FreshBooks versus Wave is a choice between paying for polish and paying nothing for the basics. Wave documents a free Starter plan with unlimited invoicing and double-entry bookkeeping, and it earns its money from payment processing and optional paid add-ons. FreshBooks charges a monthly subscription, tiered by the number of billable clients, and in return documents deeper invoicing, time tracking, project tools and a more refined client experience. For a solo freelancer with simple needs, Wave is hard to beat on cost. For a service business that bills several clients and wants time tracking and proposals, FreshBooks is the more complete product.
The honest caveat is that "free" has a price. Wave's card and bank payment fees apply when clients pay online, and FreshBooks' client caps and add-on charges can raise a bill beyond the headline price. If you are comparing the wider field first, see our list of the best accounting software for small business.
How We Compared These Accounting Tools
We compared FreshBooks and Wave using each vendor's public pricing and feature pages and patterns across published user reviews. We did not run live books or send real invoices through either product. Prices in third-party listings conflict, so the figures below are documented ranges to verify on each vendor's pricing page.
The same four factors applied to both: what a realistic freelancer or small agency pays in a year, which invoicing and time-tracking features are included, how payments are charged, and how easy it is to export your data.
Wave is free where it counts, and charges when you get paid
Wave's documented Starter plan includes unlimited invoices, expense tracking, receipt capture, double-entry accounting and reporting, with unlimited users. A Pro plan, reported at roughly $16 to $19 per month, adds automatic bank transaction import and automated late-payment reminders along with other extras.
Revenue comes from payments. Wave documents card processing at about 2.9% plus $0.60 per transaction (higher for American Express), and bank payments at about 1% with a minimum fee. Payroll is a paid add-on in supported states. For someone invoicing a few thousand dollars a month, the card fees are the real cost of using Wave, and they are comparable to what other processors charge. You can avoid them by accepting bank transfers or checks, though you lose the convenience.
FreshBooks charges a subscription and tiers it by client count
FreshBooks documents invoicing, expense tracking, time tracking, project management, proposals, client portals and a long list of integrations, all aimed at freelancers and service businesses. Its plan structure is based on how many billable clients you have. Third-party sources report Lite at roughly $21 to $23 per month for up to five clients, Plus at roughly $38 to $43 for about fifty clients, and Premium at roughly $65 to $70 for unlimited clients, with introductory discounts that are not the long-term price. Extra team members are reported at about $11 per month each, and some payment features carry separate fees.
Reviewers consistently praise the interface and the client-facing experience, and criticize the client caps and the cost compared with free alternatives.
Side by side: features and cost
| Factor | FreshBooks | Wave |
|---|---|---|
| Base price | Paid only, reported from about $21 to $23 per month | Free Starter plan; Pro reported around $16 to $19 |
| Invoicing | Advanced, with recurring invoices, proposals and retainers | Unlimited invoices, simpler customization |
| Time tracking | Built in | Not a core feature |
| Bookkeeping | Accounting included, lighter than dedicated bookkeeping tools | Double-entry accounting included |
| Client limits | Capped by tier | No client cap documented |
| Payment fees | Processing fees apply, vary by region and method | About 2.9% plus $0.60 for cards, about 1% for bank payments |
| Team seats | Extra seats cost more | Unlimited users documented on Starter |
A realistic yearly cost for a freelancer
Take a freelancer billing five clients with simple needs who gets paid by card. On the reported ranges, FreshBooks Lite lands around $250 to $275 a year before processing fees, while Wave Starter costs nothing in subscription and charges only the processing fees. Those fees apply to both products when clients pay by card, so the subscription is the difference. For a freelancer with ten to fifty clients, FreshBooks Plus moves to roughly $450 to $520 per year on the reported numbers, and the question becomes whether time tracking and proposals save that much in billable hours you would otherwise lose.
Where each one falls short
Wave's weaknesses in reviews are limited depth: no native time tracking, thinner project features, and support that is lighter on the free plan. Bank sync and some automation need the paid Pro plan. FreshBooks' weaknesses are price, client caps that count archived clients in some reports, and accounting features that are fine for small operations but not as deep as full bookkeeping suites like QuickBooks or Xero.
Both can export data, which matters if you outgrow them. Expect CSV exports of invoices, customers and transactions, and ask your accountant what format they prefer before you commit.
What reviewers say about support and reliability
Across published reviews, FreshBooks earns consistent praise for customer support, with live chat and phone options reported on paid plans, which is part of what the subscription buys. Wave's free plan relies mainly on help articles and email, and several reviewers note slower responses when something goes wrong, particularly with payment holds on new accounts. That pattern is worth weighing if a stuck payment would disrupt your cash flow.
Wave has also adjusted its plans and fees in recent years, so a feature you see in an older review may have moved between tiers. Treat any review older than a year with care and check the current plan page. The same applies to FreshBooks, whose plan names, client limits and promotional pricing have shifted over time.
If you are a sole trader moving to a limited company or hiring your first employee, check payroll and tax support in advance. Neither product replaces an accountant for year-end filings, and both work best when your accountant is comfortable receiving their exports.
Who should choose which
Choose Wave if you are a solo freelancer or very small business with simple invoicing, you track time elsewhere or not at all, and you want to pay as little as possible. Choose FreshBooks if you bill by the hour, juggle several clients, want proposals and a branded client portal, and value the polish enough to pay for it.
The bottom line: choose Wave if you want free invoicing and bookkeeping for a simple solo business, and choose FreshBooks if time tracking, proposals and a polished client experience justify a monthly fee.
