Wave vs Bonsai 2026: Accounting vs Freelance Tools
Wave is a cloud-based accounting and invoicing platform designed for freelancers and small businesses with up to 50 employees, while Bonsai is a comprehensive freelance business management suite covering invoicing, contracts, proposals, and time tracking. Wave focuses on accounting accuracy with double-entry bookkeeping, whereas Bonsai emphasizes end-to-end freelancer workflows.
Wave
Free cloud-based accounting software for small businesses and freelancers
Small business owners and freelancers who prioritize accounting accuracy, tax compliance, and want a completely free platform without freemium limitations.
Bonsai
All-in-one freelancer business platform with invoicing, contracts, and proposals
Freelancers managing multiple clients and projects who need contracts, proposals, time tracking, and want a comprehensive business management platform beyond just invoicing.
Quick Answer
AI SummaryWave is a cloud-based accounting and invoicing platform designed for freelancers and small businesses with up to 50 employees, while Bonsai is a comprehensive freelance business management suite covering invoicing, contracts, proposals, and time tracking. Wave focuses on accounting accuracy with double-entry bookkeeping, whereas Bonsai emphasizes end-to-end freelancer workflows.
Our Verdict
AI-assistedChoose Wave if you need robust accounting features, tax compliance, and financial reporting for a small business with traditional accounting needs and prefer a completely free option. Choose Bonsai if you're a freelancer who needs streamlined project management, contracts, proposals, and time tracking all in one platform without accounting complexity.
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Choose Wave if
Best pickSmall business owners and freelancers who prioritize accounting accuracy, tax compliance, and want a completely free platform without freemium limitations.
Choose Bonsai if
Freelancers managing multiple clients and projects who need contracts, proposals, time tracking, and want a comprehensive business management platform beyond just invoicing.
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Key Differences at a Glance
- Primary Use Case:✓ Bonsai wins(Complete freelance business management vs Accounting & invoicing for small businesses)
- Free Plan Availability:✓ Wave wins(Yes, core accounting features free vs Limited free tier (invoices & proposals only))
- Contract Management:✓ Bonsai wins(Built-in contract templates & e-signature vs Not included)
Key Facts & Figures
39 numeric metrics compared
| Metric | Wave | Bonsai | Ratio |
|---|---|---|---|
| Monthly Cost (Starter Plan)(USD) | Free | — | — |
| Currency Support(currencies) | 1 currency | — | — |
| Free Plan Cost(USD/month) | $0/month (full features) | $0/month (limited features) | |
| Entry-Level Paid Plan(USD/month) | $20/month (Wave Money) | $19/month (Freelancer) | |
| Invoice Creation Limit (Free)(invoices/month) | Unlimited | 20 invoices | — |
| Starting Price (Monthly)(USD) | Free | $19.00 | |
| Available Integrations(count) | 40+ | 30+ integrations | |
| Financial Report Types(types) | 4 basic reports | 2 report types (Invoice aging, Expense summary) | |
| Base Monthly Cost (Entry Plan)(USD) | $0/month | — | — |
| Maximum Monthly Plan Cost(USD) | $15/month (payroll add-on) | — | — |
| Number of Available Integrations(count) | 100+ integrations | — | — |
| Proposal & Contract Templates Included(count) | 0 (third-party tools required) | — | — |
| Registered User Base(millions) | 5+ million | — | — |
| Starting Monthly Cost(USD) | Free forever | — | — |
| Invoice Templates Available(templates) | 20+ templates | — | — |
| Free Trial Duration(days) | Unlimited (free tier) | 7 days | — |
| Monthly Cost (Basic Plan)(USD) | Free | — | — |
| Annual Cost (Recommended Plan)(USD) | $0/year | — | — |
| Financial Reports Available(count) | 5 standard reports | — | — |
| Concurrent Users (Free Tier)(users) | Unlimited | — | — |
| Mobile App iOS Rating(stars) | 4.3/5 (8,900+ reviews) | — | — |
| Bank Connection Speed(days) | 1 day (real-time) | — | — |
