Zoho Invoice vs Wave: Free Invoicing Compared (2026)
Zoho Invoice vs Wave compared: free plan limits, payment fees, reminders, bookkeeping and who each suits, with 2026 pricing from the official pricing pages.
Quick answer: In Zoho Invoice vs Wave, choose Zoho Invoice if you want the most complete free invoicing app, with automated reminders, recurring invoices and a client portal, and can live with a 500-invoice yearly cap. Choose Wave if you want free invoicing plus basic bookkeeping in one place and are based in the US or Canada. Both charge for online payments.
Zoho Invoice and Wave are two of the most widely recommended free invoicing tools, but they are free for different reasons and suit different businesses. This head-to-head compares their free plans, payment fees, reminders, bookkeeping and limits, using each provider's official pricing pages at the time of writing (October 2026). We have not run a hands-on test of either product, and prices and limits change, so confirm on the linked pages. For a wider comparison including other tools, see our roundup of free invoicing software.
Zoho Invoice vs Wave at a glance
| Feature | Zoho Invoice (free) | Wave Starter (free) |
|---|---|---|
| Monthly cost | $0 | $0 |
| Invoice limit | 500 invoices a year | Unlimited |
| Users | 2 | Additional user roles on Pro |
| Bookkeeping | No (Zoho Books is separate) | Yes, basic bookkeeping records |
| Automated payment reminders | Yes | Pro plan only |
| Recurring invoices | Yes | Yes |
| Branding on invoices | "Powered by Zoho Invoice" | Wave branding (removed on Pro) |
| Online payments | Through connected payment gateways | Wave Payments: cards 2.9% + $0.60, bank (ACH) 1% with $1 minimum (US) |
| Paid upgrade | Zoho Billing or Zoho Books for larger needs | Pro at $19/month or $190/year |
| Best for | Service businesses that want a full free invoicing app | US and Canadian small businesses that want free books too |
Sources: Zoho Invoice pricing and Wave pricing, checked October 2026.
Zoho Invoice free plan: what you get
Zoho describes Zoho Invoice as a forever-free invoicing solution. At the time of writing the free plan includes up to 500 invoices a year, two users, three projects and two organizations under one account. Features listed include quotes, recurring invoices, automated payment reminders, a customer portal, time tracking, expense recording, multiple currencies and mobile apps.
Trade-offs: invoices carry Zoho branding, there is no general ledger, and the 500-invoice cap means a business sending about 42 or more invoices a month (500 ÷ 12 = 41.7) will outgrow it. Card payment fees depend on the gateway you connect, such as Stripe or PayPal.
If you outgrow it: Zoho's pricing page points growing businesses to Zoho Billing for subscription and advanced billing needs, and Zoho Books is the route to full accounting. Both are paid. Before you hit the 500-invoice cap, decide whether you need more invoicing features or a full ledger, because that determines which upgrade, or which competitor, makes sense.
Wave invoicing: what the free Starter plan includes
Wave's Starter plan costs $0 and includes unlimited estimates, invoices, bills and bookkeeping records, optional online payments, mobile invoicing and a cash flow dashboard. Wave makes money from payment processing, its Pro plan and add-ons such as payroll and bookkeeping services.
Trade-offs: the most useful automation sits in Pro ($19 a month or $190 a year when we checked): automatic bank transaction imports, automated late payment reminders, your logo and brand colors without Wave branding, attachments and extra user roles. Wave is aimed mainly at US and Canadian businesses. Wave also sells payroll and a bookkeeping service (Wave Advisors) as paid extras, so you can grow inside Wave without changing tools.
Payment fees: Zoho Invoice vs Wave
Both tools are free to send invoices; the cost appears when clients pay online. Wave publishes its own rates. At the time of writing, US Starter rates are 2.9% + $0.60 per Visa, Mastercard or Discover transaction, 3.4% + $0.60 for American Express, and 1% (minimum $1) for bank payments. Pro removes the $0.60 per-transaction fee on the first 10 card transactions each month. Zoho Invoice does not process payments itself; you connect a gateway and pay that gateway's rates.
