FreshBooks vs Wave (2026): Pricing, Features, Verdict
FreshBooks vs Wave compared for 2026: current plan prices, client limits, bank feeds, payment fees and invoicing features, with a cost example and verdict.
Quick answer: In FreshBooks vs Wave, Wave wins on price: its Starter plan is free and Pro was $19 per month as of October 2026. FreshBooks wins on client-facing features such as time tracking, proposals, retainers and project profitability, but plans started at $23 per month (regular price) and the entry plan caps you at five billable clients.
FreshBooks and Wave are two of the most popular invoicing and accounting tools for freelancers and very small businesses in North America. They overlap on the basics, but differ on price, limits and depth. This comparison covers current pricing (checked on each vendor's pricing page in October 2026), a features table, a worked first-year cost example, and who should pick which.
FreshBooks vs Wave at a glance
| Feature | FreshBooks | Wave |
|---|---|---|
| Free plan | No (free trial and promotions) | Yes, Starter |
| Entry paid price | Lite $23/mo | Pro $19/mo or $190/yr |
| Client limits | 5 billable clients on Lite, 50 on Plus, unlimited on Premium | No client limits |
| Invoices and estimates | Unlimited | Unlimited |
| Bank feeds | Automated bank import on all plans | Pro only (Starter is manual entry) |
| Receipt capture | Plus and above | Pro, or $11/mo add-on on Starter |
| Time tracking | Built in | Not a core feature |
| Proposals and retainers | Plus and above | No |
| Project profitability | Premium | No |
| Double-entry reports | Plus and above | All plans |
| Automated payment reminders | Yes | Pro |
| Extra users | $11/mo per team member | Check current terms |
| Payroll | Add-on, $40/mo + $6 per person | Add-on (US and Canada) |
| Best for | Service businesses billing time and projects | Budget-focused freelancers and micro businesses |
FreshBooks vs Wave pricing (as of October 2026)
FreshBooks plans
| Plan | Regular monthly price | Billable clients | Key additions |
|---|---|---|---|
| Lite | $23 | 5 | Invoices, estimates, expenses, bank import, tax-time reports |
| Plus | $43 | 50 | Proposals, retainers, receipt scanning, double-entry reports, bank reconciliation, accountant access |
| Premium | $70 | Unlimited | Bill capture, project profitability, accounts payable, custom email templates |
| Select | Custom | Unlimited | Lower payment rates, 2 team members included, dedicated support |
When we checked the FreshBooks pricing page, monthly plans were offered at 80% off for the first four months, with annual billing at an extra discount. Add-ons included team members at $11 per month each, Advanced Payments at $20 per month, and payroll at $40 per month plus $6 per person. Card payments were 2.9% + $0.30 on most cards, and ACH was listed at 1%.
Wave plans
| Plan | Price | Key features |
|---|---|---|
| Starter | $0 | Unlimited invoices, estimates, bills and bookkeeping records, mobile invoicing, manual bank entry |
| Pro | $19/mo or $190/yr | Automatic bank import and categorization, unlimited receipt capture, automated late payment reminders, reduced fixed card fees on first 10 transactions per month |
| Wave Advisors | From $149/mo | Dedicated bookkeeping help on top of Pro features |
The Wave pricing page listed card processing at 2.9% + $0.60 (American Express 3.4% + $0.60). On Pro, the first 10 card transactions each month carry no fixed fee. Receipt capture on Starter is an add-on at $11 per month or $96 per year. Prices change, so confirm both pages before you sign up.
Worked example: first-year cost for a freelance designer
A freelance designer has 8 active clients, wants bank feeds and receipt capture, and collects about $5,000 a month by card across 20 payments. Prices are regular rates, ignoring promotions.
| Cost item | FreshBooks Plus | Wave Pro (annual) |
|---|---|---|
| Subscription | $43 × 12 = $516 | $190 |
| Monthly card fees (percentage) | 2.9% × $5,000 = $145 | 2.9% × $5,000 = $145 |
| Monthly card fees (fixed) | 20 × $0.30 = $6 | 10 × $0 + 10 × $0.60 = $6 |
| Annual card fees | $151 × 12 = $1,812 | $151 × 12 = $1,812 |
| First-year total | $2,328 | $2,002 |
Why Plus and not Lite? Lite allows only 5 billable clients, and this designer has 8. The subscription difference is $326 a year in Wave's favor; card fees come out identical at this volume. If the designer valued FreshBooks' proposals, retainers and time tracking, that $326 might be well spent. If not, Wave Pro is the better buy. Note that both providers' payment fees dwarf the subscription, so steering larger clients toward ACH or bank transfer saves more than switching software. Compare options in our payment methods cost comparison.
Invoicing features compared
Both tools produce professional invoices with your logo, online payment links, recurring invoices and estimates that convert into invoices. Differences show up in the details:
- Time and projects: FreshBooks lets you track time and add billable hours straight to invoices, and Premium shows project profitability. Wave is better suited to fixed-price or product invoices.
- Proposals and retainers: FreshBooks Plus adds proposals with e-signature and retainer billing. Wave has estimates but not proposals.
- Reminders: FreshBooks includes automated reminders; on Wave they are a Pro feature.
- Client experience: Both offer a client view for paying online. FreshBooks is often praised for a polished client portal.
Step-by-step guides show each workflow: how to create an invoice in FreshBooks and how to create an invoice in Wave.
Accounting and bookkeeping compared
Wave was built as free accounting software, so its Starter plan already includes double-entry bookkeeping, a chart of accounts and core reports. What Starter lacks is automatic bank import, which matters a lot once you have dozens of transactions a month. FreshBooks started as an invoicing tool and added accounting over time; double-entry reports, bank reconciliation and accountant access arrive on the Plus plan. If you are new to the concepts, our primer on double-entry bookkeeping explains why it matters at tax time.
