Wave vs HoneyBook 2026: Pricing & Features
Wave is a free cloud accounting software best for freelancers and small businesses needing basic invoicing and expense tracking, while HoneyBook is a paid all-in-one client management platform ($12-99/month) designed for service-based businesses requiring proposals, contracts, and project management integrated with accounting.
Wave
Free cloud-based accounting software for small businesses and freelancers
Solo freelancers, contractors, and micro-businesses under $100K annual revenue who need reliable, free accounting without premium workflow tools.
HoneyBook
All-in-one platform for creatives combining proposals, contracts, invoicing, and client galleries.
Service-based professionals (photographers, designers, event planners, consultants, coaches) who need seamless client management, proposal workflows, and project tracking integrated with basic accounting.
Quick Answer
AI SummaryWave is a free cloud accounting software best for freelancers and small businesses needing basic invoicing and expense tracking, while HoneyBook is a paid all-in-one client management platform ($12-99/month) designed for service-based businesses requiring proposals, contracts, and project management integrated with accounting.
Our Verdict
AI-assistedChoose Wave if you're a freelancer or solo business operator prioritizing cost savings and need straightforward accounting, invoicing, and expense management without premium features. Choose HoneyBook if you're a service-based business (designers, photographers, consultants, wedding planners) needing an integrated platform to manage client relationships, proposals, contracts, and projects alongside accounting—and you're willing to pay monthly for comprehensive workflow automation.
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TIE — neck and neck
Choose Wave if
Solo freelancers, contractors, and micro-businesses under $100K annual revenue who need reliable, free accounting without premium workflow tools.
Choose HoneyBook if
Service-based professionals (photographers, designers, event planners, consultants, coaches) who need seamless client management, proposal workflows, and project tracking integrated with basic accounting.
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Key Differences at a Glance
- Core Pricing Model:✓ Wave wins(Free forever + optional paid add-ons ($0-15/month) vs Subscription-based ($12-99/month))
- Primary Use Case:✓ HoneyBook wins(Client management, proposals, contracts, project tracking + accounting vs Accounting, invoicing, expense tracking)
- Proposal & Contract Tools:✓ HoneyBook wins(Built-in with customizable templates vs Not included)
Key Facts & Figures
39 numeric metrics compared
| Metric | Wave | HoneyBook | Ratio |
|---|---|---|---|
| Monthly Cost (Starter Plan)(USD) | Free | — | — |
| Currency Support(currencies) | 1 currency | — | — |
| Free Plan Cost(USD/month) | $0/month (full features) | — | — |
| Entry-Level Paid Plan(USD/month) | $20/month (Wave Money) | — | — |
| Starting Price (Monthly)(USD) | Free | — | — |
| Available Integrations(count) | 40+ | — | — |
| Financial Report Types(types) | 4 basic reports | — | — |
| Base Monthly Cost (Entry Plan)(USD) | $0/month | $12/month | |
| Maximum Monthly Plan Cost(USD) | $15/month (payroll add-on) | $99/month (Premium plan) | |
| Number of Available Integrations(count) | 100+ integrations | 300+ integrations | |
| Proposal & Contract Templates Included(count) | 0 (third-party tools required) | 50+ professionally-reviewed templates | |
| Registered User Base(millions) | 5+ million | 500,000+ active users | |
| Starting Monthly Cost(USD) | Free forever | — | — |
| Invoice Templates Available(templates) | 20+ templates | — | — |
| Payment Processing Fee(%) | 2.2% + $0.50 per transaction | 2.9% + $0.30 | — |
| Monthly Cost (Basic Plan)(USD) | Free | — | — |
| Annual Cost (Recommended Plan)(USD) | $0/year | — | — |
| Financial Reports Available(count) | 5 standard reports | 5 (income, expense, basic analytics) | |
| 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 | — | — |
| Mobile App Rating(stars out of 5) | 4.2/5 (15,000 reviews) | 4.6 stars | |
| Concurrent Users Supported(users) | 1-2 effectively | — | — |
| Third-party App Integrations(apps) | 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 | — | — |
| Starting Monthly Price(USD) | $19 | $19 | |
| Integration Count(apps) | 50+ (Zapier, Stripe, Google Workspace, Calendly) | 50+ (Zapier, Stripe, Google Workspace, Calendly) |
Sourced from publicly available data ·
Key Differences
7 attributes compared head-to-head
- Free forever + optional paid add-ons ($0-15/month)(winner)Core Pricing ModelSubscription-based ($12-99/month)
- Accounting, invoicing, expense trackingPrimary Use CaseClient management, proposals, contracts, project tracking + accounting(winner)
- Not includedProposal & Contract ToolsBuilt-in with customizable templates(winner)
- Limited - invoice viewing onlyClient Portal AccessFull portal with file sharing, messaging, and project visibility(winner)
- 2.2% + $0.50 per transaction(winner)Payment Processing Fees2.9% + $0.30 per transaction
- Basic invoicing and expense loggingMobile App FeaturesFull CRM, proposals, contracts, and time tracking(winner)
- 5+ million registered users(winner)Target User Base Size500,000+ active users
- Core Pricing Model
Wave
Free forever + optional paid add-ons ($0-15/month)(winner)
HoneyBook
Subscription-based ($12-99/month)
- Primary Use Case
Wave
Accounting, invoicing, expense tracking
HoneyBook
Client management, proposals, contracts, project tracking + accounting(winner)
- Proposal & Contract Tools
Wave
Not included
HoneyBook
Built-in with customizable templates(winner)
- Client Portal Access
Wave