Worked example: monthly payment costs on Wave
You send 20 invoices of $800 a month on Wave Starter.
| How clients pay | Fee per invoice | Monthly fees (20 invoices) |
|---|---|---|
| All by card (Visa/Mastercard) | $800 × 2.9% = $23.20, + $0.60 = $23.80 | $476.00 |
| All by Wave bank payment | $800 × 1% = $8.00 | $160.00 |
| Direct bank transfer outside Wave | Bank-dependent, often low or nil | Near $0 |
On Pro, the first 10 card payments each month would save 10 × $0.60 = $6.00, so Pro does not pay for itself on fees alone at this volume; its value is in reminders, bank imports and branding. Whichever tool you pick, steering larger clients to bank transfer saves the most. Our guide to bank details on an invoice shows what to include.
Reminders, recurring invoices and getting paid
If chasing payment is your main pain, Zoho Invoice's free plan has the edge, because automated payment reminders are included. On Wave, you send reminders manually on Starter or upgrade to Pro. Both handle recurring invoices for retainers and subscriptions; see our recurring invoices guide for how to set them up well.
Bookkeeping and accounting
This is Wave's main advantage. Wave Starter records income and expenses, bills and transactions in a basic bookkeeping system, which gives you profit and loss information without another product. Zoho Invoice tracks invoices, payments and expenses but is not a full ledger; Zoho Books is the paid upgrade. If your accountant needs a general ledger, or you want to reconcile your bank account, Wave or a paid accounting tool is the better fit. Our bookkeeping basics guide explains what a ledger gives you.
Limits that decide it
- More than about 41 invoices a month: Zoho Invoice's free cap of 500 a year rules it out.
- Outside the US and Canada: Wave's payments and support are focused there; Zoho Invoice is more international.
- Need for free automated reminders: Zoho Invoice.
- Need for free bookkeeping: Wave.
- Need no branding on free invoices: neither; consider a free invoice generator for branding-free PDFs.
Mobile apps, expenses and time tracking
Both tools have iOS and Android apps for creating invoices on the go. Zoho Invoice's free plan lists time tracking and projects (three projects on the free plan), which suits freelancers who bill hourly; you can turn tracked hours into invoice lines. Wave focuses on the money side: it records expenses and bills as part of its bookkeeping, and offers receipt capture as a paid add-on. If you bill by the hour, Zoho Invoice's time tracking is the stronger free feature; our guide to invoicing for hourly work covers how to present hours on an invoice.
Switching between Zoho Invoice and Wave
People move in both directions: from Zoho Invoice to Wave when they want bookkeeping, and from Wave to Zoho Invoice when they want free reminders or work outside North America. To switch cleanly:
- Export your customer list and download PDFs of all invoices from the old tool.
- Note your last invoice number and continue the sequence in the new tool.
- Leave open invoices in the old tool until they are paid, or reissue them with the same numbers and tell the clients.
- Update recurring invoice schedules and any saved payment links.
- Keep the old account accessible, or keep your exports, for as long as your tax authority requires.
Where a free invoice generator fits
Both Zoho Invoice and Wave require an account and store your data in the cloud. If you only send a few invoices a month and are paid by bank transfer, our free invoice generator creates a branded PDF with no account and no third-party branding. It does not send invoices, take payments, send reminders or do bookkeeping, so it suits a different job. Read invoice generator vs accounting software to decide which camp you are in.
Who should choose which?
| If you are... | Choose |
|---|---|
| A freelancer sending 10-30 invoices a month who hates chasing payment | Zoho Invoice |
| A US or Canadian small business wanting invoices and books in one free tool | Wave |
| A business outside North America | Zoho Invoice |
| A business sending 50+ invoices a month on a $0 budget | Wave Starter |
| A business that has outgrown both and needs full accounting | See Xero vs QuickBooks or FreshBooks vs QuickBooks |
Common mistakes when choosing free invoicing software
- Ignoring payment fees. Card fees on a busy month usually cost more than any subscription.
