FreshBooks vs Wave
FreshBooks is a paid subscription from $23 a month built around time tracking and a client portal, with extra team members at $11 each. Wave's Starter plan is free for unlimited invoices and double-entry books, and its $19 Pro plan adds bank imports and extra users. Those who bill hours choose FreshBooks; those who want free books choose Wave.
Tomasz WierzbickiData & Market Research
Elena Marchetti
Niels AbrahamsenVendors can pay for visibility on this site; it never changes what we say about a product. How that works.
Choose FreshBooks ifyou bill clients for time, want tracking, expense capture and a client portal in one place, and are willing to pay a monthly plan for that polish.
Choose Wave ifyou need unlimited invoices and proper basic books at no subscription cost, work in a country Wave supports, and can manage with little support.
FreshBooks and Wave side by side
| FreshBooks | Wave | |
|---|---|---|
| Our accounting software rank | #1 of 12 | #4 of 12 |
| Established in | Canada | Canada |
| Pricing | Per month by plan, published; Lite from $23 USD, extra users $11 each | Free Starter plan; Pro per business per month, published; fees on payments and payroll |
| List price, 30 September 2026 | From $23 USD per month (Lite, billed monthly) | Free Starter plan; Pro $19 USD per month billed monthly ($190 USD per year) |
| Free tier | — | Yes |
| Open source | — | — |
| Self-hostable | — | — |
| Built for | A freelancer or agency that bills time | A freelancer who needs free invoicing and basic books |
| Not for | A product business with stock | A growing company with stock or payroll complexity |
Both are reviewed in full in our accounting software ranking: FreshBooks and Wave.
Where they differ
FreshBooks 1 · Wave 3 · open 1- 01
Subscription against free
FreshBooks lists Lite at $23, Plus at $43 and Premium at $70 a month, with each additional team member at $11. Wave's Starter plan costs nothing for unlimited invoices, estimates, bills and bookkeeping records, and Pro is $19 a month or $190 a year per business. Card payments on Starter cost 2.9% plus $0.60 per transaction. On the subscription line Wave cannot be undercut.
Edge: Wave
- 02
Time tracking and the client side
FreshBooks includes time tracking and a client account portal, and caps billable clients at five on Lite and 50 on Plus. Wave states plainly that it has no mileage or time-tracking features of its own and points to integrations instead, though it places no limit on invoices or clients. For anyone whose invoice is a timesheet, FreshBooks is the specialist.
Edge: FreshBooks
- 03
Bookkeeping foundations
Wave describes its product as real double-entry accounting, and that core is part of the free Starter plan. On FreshBooks, double-entry accounting reports and bank reconciliation are not included on Lite and begin with Plus at $43 a month. Wave's catch is that automatic bank imports need Pro; on Starter, transactions are entered by hand. For sound accounts at the lowest cost, Wave leads.
Edge: Wave
- 04
Adding people to the account
FreshBooks charges $11 a month for every extra team member on all plans. Wave lets a payroll manager or a tax professional in for free, but admin, editor and viewer roles require the Pro plan, which is priced per business and not per person. A team of three or more therefore pays less for access on Wave Pro than on any FreshBooks plan.
Edge: Wave
- 05
What happens as you grow
Both are built for small operations and both get outgrown. FreshBooks reserves project profitability for Premium at $70 a month, and its per-person charges climb as a team forms. Wave prices Pro in US and Canadian dollars only, runs payroll in the US and Canada, and sells it as an add-on from $25 a month. Neither is the tool to scale on, so this round is even.
Depends on the buyer
When neither fits
Once several people need access to the books, or stock enters the picture, neither holds up. Xero includes unlimited users on every plan with bank reconciliation throughout, and Zoho Books adds projects from its Professional plan and stock tracking on Elite.
FreshBooks or Wave: questions
4 answersIs Wave a free alternative to FreshBooks?
For invoicing and basic bookkeeping, yes. Wave's Starter plan offers unlimited invoices and double-entry books without a subscription.
What FreshBooks adds from $23 a month is time tracking and a client portal. Wave lists its prices in US and Canadian dollars and runs payroll in those two countries only.
Which is better for billing clients by the hour, FreshBooks or Wave?
FreshBooks. Time tracking and a client portal are part of the product, whereas Wave says it has no time-tracking features and relies on integrations. Note that FreshBooks Lite allows only five billable clients, so a busy freelancer will need Plus at $43 a month.
Do FreshBooks and Wave both charge for extra users?
FreshBooks charges $11 a month per additional team member. Wave does not charge per person: payroll managers and tax professionals can be added free, and admin, editor or viewer roles come with the Pro plan at $19 a month per business.
Does Wave import bank transactions on the free plan?
Not automatically. Automatic import of bank transactions, with merging and categorising, is part of Wave's Pro plan, and it depends on your bank being supported through Plaid. On the free Starter plan you add transactions yourself. FreshBooks includes bank reconciliation from its Plus plan.
Sources
Checked 30 September 2026- FreshBooks pricing page: FreshBooks plan prices, billable client limits, $11 team member charge, features per plan.
- Wave pricing page: Wave Starter and Pro prices, payment fees, bank import on Pro, user roles, per-business billing.
- Wave comparison page (FreshBooks vs Wave): Wave's statement that it has no time-tracking features and no limit on invoices or clients.
- Wave accounting page: Wave's description of its double-entry accounting.
- Wave payroll page: Wave payroll availability in the US and Canada and its base fee.