FreshBooks is a premium accounting software priced at $15-$55/month with advanced invoicing and time tracking, while Wave is a free cloud-based accounting platform with essential features but limited scalability. FreshBooks targets growing businesses willing to pay for advanced features, whereas Wave suits freelancers and startups needing zero-cost accounting.
FreshBooks vs Wave — Side-by-side comparison on A Versus B
Cloud accounting software optimized for freelancers and service-based businesses with built-in invoicing and time tracking.
Free cloud-based accounting software for small businesses and freelancers
Pricing Model. Time Tracking. Expense Tracking. Financial Reports. User Limit (Free Tier). Mobile App Rating. Payroll Integration
Choose FreshBooks if you need professional invoicing, time tracking, advanced financial reporting, and payroll integration—ideal for service businesses and growing companies with 2-50 employees. Choose Wave if you're bootstrapping, operating as a solo freelancer, or managing a nonprofit needing free accounting software with team collaboration capabilities.
FreshBooks: Limited by additional per-user charges | Wave: N/A
FreshBooks: Included as core feature | Wave: Not included
FreshBooks: Basic automation | Wave: N/A
FreshBooks: Invoicing-specific optimized | Wave: N/A
FreshBooks: Simplified migration service | Wave: N/A
FreshBooks: Limited multi-entity capabilities | Wave: N/A
FreshBooks: No FreshBooks branding (Select tier+) | Wave: N/A
FreshBooks: Yes, included in all plans | Wave: N/A
FreshBooks: 1-3 (plan dependent) | Wave: Unlimited
FreshBooks: Advanced - project, task, and user-level tracking | Wave: Manual entry only
FreshBooks: Built-in with Stripe/PayPal integration | Wave: Not included (requires separate payment processor)
FreshBooks: 100+ integrations | Wave: 40+
FreshBooks: 12+ report types (P&L, Balance Sheet, Cash Flow, Tax Summary) | Wave: 4 basic reports
FreshBooks: Included with payment collection | Wave: Not available
FreshBooks: 30 days | Wave: No trial needed (free forever)
FreshBooks: 4.8/5 (12,400 reviews) | Wave: N/A
FreshBooks: 8 templates | Wave: 20+ templates
FreshBooks: Receipt scanning only | Wave: N/A
FreshBooks: 30% faster with automated reminders | Wave: N/A
FreshBooks: $240/year (Plus plan, billed annually) | Wave: $0/year
FreshBooks: Unlimited with timer | Wave: Not available
FreshBooks: Yes (U.S., Canada, Australia) | Wave: No
FreshBooks: 1 day (real-time) | Wave: 1 day (real-time)
FreshBooks: $30.00 (Plus plan) | Wave: N/A
FreshBooks: No - proposals only | Wave: N/A
FreshBooks: Full double-entry accounting | Wave: N/A
FreshBooks: 30 days | Wave: Unlimited (free tier)
FreshBooks: 40+ (P&L, balance sheet, tax, aging, project profitability) | Wave: 5 standard reports
FreshBooks: No (requires third-party or manual) | Wave: N/A
FreshBooks: 100+ (Stripe, QuickBooks, Shopify, Zapier) | Wave: N/A
FreshBooks: Basic (payment reminders, invoice scheduling) | Wave: N/A
FreshBooks: Basic (quantity only) | Wave: N/A
FreshBooks: 120 requests/min | Wave: N/A
FreshBooks: 50+ | Wave: 150+ integrations
FreshBooks: Full: projects, file sharing, payment tracking | Wave: N/A
FreshBooks: No (integration only) | Wave: N/A
FreshBooks: N/A | Wave: $0/month (full features)
FreshBooks: N/A | Wave: $20/month (Wave Money)
FreshBooks: N/A | Wave: Double-entry bookkeeping
FreshBooks: N/A | Wave: Yes (P&L, balance sheet, tax forms)
FreshBooks: N/A | Wave: $15/month (payroll add-on)
FreshBooks: N/A | Wave: 100+ integrations
FreshBooks: N/A | Wave: 0 (third-party tools required)
FreshBooks: N/A | Wave: Invoice viewing, payment acceptance
FreshBooks: N/A | Wave: 2.2% + $0.50 per transaction
FreshBooks: N/A | Wave: 25 native integrations
FreshBooks: N/A | Wave: Basic (invoicing only)
FreshBooks: N/A | Wave: Receipt capture and invoice viewing
FreshBooks: N/A | Wave: $0-$240 (optional add-ons)
FreshBooks: N/A | Wave: 8 standard reports
FreshBooks: N/A | Wave: Full accounting and invoicing
FreshBooks: N/A | Wave: Basic reconciliation
How to choose between FreshBooks and Wave
FreshBooks vs Wave — Structured Comparison Data
Machine-readable comparison dataset for FreshBooks vs Wave. Contains 103 attribute comparisons, 5 FAQ pairs.
FreshBooks vs Wave — Attribute Category Vocabulary
Taxonomy of attribute categories used to classify comparison data for FreshBooks vs Wave.
Wave is completely free forever with unlimited users and all core accounting features. FreshBooks offers a 30-day free trial but requires payment ($15+/month) after the trial ends. Wave is the clear choice if cost is your primary concern.
Which software is better for tracking billable hours?
FreshBooks has built-in time tracking with an automatic timer, billable rate assignment, and project profitability analysis. Wave does not offer time tracking. If your business bills by the hour, FreshBooks is essential.
Can multiple team members access both platforms?
Wave allows unlimited users on its free plan, making it ideal for team collaboration at no cost. FreshBooks limits free tier users to 1 account but allows unlimited users on paid plans ($15+/month). For teams, Wave's free option is more cost-effective.
Which platform has better financial reporting?
FreshBooks offers 20+ customizable reports including cash flow forecasting, profit & loss, and balance sheets. Wave provides 8 standard reports covering basic accounting needs. FreshBooks is superior for detailed financial analysis and business planning.
FreshBooks has integrated payroll for U.S., Canadian, and Australian businesses. Wave does not offer payroll functionality. If you need payroll management, FreshBooks is required; otherwise, you'll need a separate payroll service with Wave.
How to Choose Between FreshBooks and Wave
Pricing Model: FreshBooks has $15-$55/month (paid tiers), while Wave has Free forever (with optional add-ons).
Time Tracking: FreshBooks has Built-in with timer and billable hours, while Wave has Not included.
Expense Tracking: FreshBooks has Advanced categorization with receipt scanning, while Wave has Basic expense logging only.
Financial Reports: FreshBooks has 20+ customizable reports including P&L, cash flow projections, while Wave has 8 standard reports.
User Limit (Free Tier): FreshBooks has 1 user (free); unlimited on paid plans, while Wave has Unlimited users on free plan.
Mobile App Rating: FreshBooks has 4.6/5 stars (iOS, 12,400+ reviews), while Wave has 4.3/5 stars (iOS, 8,900+ reviews).
Payroll Integration: FreshBooks has Built-in payroll (U.S., Canada, Australia), while Wave has No payroll feature.