FreshBooks and Wave have many similar features, such as the ability to send unlimited invoices and track unpaid bills. However, FreshBooks is a bit more robust, as it has features not found in Wave, including project accounting and time tracking. Wave, on the other hand, has fewer features but is more affordable, with a free plan for a single user.
Our in-depth FreshBooks vs Wave evaluation shows that:
- FreshBooks is better for businesses that need project accounting
- Wave is more suitable for very small businesses with basic bookkeeping needs
If you have inventory, then neither FreshBooks nor Wave is appropriate because it can’t calculate the cost of goods sold (COGS). We recommend:
- QuickBooks Online: Best for businesses with inventory
 |  | |
|---|---|---|
| Fit Small Business Rating | 3.27 ★ | 2.82 ★ |
| Monthly Pricing | Lite: $23 Plus: $43 Premium: $70 Select: Custom | Starter: Free Pro: $16 |
| Number of Users | 1 in all plans | Starter: 1 Pro: Unlimited |
| Free Trial | 30 days | Starter is free forever |
| Billable Clients | Lite: 5 Plus: 50 Premium: Unlimited Select: Unlimited | Starter & Pro: Unlimited |
| Advantages Over the Other |
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|
| Ease of Sharing With External Accountants | Accountant can directly access your books online | Accountant can directly access your books online in the Pro plan |
| Scalability | Can set up additional users, but you must pay a full subscription for each | Supports unlimited users in the paid plan, but is not scalable in terms of features |
| Mobile App | iOS and Android; has most of the features of the desktop interface | iOS and Android; very limited as you can’t enter bills, classify transactions, and view reports |
| Ease of Use | Easy to use; requires minimal setup | Easy to use; requires minimal setup |
| Average Rating on Third-party Sites | 4.5[1][2] | 4.4[3][4] |
Use Cases and Pros & Cons
- Service-based businesses: As our best small business accounting software for service-based businesses, FreshBooks lets you track hours spent on a project and collaborate with your team members. You can also compare estimated costs to actual expenses so that you’ll know how to plan your budget. Wave doesn’t have any project accounting features.
- Businesses looking for reliable customer service: FreshBooks allows you to talk to a real person over the phone, which comes in handy if you run into problems that need immediate attention. With Wave, you must purchase an add-on to access live chat and email in the free plan or upgrade to the paid version.
- Those who often do business on the go: FreshBooks’ mobile app allows you to invoice customers, accept payments, enter bills, attach receipts, and record time worked on the go.
- Solopreneurs and freelancers seeking free accounting software: Wave’s free plan, Starter, is free for a single user and is sufficient for basic accounting needs, such as invoicing and income and expense tracking.
- Freelancers looking to send invoices for free: If you only need simple invoicing for your clients, there’s no reason not to choose Wave’s free version over the paid FreshBooks.
- Growing companies that don’t need advanced features: As your business grows and scales, you can easily upgrade to Wave’s paid plan (Pro) which supports an unlimited number of users. Most likely, Pro will be sufficient to support your growth as long as you don’t require advanced features like inventory tracking and project management.
Fit Small Business Case Study
Using our internal case study, we compared FreshBooks and Wave across several key categories, such as general features, accounts payable (A/P), accounts receivable (A/R), and banking and cash management.
FreshBooks vs Wave FSB Case Study
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- FreshBooks From $19 monthly; $60 as tested
- Wave Free or $16 per month; $16 as tested
User Reviews: Tie
| FreshBooks | Wave | |
|---|---|---|
| Average Rating on Third-party Sites | 4.5[1][2] | 4.4[3][4] |
| Users Like |
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| Users Dislike |
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While FreshBooks has a slightly higher rating than Wave, both received a fair share of positive and negative user reviews, so we consider this section a tie.
Below, we summarize the most relevant FreshBooks reviews plus my expert insight:
- Many users praise FreshBooks for its strong project accounting features. I agree with this. The platform is among our best project accounting software, particularly for service-based businesses. I like its ability to track time and attach time entries to invoices, track project statuses, and compare estimated vs actual costs.
- Some reviewers said that it’s easy to set up and use, and I couldn’t agree more. It requires minimal setup, so you can get started in no time.