Limited - invoice viewing only
HoneyBook
Full portal with file sharing, messaging, and project visibility(winner)
- Payment Processing Fees
Wave
2.2% + $0.50 per transaction(winner)
HoneyBook
2.9% + $0.30 per transaction
- Mobile App Features
Wave
Basic invoicing and expense logging
HoneyBook
Full CRM, proposals, contracts, and time tracking(winner)
- Target User Base Size
Wave
5+ million registered users(winner)
HoneyBook
500,000+ active users
Full Comparison
| Attribute | Wave | HoneyBook |
|---|---|---|
| Monthly Cost (Starter Plan)(USD) | Free | — |
| Free Plan Cost(USD/month) | $0/month (full features) | — |
| Entry-Level Paid Plan(USD/month) | $20/month (Wave Money) | — |
| Starting Price (Monthly)(USD) | Free | — |
| Base Monthly Cost (Entry Plan)(USD) | $0/month(winner) | $12/month |
Show 9 more attributesMaximum Monthly Plan Cost(USD) $15/month (payroll add-on) $99/month (Premium plan) Starting Monthly Cost(USD) Free forever — Payment Processing Fee(%) 2.2% + $0.50 per transaction 2.9% + $0.30 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) — Starting Monthly Price(USD) $19 — | ||
| Currency Support(currencies) | 1 currency | — |
| Invoice Creation Limit (Free)(invoices/month) | Unlimited | — |
| Contract Management | Not available | — |
| Time Tracking Integration | Not available | — |
| Time Tracking Capability | Manual entry only | — |
Show 15 more attributesFinancial Report Types(types) 4 basic reports — Number of Available Integrations(count) 100+ integrations 300+ integrations Proposal & Contract Templates Included(count) 0 (third-party tools required) 50+ professionally-reviewed templates Client Portal Capabilities(features) Invoice viewing, payment acceptance Projects, proposals, contracts, file sharing, messaging, digital signatures Time Tracking Feature(available) Not included Included with mobile app Built-in Inventory Management(available) No — Free Trial Duration(days) Unlimited (free tier) — 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 — Invoice Limit (Free Plan)(count) Unlimited — Native Proposal Builder Yes (20+ templates) — Client Gallery/Proofing Yes (with watermark, commenting, approval workflow) — Invoice Limit on Base Plan(invoices) Limited (depends on plan tier) — | ||
| 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 | — |
| Tax Report Generation | Yes (P&L, balance sheet, tax forms) | — |
| Maximum User Seats Included(users) | Unlimited | — |
| Invoice Payment Processing | Not included (requires separate payment processor) | — |
| Available Integrations(count) | 40+ | — |
| Client Portal Feature | Not available | — |
| Free Trial Period(days) | No trial needed (free forever) | — |
| Registered User Base(millions) | 5+ million(winner) | 500,000+ active users |
| Invoice Templates Available(templates) | 20+ templates | — |
| Financial Reports Available(count) | 5 standard reports | 5 (income, expense, basic analytics) |
| Custom Financial Reports(count) | 8 standard reports | — |
| Mobile App iOS Rating(stars) | 4.3/5 (8,900+ reviews) | — |
| Mobile App Rating(stars out of 5) | 4.2/5 (15,000 reviews) | 4.6 stars(winner) |
| 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 | — |
| Third-party App Integrations(apps) | 25 native integrations | — |
| Number of Integrations(count) | 100+ | — |
| Integration Count(apps) | 50+ (Zapier, Stripe, Google Workspace, Calendly) | — |
| Automated Workflows(null) | Basic (invoicing only) | — |
| Bank Feed Automation(hours saved/month) | Basic reconciliation | — |
| Automated Workflow Complexity | Advanced (conditional logic, multi-step client journeys) | — |
| Annual Cost (Budget Business)(USD) | $0-$240 (optional add-ons) | — |
| Supported Currencies(count) | 1 (USD or CAD) | — |
| Users on Free/Base Plan(users) | 2 users | — |
| Mobile App Functionality | Full accounting and invoicing | — |
WaveShow 9 more attributes
Show 15 more attributes
Pros & Cons
12 pros·8 cons across both
Wave
Pros
- Completely free forever for accounting and invoicing (no credit card required)
- Supports unlimited invoices, expenses, and users at no cost
- Low payment processing fees (2.2% + $0.50) compared to competitors
- Mobile app with receipt scanning and expense categorization
- Bank account integration for automatic transaction import
- Tax report generation and profit/loss statements included free
Cons
- Limited proposal and contract management capabilities
- Client portal is basic—no project tracking or file collaboration features
- No time tracking or project profitability analysis tools
- Fewer integrations (100+) compared to HoneyBook (300+)
HoneyBook
Pros
- Integrated proposal and contract builder with legally-reviewed templates
- Full client portal with real-time project updates, messaging, and file sharing
- Built-in time tracking and project profitability analytics
- Automated workflow automation (e.g., send contract when proposal accepted)
- Advanced CRM features with client history and communication logs
- 300+ integrations including Zapier, Stripe, Google Calendar, and Slack
Cons
- Monthly subscription required ($12-99/month depending on plan)
- Higher payment processing fees (2.9% + $0.30) than Wave
- Steeper learning curve for first-time users setting up workflows
- Accounting features are less robust than dedicated accounting software
Frequently Asked Questions
5 questions
Yes, Wave's core accounting, invoicing, and expense tracking features are free forever. Optional paid add-ons (like payroll processing at $15/month) are available, but you don't need them to use the main product. However, you'll pay transaction fees (2.2% + $0.50) if you use Wave's integrated payment processing.
Resources & Learn More
Curated sources to dive deeper
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