Your company’s size, financial constraints and feature needs will ultimately determine which of FreshBooks and Wave is best for your accounting and invoicing needs. Although both platforms have strong invoicing features, their value propositions differ and they serve different user segments.
Wave offers a free Starter Plan with unlimited invoicing, making it a more cost-effective choice for solo entrepreneurs and bootstrapped companies. In contrast, FreshBooks provides paid plans that range from $8.40 to $26. Wave’s Pro Plan is comparable to the mid-tier options offered by FreshBooks. Beyond Wave’s basic reporting capabilities, FreshBooks provides better features for service-based businesses.
Wave has fewer direct connectors and CRM connectivity choices than FreshBooks which performs better in integration thanks to its support for major payment gateways, compatibility with accounting software and third-party connections.
FreshBooks offers a more comprehensive mobile app for these functions whereas Wave’s app focuses on invoicing and payment administration. It offers time tracking, mileage tracking and expense management. Wave is more user-friendly but FreshBooks is more expensive. Wave is recommended for service-based businesses, startups those in need of basic functionality.
With a free plan and unlimited user access, Wave is an affordable invoicing solution for small businesses and independent contractors. For service-based businesses, FreshBooks provides sophisticated features.
| FreshBooks | Wave | |
|---|---|---|
| Core Features | ||
| Custom Templates | 50+ professional invoice templates available | Multiple customizable invoice templates available |
| Send Estimates/Quotations | Yes | Yes |
| Recurring Billing Automation | Yes | Yes |
| Expense Tracking | Yes | Yes |
| Time Tracking | Yes | No |
| Mileage Tracking | Yes | Yes, available through Driversnote integration |
| Automated Payment Reminders | Yes | Yes |
| Project-Based Billing | Yes | No |
| Tax Handling | Yes, automatic tax calculations | Yes, basic tax support |
| User Permissions/Role Management | Yes | Yes |
| File Uploads | Yes | Yes |
| Pricing and Plans | ||
| Free Plan Availability | No | Yes |
| Pricing Range | Lite: $8.40/month Plus: $15.20/month Premium: $26/month Select: Custom |
Starter : $0/month Pro : $16/month |
| Trial Period | 30 days | No trial (free plan available) |
| User Limits | Lite–Premium: 1 user (+$11/additional) Select: 2 users |
Unlimited |
| Client Limits | Lite: 5 clients Plus: 50 clients Premium & Select: 500 clients |
Unlimited |
| Storage Limits | Unlimited | Yes, via Driversnote integration |
| Payment Processing Fees | 2.9% + $0.30 per transaction | Starter: 2.9% + $0.60 Pro: 2.9% + $0 (first 10) then 2.9% + $0.60 |
| Ease of Use | ||
| User Interface | Simple to Moderate | Simple |
| Onboarding Experience | Yes | Yes |
| Mobile App Availability | Available for iOS and Android | Available for iOS and Android |
| Mobile App Functionality | Full invoicing time tracking expense management mileage tracking |
Invoicing and payment management |
| Integration | ||
| Payment Gateways Supported | Stripe PayPal WePay Square |
Credit card, bank transfer, ACH payments |
| Accounting Software Compatibility | QuickBooks Xero via third-party integrations |
QuickBooks FreshBooks spreadsheets export capabilities for other software |
| CRM Integration | HubSpot Salesforce Pipedrive |
BlueCamroo various CRMs via Zapier API available for custom integrations |
| API Availability | Yes | Yes |
| Reporting & Analytics | ||
| Bank Connections | Yes, 11,000+ bank connections | Yes |
| Pre-Built Financial Reports | Yes | Yes |
| Custom Report Creation | Yes | No |
| Security & Compliance | ||
| Dashboard Metrics | Yes | Yes |
| Data Encryption | Yes | Yes |
| GDPR Compliance | Yes | Yes |
| Backup Options | Automatic | Automatic |
| Customer Support | ||
| Support Channels | Email, Phone, Live Chat | Email, Chat |
| Help Center/Knowledge Base | Yes | Yes |
| 24/7 Support | No | No |
| Adaptability | ||
| Multi-Currency Support | Yes | Yes |
| Localization | multiple languages | English |
| Industry-Specific Customization | Limited | Yes |
| Scalability | Freelancers to SMBs | Freelancers to Small Businesses |
| Read FreshBooks Review | Read Wave Review |