- Other users shared that it has great customer service, and I believe this is one benefit of having phone support.
- One unhappy user complained that it lacks inventory, while another wished that it was easier to find a bookkeeper who is proficient in FreshBooks.
As of this writing, here’s how FreshBooks is rated on top review websites:
Here’s a rundown of positive and negative reviews of Wave and what I have to say about those comments:
- One user is happy that Wave has a free plan for businesses with a single user. Although Wave downscaled its free plan a bit, I believe it’s still a decent choice for many small businesses, as many small business owners often work on their books on their own or have at least one bookkeeper to do it for them.
- Some reviewers like that Wave has a mobile app for invoicing. You can create and send invoices on the go with Wave, but what’s more impressive is that you can set up recurring invoices, which is often found in premium software.
- Others appreciate Wave’s timesaving features, such as invoice reminders and bank connections.
- One reviewer recently complained that while Wave added a new paid plan, there are essentially no features added, such as inventory management and project accounting. I agree the paid plan doesn’t add any major functionality, but it does come with free receipt scanning and discounted payment processing rates.
Wave earned the following ratings on leading review sites:
Pricing: Wave Wins
| FreshBooks | Wave | |
|---|---|---|
| Fit Small Business Score | 2.3 out of 5 | 4.3 out of 5 |
| Monthly Pricing (Monthly Billing) | Lite: $23 Plus: $43 Premium: $70 Select: Custom | Starter: Free Pro: $16 |
| Free Trial | ✓ | Starter is free forever |
| Number of Users | 1 in all plans | Starter: 1 Pro: Unlimited |
| Monthly Cost per Additional User | $11 in all plans | Starter: N/A Pro: ✕ |
Wave’s free plan aced our scoring rubric, but even the paid version, which is the basis of our evaluation, has a higher score than FreshBooks, making Wave the clear winner for pricing.
FreshBooks offers four plans, all of which include one user. If you would like to check out the program first, FreshBooks currently offers a free 30-day trial with no credit card required.
Add-ons:
- Additional users: $11 monthly per additional seat
- Advanced payments
- FreshBooks Payroll: $40 base fee plus $6 per user monthly
- Credit card processing: 2.9% plus 30 cents per transaction for most cards and 3.5% plus 30 cents per transaction for American Express
- Assisted bookkeeping (via Bench Accounting): $299 or $499 monthly
Wave offers a free plan (Starter) for a single user and a paid version (Pro) for unlimited users. Both tiers include basic bookkeeping features, such as invoicing and income and expense tracking. Pro has additional inclusions, such as the ability to connect banks, access to email and live chat support, discounted credit card processing fees, and unlimited receipt scanning through Wave Receipts.
Add-ons:
- Wave Receipts: $8 per month for unlimited receipt scans (included for free in Pro)
- Wave Payroll: $40 for tax service states or $20 for self-service states, plus an additional $6 monthly per active employee
- Wave Advisor: $149 per month for bookkeeping support
- Accounting and payroll coaching: One-time fee of $379
Features: FreshBooks Wins
As mentioned earlier, FreshBooks has more features than Wave, which is somehow expected given that Wave used to be free and is focused on very small businesses with basic accounting needs.
We selected three categories in our case study to provide you with a more thorough comparison of FreshBooks vs Wave in terms of features.
Banking & Cash Management: FreshBooks Wins
| FreshBooks | Wave | |
|---|---|---|
| Fit Small Business Score | 2.9 out of 5 | 2.6 out of 5 |
| Upload Bank Statements | ✕ | ✓ |
| Connect to Bank Account | ✓ | Paid plan only |
| Reconcile Bank Account With Bank Feeds | ✓ | ✓ |
| Reconcile Bank Accounts Without Bank Feeds | ✕ | ✓ |
| Print Checks | ✕ | ✕ |
| Group Multiple Checks Into a Single Deposit | ✕ | ✕ |
We consider this a tie since the two programs have their unique strengths and weaknesses. All FreshBooks plans let you connect your bank accounts, while with Wave, you need to upgrade to the paid plan to do so. Meanwhile, Wave gives you the option to manually upload your files of transactions, while FreshBooks requires you to establish a live connection with your bank account.