- Not exporting data. Download your invoices and client list regularly, whichever tool you use.
- Restarting invoice numbers when switching. Continue your sequence; the invoice number generator helps.
- Assuming free plans stay the same. Re-check limits each year.
Next step
Count how many invoices you sent last year and decide whether you need bookkeeping. Under 500 invoices with no bookkeeping need points to Zoho Invoice; a need for free books points to Wave. Try your next real invoice in the one you pick, or create it in the invoice generator if you just need a PDF today.
Frequently asked questions
Is Zoho Invoice completely free?
At the time of writing, Zoho describes Zoho Invoice as forever free. The plan allows up to 500 invoices a year, two users, three projects and two organizations, and invoices carry "Powered by Zoho Invoice" branding. Online payment gateway fees still apply when clients pay by card. Check Zoho's pricing page for current limits.
Is Wave really free?
Wave's Starter plan is $0 a month and includes unlimited invoices, estimates and bookkeeping records. Wave charges processing fees when customers pay online, and features such as automatic bank imports, automated late payment reminders and removing Wave branding sit in the paid Pro plan, listed at $19 a month when we checked.
Can I use Zoho Invoice or Wave outside the US?
Zoho Invoice is used internationally and supports multiple currencies and regional tax settings. Wave is built mainly for businesses in the US and Canada; its online payments are available only in supported countries. If you are elsewhere, check each provider's country support before committing.
Does Zoho Invoice do accounting?
No. Zoho Invoice handles quotes, invoices, payments, expenses and time tracking, but it is not double-entry accounting software. Zoho Books is Zoho's separate, paid accounting product. Wave Starter includes basic bookkeeping, which is the main reason people choose it over Zoho Invoice.
Which is better for recurring invoices and reminders on a free plan?
Zoho Invoice, based on the published plans. Its free plan lists recurring invoices and automated payment reminders. Wave offers recurring invoices, but automated late payment reminders are listed as a Pro feature. If chasing payment is your biggest time cost, that difference matters.
Can my accountant log in to Zoho Invoice or Wave for free?
On Zoho Invoice's free plan, usually yes: it allows two users, so your accountant can take the second seat. Wave lists additional user roles as a Pro feature, so on Starter you would normally share reports or exports with your accountant instead. Check each pricing page for current user limits, because they change, and never share your own login details with anyone.
Can I turn an estimate into an invoice in Zoho Invoice and Wave?
Yes. Both tools let you create estimates or quotes on their free plans and convert an accepted one into an invoice, so you do not retype the line items. Check the client name, quantities and tax again before you send it, because the scope often changes between quote and invoice. Keeping the estimate number on the invoice helps the client match the two documents.
What happens if I reach Zoho Invoice's 500 invoice limit?
Zoho's free plan is capped at 500 invoices a year at the time of writing, and Zoho points growing businesses to its paid products: Zoho Billing for advanced invoicing and Zoho Books for full accounting. Check Zoho's pricing page and help documents for exactly what happens at the cap before you rely on it. If you send close to 40 invoices a month, plan the move before your busy season.
Do Zoho Invoice and Wave handle sales tax, VAT or GST?
Both let you set up tax rates and apply them to invoice lines, and Zoho Invoice has regional tax settings for a number of countries. Neither free plan files your tax returns for you, and neither should be assumed to meet structured e-invoicing mandates. You remain responsible for charging the right rate and paying it to your tax authority, so confirm your settings with an accountant.
Can I customize invoice templates on the free plans?
Yes, within limits. Both let you set your business details, payment terms and notes on a choice of templates. Free Zoho Invoice invoices show "Powered by Zoho Invoice", and free Wave invoices carry Wave branding, which the Pro plan removes along with adding your brand colors, based on the published plans. If a branding-free PDF matters most, a free invoice generator that downloads a plain PDF is an alternative.
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.
Try the invoice generator