We may earn commissions from some providers for qualifying actions through our links. This page is currently ordered by editorial scores. Our published policy permits limited earnings-based reordering once real conversion data is available. How we make money.
FreshBooks vs Wave: $23 for time and project billing against a free plan
Updated Oct 15, 2026
Wave's Starter plan is free, with unlimited invoices and estimates, bank reconciliation and accounting reports, but no bank connections or receipt scanning. FreshBooks Lite costs $23 a month, after a $1-a-month first year for new customers, with bank import, time tracking, projects and mileage tracking, but only 5 billable clients and no reconciliation. Wave's paid Pro plan, with bank connections, is $19 a month.
At a glance, by our score
- Lowest price
#3 Wave
Sole traders who want free invoicing and reports with nothing to pay
8.2/10Very goodOur scoreVisit WaveOn waveapps.com #10 FreshBooks
Freelancers who bill by time and by project and track mileage
5.7/10PoorOur scoreVisit FreshBooksOn freshbooks.com
Wave's lowest monthly price is lower than FreshBooks's, checked Sep 25, 2026 and Sep 25, 2026.
Side by side
| Criterion | FreshBooks | Wave |
|---|---|---|
| Overall score | 5.7/10PoorOur score #10 of 10 | 8.2/10Very goodOur score #3 of 10 |
| Included on the entry plan (30%) | 4.0 / 10 | 6.0 / 10 |
| Regular price (30%) | 6.5 / 10 | 10.0 / 10 |
| Leaving (10%) | 10.0 / 10 | 10.0 / 10 |
| Free plan or trial (10%) | 6.0 / 10 | 10.0 / 10 |
| Price after the introductory offer (10%) | 5.0 / 10 | 10.0 / 10 |
| Users (10%) | 4.0 / 10 | 4.0 / 10 |
| Price from | $23 / month | $0 / month |
| Best for | Freelancers who bill by time and by project and track mileage | Sole traders who want free invoicing and reports with nothing to pay |
| Visit | Visit FreshBooksOn freshbooks.com | Visit WaveOn waveapps.com |
Who should pick which
- FreshBooks: Freelancers who bill by time and by project and track mileage
- Wave: Sole traders who want free invoicing and reports with nothing to pay
At a glance
| FreshBooks | Wave | |
|---|---|---|
| Entry plan | Lite | Starter |
| Regular price | $23 a month, or $248.40 a year | $0 (Pro: $19 a month or $190 a year) |
| Billing | Monthly or yearly (10% off) | Free; Pro monthly or yearly |
| Introductory offer | $1 a month for the first year (new customers) | None |
| Unlimited invoices | Yes, but to 5 billable clients | Yes |
| Bank feeds | Yes (automated bank import) | No (Pro) |
| Receipt capture | No (Plus and up) | No (paid add-on, or Pro) |
| Bank reconciliation | No (Plus and up) | Yes |
| Reports | Profit and loss; balance sheet is Plus and up | Accounting reports |
| Users | Owner only; team members $11 a month each | Owner only (more users need Pro) |
| Leaving | Cancel any time; access to the end of the cycle | Nothing to cancel on Starter |
| Free plan or trial | 30-day trial, no card | Free plan; no Pro trial |
Prices from FreshBooks's pricing page and Wave's pricing page, read Sep 25, 2026.
Price
Wave Starter is free. FreshBooks Lite is $23 a month, or $248.40 a year with the 10% yearly discount. New FreshBooks customers can get Lite at $1 a month for the first year; after that the full price applies, and the offer can't be combined with the 30-day free trial.
Wave's paid plan is the fairer match for FreshBooks, since it adds bank connections: Pro is $19 a month, or $190 a year, per business. Billed yearly, FreshBooks Lite costs $58.40 a year more than Wave Pro. Wave shows no introductory offer and no Pro trial.
Extra people cost money on both. FreshBooks charges $11 a month per team member. Wave's plans FAQ says sharing the business with more users needs Pro.
Where they differ
- Bank feeds against reconciliation. FreshBooks Lite includes automated bank import from over 14,000 banks and cards, but reconciliation starts at Plus. Wave Starter lets you reconcile bank accounts, but bank connections for importing transactions need Pro.
- Clients and invoices. Wave Starter creates unlimited invoices and estimates, per its pricing page. FreshBooks Lite invoices only 5 billable clients; a sixth means Plus at $43.
- Time, projects and mileage. FreshBooks' comparison page says time tracking and project management are included with Lite, and Lite has a mileage tracker app. Wave's pages don't describe time tracking or project billing, and for mileage its help centre points to a Driversnote integration.
- Getting paid. Wave's card payments are an add-on at 2.9% + $0.60 per transaction (3.4% + $0.60 for Amex). FreshBooks takes cards, ACH, Apple Pay, Google Pay and Buy Now, Pay Later; its fees aren't in the facts we recorded.
- Payroll and 1099s. Both sell payroll: Wave from $40 a month, FreshBooks at $40 a month plus $6 per user. Both file contractor 1099s only through payroll, and both need at least one employee on payroll (Wave, FreshBooks).
Who should pick which
Pick Wave if you want to pay nothing, need unlimited clients, and can live without bank feeds or pay $19 for Pro when you need them.
Pick FreshBooks if you bill by the hour or by project, track business miles, and have 5 or fewer regular clients. FreshBooks' own comparison page lists Lite at $17 a month; its pricing page says $23. We use the pricing page.
Both appear in our accounting software ranking, our list for freelancers and our list for construction and trades. How we score is on the methodology page.