70. Wave Pro at $19 includes bank import automation that FreshBooks reserves for higher tiers.

Time tracking is the fourth split. FreshBooks includes time tracking on every plan. It is a core strength for consultants and agencies who bill by the hour. Wave has no built-in time tracking. Teams that bill hours need a separate tool with Wave.

Which one should you choose?

Choose Wave Starter if you are a solo freelancer who invoices for services. It costs $0. It covers unlimited invoices and real bookkeeping. Add Pro at $19 a month only when bank import automation and receipt capture matter.

Choose Wave Pro if you want automation at a low price. It costs $19 a month per business. It includes bank import, receipt capture and late-payment reminders. It suits one-person businesses and tiny teams.

Choose FreshBooks Lite if you bill by the hour and have five or fewer clients. It costs $23 a month. Time tracking and expense tracking are built in. Watch the client cap. The sixth client forces an upgrade to Plus.

Choose FreshBooks Plus if you need proposals, retainers and double-entry reports. It costs $43 a month for up to 50 clients. Add $11 a month for each extra team member. It suits consultants and small agencies with an outside accountant.

Choose FreshBooks Premium if you track project profitability and accounts payable. It costs $70 a month with unlimited clients. It suits project-based firms that need margin reports.

Bottom line

Wave wins on price. FreshBooks wins on time tracking and client workflow. A solo freelancer who invoices for services should start with Wave Starter at $0. A consultant who bills hours should start with FreshBooks Lite at $23. A growing service business should compare Wave Pro at $19 against FreshBooks Plus at $43. The $24 gap buys proposals, retainers and double-entry reports. It also buys a client cap of 50 instead of unlimited. Confirm the current prices and the current promotion on each pricing page before you pay.