| Base Annual Cost(USD) | $0 | — | — |
| Monthly Cost (Entry Plan)(USD) | $0 | — | — |
| Invoice Templates(count) | 3 templates | — | — |
| Automation Rules(count) | 0 (manual only) | — | — |
| Third-Party Integrations(count) | 150+ integrations | 40+ | |
| Mobile App Rating(stars) | 4.2/5 (15,000 reviews) | — | — |
| Concurrent Users Supported(users) | 1-2 effectively | — | — |
| Third-Party App Integrations(integrations) | 25 native integrations | — | — |
| Annual Cost (Budget Business)(USD) | $0-$240 (optional add-ons) | — | — |
| Base Monthly Cost(USD) | $0 (free) | — | — |
| Number of Integrations(count) | 100+ | — | — |
| Supported Currencies(count) | 1 (USD or CAD) | — | — |
| Users on Free/Base Plan(users) | 2 users | — | — |
| Custom Financial Reports(count) | 8 standard reports | — | — |
| Bank Feed Automation(hours saved/month) | Basic reconciliation | — | — |
| Invoice Limit (Free Plan)(count) | Unlimited | — | — |
| Mid-Tier Plan Cost (Monthly)(USD) | $99.00 (Business plan) | $99.00 (Business plan) |
Sourced from publicly available data ·
Key Differences
7 attributes compared head-to-head
- Accounting & invoicing for small businessesPrimary Use CaseComplete freelance business management(winner)
- Yes, core accounting features free(winner)Free Plan AvailabilityLimited free tier (invoices & proposals only)
- Not includedContract ManagementBuilt-in contract templates & e-signature(winner)
- Not availableTime Tracking FeaturesIntegrated time tracking with billable hours(winner)
- $20/month (Wave Money)Starting Price (Paid Plan)$19/month (freelancer plan)
- Double-entry bookkeeping (accrual & cash basis)(winner)Accounting Bookkeeping StandardBasic invoicing-focused accounting
- Yes, generates P&L statements and tax reports(winner)Tax Form GenerationLimited tax reporting capabilities
- Primary Use Case
Wave
Accounting & invoicing for small businesses
Bonsai
Complete freelance business management(winner)
- Free Plan Availability
Wave
Yes, core accounting features free(winner)
Bonsai
Limited free tier (invoices & proposals only)
- Contract Management
Wave
Not included
Bonsai
Built-in contract templates & e-signature(winner)
- Time Tracking Features
Wave
Not available
Bonsai
Integrated time tracking with billable hours(winner)
- Starting Price (Paid Plan)
Wave
$20/month (Wave Money)
Bonsai
$19/month (freelancer plan)
- Accounting Bookkeeping Standard
Wave
Double-entry bookkeeping (accrual & cash basis)(winner)
Bonsai
Basic invoicing-focused accounting
- Tax Form Generation
Wave
Yes, generates P&L statements and tax reports(winner)
Bonsai
Limited tax reporting capabilities
Full Comparison
| Attribute | Wave | Bonsai |
|---|---|---|
| Monthly Cost (Starter Plan)(USD) | Free | — |
| Free Plan Cost(USD/month) | $0/month (full features) | $0/month (limited features) |
| Entry-Level Paid Plan(USD/month) | $20/month (Wave Money) | $19/month (Freelancer)(winner) |
| Starting Price (Monthly)(USD) | Free(winner) | $19.00 |
| Free Trial Period(days) | No trial needed (free forever) | — |
Show 11 more attributesBase Monthly Cost (Entry Plan)(USD) $0/month — Maximum Monthly Plan Cost(USD) $15/month (payroll add-on) — Starting Monthly Cost(USD) Free forever — Payment Processing Fee(% + fixed) 2.2% + $0.50 per transaction — Free Trial Duration(days) Unlimited (free tier) 7 days Monthly Cost (Basic Plan)(USD) Free — Annual Cost (Recommended Plan)(USD) $0/year — Base Annual Cost(USD) $0 — Monthly Cost (Entry Plan)(USD) $0 — Base Monthly Cost(USD) $0 (free) — Mid-Tier Plan Cost (Monthly)(USD) $99.00 (Business plan) — | ||
| Currency Support(currencies) | 1 currency | — |
| Invoice Creation Limit (Free)(invoices/month) | Unlimited | 20 invoices |
| Contract Management | Not available | Yes, with e-signature |
| Time Tracking Integration | Not available | Built-in with billable hours |
| Time Tracking Capability | Manual entry only | Basic - simple hourly tracking |