Payments, mobile apps and support
Getting paid is where invoicing software earns its fee, so look closely at how each tool handles payments:
- Card and bank payments. Both let clients pay online from the invoice. FreshBooks' standard card rate was 2.9% + $0.30 and ACH 1% when we checked; Wave's card rate was 2.9% + $0.60, with Pro waiving the fixed fee on the first 10 transactions a month. Check each provider's current bank payment fees.
- Payouts. Both deposit to your linked business bank account; timing varies with the payment method and your account history.
- Deposits and retainers. FreshBooks can request deposits on estimates and handle retainers on Plus and above. With Wave, you would usually send a separate deposit invoice.
- Recurring billing. Both support recurring invoices, useful for monthly retainers and maintenance plans. See our recurring invoices guide.
Both offer mobile apps for creating invoices and capturing expenses on the go. On support, FreshBooks offers phone and email support, with dedicated support on Select. Wave's support options are more limited on the free plan, with more help available to paying customers. If hands-on help matters to you, check what each plan includes before signing up.
One more consideration: a full accounting tool is not always necessary. If you send a few invoices a month and track expenses in a spreadsheet, you can create professional invoices in our free invoice generator and only move to FreshBooks or Wave once bank feeds and reports start to save you real time.
Which should you choose?
Choose FreshBooks if:
- You bill by the hour or by project and want time tracking built in
- You send proposals and want retainers or deposits handled in the same tool
- You value a polished client portal and support
- You have the budget for $43 a month or more once you pass five clients
Choose Wave if:
- You want free invoicing and bookkeeping, or the cheapest paid tier
- You are in the US or Canada
- Your billing is mostly fixed price or product based
- You are comfortable with fewer advanced features
Still undecided? See how both stack up against the market leader in FreshBooks vs QuickBooks and Wave vs QuickBooks, or browse our list of the best free invoicing software.
Common mistakes when choosing between FreshBooks and Wave
- Comparing promo prices. Budget for the regular price after the introductory offer ends.
- Missing the client cap. FreshBooks Lite's 5-client limit catches many growing freelancers.
- Assuming free means fully automated. Wave Starter needs manual transaction entry.
- Ignoring payment fees. Fees on card payments usually cost more than the subscription.
- Not checking country support. Wave's payments and payroll are US and Canada only.
- Buying software before you need it. A few invoices a month may not justify a subscription; see invoice generator vs accounting software.
FreshBooks vs Wave: the verdict
For most budget-conscious freelancers, Wave is the better value, and its free plan is hard to beat. FreshBooks vs Wave tips toward FreshBooks when you bill time, manage projects and want proposals and retainers in one place, and when its higher price is a small share of your revenue. If you only need occasional invoices, you may not need either: our free invoice generator is free, needs no sign-up, and downloads a PDF built in your browser.
Frequently asked questions
Is Wave really free?
Wave's Starter plan is free for invoicing, estimates, bills and bookkeeping records, with no time limit. You pay for card and bank payments you accept online, and for add-ons such as receipt capture on Starter, payroll or bookkeeping help. Automatic bank transaction import and automated payment reminders are part of the paid Pro plan, which was $19 per month as of October 2026.
Is FreshBooks better than Wave for freelancers?
FreshBooks suits freelancers who bill time, run projects and want proposals, retainers and polished client communication, and who can afford a monthly subscription. Wave suits freelancers who mainly need professional invoices and simple bookkeeping at the lowest cost. If you have more than five billable clients, compare FreshBooks Plus with Wave Pro rather than FreshBooks Lite.
Does FreshBooks have a free plan?
No, FreshBooks does not have a permanent free plan. It typically offers a free trial and frequent introductory discounts on monthly plans, such as a large percentage off for the first few months. Check the current offer on the FreshBooks pricing page, and compare the regular price, since that is what you will pay after the promotion ends.
Can I switch from Wave to FreshBooks or the other way?
Yes. Both let you export customers, invoices and reports, usually as CSV files, and import customer lists into the new system. Historical invoices and transactions rarely move perfectly, so many businesses switch at the start of a month or quarter, keep read access to the old account for records, and start new invoice numbering in the new tool.
Which is better for accounting, FreshBooks or Wave?
Both use double-entry accounting and produce core reports like profit and loss and balance sheet. Wave includes these on its free plan. FreshBooks adds double-entry reports, bank reconciliation and accountant access from the Plus plan up, and has stronger project profitability tools on Premium. Neither is designed for inventory-heavy businesses, which may need QuickBooks, Xero or Zoho Books.
Do FreshBooks and Wave work outside the US?
FreshBooks is available in many countries and supports multiple currencies on invoices. Wave focuses on the United States and Canada, and its payments and payroll features are offered in those two countries. If you are based elsewhere, check each provider's availability, supported currencies and local tax features, such as VAT or GST handling, before you commit.
Which has lower card processing fees?
At standard published rates as of October 2026, both charge 2.9% on most card payments, with FreshBooks adding $0.30 and Wave adding $0.60 per transaction. Wave Pro waives the fixed fee on the first 10 transactions each month. For a handful of large payments the difference is small; for many small payments, FreshBooks' lower fixed fee adds up.
Do I need accounting software or just an invoice generator?
If you send a few invoices a month and track expenses elsewhere, a free invoice generator may be enough. Once you need bank feeds, expense categorization, reports for taxes or an accountant's access, accounting software like FreshBooks or Wave earns its place. Many freelancers start with a generator and move to software when the volume justifies it.
Invoice Creator Editorial Team
Guides on invoicing, cash flow and small-business finance from Invoice Creator, operated by Next Software Development Company. Content is reviewed for accuracy against the fields our own invoice generator produces.
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