Show 15 more attributesAvailable Integrations(count) 40+ 30+ integrations Financial Report Types(types) 4 basic reports 2 report types (Invoice aging, Expense summary) Number of Available Integrations(count) 100+ integrations — Proposal & Contract Templates Included(count) 0 (third-party tools required) — Client Portal Capabilities(features) Invoice viewing, payment acceptance — Time Tracking Feature(available) Not included — Built-in Inventory Management(available) No — Time Tracking Hours Capacity(Unlimited/Not Available) Not available — Invoice Templates(count) 3 templates — Automation Rules(count) 0 (manual only) — Mobile App Capability Receipt capture and invoice viewing — Supported Currencies(count) 1 (USD or CAD) — Invoice Limit (Free Plan)(count) Unlimited — E-Signature Contracts Yes - built-in with templates — Accounting System Type Cash-basis invoicing only — | ||
| Maximum Users (Free/Starter)(users) | Unlimited users | — |
| Concurrent Users Included(users) | Unlimited users | — |
| Concurrent Users (Free Tier)(users) | Unlimited | — |
| Inventory Management | Not available | — |
| Accounting Standard | Double-entry bookkeeping | Basic invoicing accounting |
| Tax Report Generation | Yes (P&L, balance sheet, tax forms) | Limited tax reporting |
| Maximum User Seats Included(users) | Unlimited | — |
| Invoice Payment Processing | Not included (requires separate payment processor) | — |
| Client Portal Feature | Not available | — |
| Registered User Base(millions) | 5+ million | — |
| Invoice Templates Available(templates) | 20+ templates | — |
| Financial Reports Available(count) | 5 standard reports | — |
| Custom Financial Reports(count) | 8 standard reports | — |
| Mobile App iOS Rating(stars) | 4.3/5 (8,900+ reviews) | — |
| Mobile App Rating(stars) | 4.2/5 (15,000 reviews) | — |
| Payroll Integration | No | — |
| Bank Connection Speed(days) | 1 day (real-time) | — |
| Maximum User Accounts(users) | Unlimited | — |
| Concurrent Users Supported(users) | 1-2 effectively | — |
| Third-Party Integrations(count) | 150+ integrations(winner) | 40+ |
| Number of Integrations(count) | 100+ | — |
| Third-Party App Integrations(integrations) | 25 native integrations | — |
| Automated Workflows(null) | Basic (invoicing only) | — |
| Bank Feed Automation(hours saved/month) | Basic reconciliation | — |
| Annual Cost (Budget Business)(USD) | $0-$240 (optional add-ons) | — |
| Users on Free/Base Plan(users) | 2 users | — |
| Mobile App Functionality | Full accounting and invoicing | — |
WaveBonsaiShow 11 more attributes
Show 15 more attributes
Pros & Cons
12 pros·8 cons across both
Wave
Pros
- Completely free accounting platform with zero ads
- Double-entry bookkeeping with accrual and cash basis accounting
- Generates tax forms (P&L, balance sheet, income statements)
- Mobile app for iOS and Android with offline invoicing
- Unlimited invoices and receipt scanning on free plan
- Integrates with 100+ accounting and business tools
Cons
- No contract or proposal management features
- No built-in time tracking for billable hours
- Limited to small business accounting (not designed for complex enterprises)
- Customer support limited to community forums on free plan
Bonsai
Pros
- Complete freelancer suite covering contracts, proposals, invoices, and time tracking
- Contract templates with e-signature capabilities built-in
- Integrated proposal creation with customizable templates
- Time tracking with billable hours and project budgeting
- Client portal for document signing and approval workflows
- CRM features to manage client relationships and pipelines
Cons
- Limited accounting and tax reporting compared to Wave
- Paid plans start at $19/month with minimal free option
- Overkill for solopreneurs who only need basic invoicing
- Steeper learning curve due to feature density
Frequently Asked Questions
5 questions
Yes, Wave offers a completely free plan with unlimited invoices, expense tracking, double-entry bookkeeping, financial reports, and receipt scanning. There are no limitations or ads. You only pay if you want optional add-ons like Wave Money (payment processing and lending) at $20/month.
Resources & Learn More
Curated sources to dive deeper
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