Neither can reconcile transactions with timing differences, including outstanding checks that haven’t yet been cleared by your bank. Both also lack options for combining multiple checks in a single deposit. If your business relies on checks for your day-to-day transactions, you should consider QuickBooks Online for powerful bank reconciliation. Read our QuickBooks Online review for details on the platform.
Invoicing (A/R): FreshBooks Wins
| FreshBooks | Wave | |
|---|---|---|
| Fit Small Business Score | 4.7 out of 5 | 3.6 out of 5 |
| Customize Invoices | ✓ | ✓ |
| Recurring Invoices | ✓ | ✓ |
| Customize Payment Reminders | ✓ | ✕ |
| Client Late Fees | ✓ | ✕ |
| Bill for Hours Worked | ✓ | ✕ |
Both platforms have good invoicing capabilities, but FreshBooks offers more optimization options. Not only does it have more templates to choose from, but it also offers advanced functions like customizing payment reminders and late fees by clients.
The two programs can set up recurring invoices, but Wave doesn’t allow you to add late fees to your invoice. Also, FreshBooks provides more customizable invoices. With Wave, you can upload your company logo and choose the theme color, but you can’t adjust the color of the fields in the invoice.
Project Accounting: FreshBooks Wins
| FreshBooks | Wave | |
|---|---|---|
| Fit Small Business Score | 4.5 out of 5 | 1 out of 5 |
| Create an Estimate | ✓ | ✓ |
| Add Labor to Estimates | ✓ | ✕ |
| Add Inventory to Estimates | ✓ | ✕ |
| Add Sales Taxes to Estimates | ✓ | ✕ |
| Assign Actual Labor to Project | ✓ | ✕ |
| Compare Estimated vs Actual Project Costs | ✓ | ✕ |
If you’re a service-based business that works on projects or bills clients by the hour, then you’ll find FreshBooks useful—it allows you to set up hourly or flat-rate projects and assign them to your employees or customers. Once you’re done with a project, you can convert it into an invoice easily.
When setting up a project estimate in FreshBooks, you have the option to add sales taxes, inventories, and labor. You can also compare cost estimates to actual costs, which is useful for contractors. Unfortunately, Wave has no project accounting system, although it does allow you to create an estimate.
Ease of Use: Tie
| FreshBooks | Wave | |
|---|---|---|
| Fit Small Business Score | 4.4 out of 5 | 4.4 out of 5 |
| Accessibility | Cloud | Cloud |
| Shortcut Buttons | ✓ | ✓ |
| Set Up in a Few Minutes | ✓ | ✓ |
Both are easy to use and require minimal setup. With FreshBooks, you can easily input your business details, such as company name, address, and telephone number. Additionally, the main page includes shortcut functions like the +New button to help you execute certain tasks easily, such as creating a new invoice and adding a new customer or bill.
The problem with FreshBooks is that you can’t modify the chart of accounts or import a chart of accounts unless you sign in as an accountant. This can be annoying if you’re switching to FreshBooks from previous accounting software.
Meanwhile, as free software, Wave is one of the easiest-to-use accounting programs on the market. When setting up your account in Wave, you’ll start with the Wave Launchpad, where you can choose one of the displayed options and then set up the entire process.
Just like FreshBooks, the Wave dashboard is easy to navigate, with uncluttered menu items and visible buttons to help you find what you need easily. Even as a beginner, you’ll get the gist of automating workflows easily, such as setting up a new client, adding a new bill, creating a project estimate, and sending an invoice.
Integrations: FreshBooks Wins
| FreshBooks | Wave | |
|---|---|---|
| Fit Small Business Score | 5 out of 5 | 3 out of 5 |
| Payroll Integration | ✓ | ✓ |
| Time Tracking Integration | ✓ | ✕ |
| Electronic Bill Pay Integration | ✓ | ✕ |
FreshBooks takes the win here because it integrates with hundreds of third-party software, including payroll, time tracking, and electronic bill pay integration. Some of its most popular integrations include Shopify, Square, Bench Bookkeeping, Zapier, Calendly, Mailchimp, HubSpot, Gusto, Stripe, and PayPal.
Meanwhile, Wave doesn’t integrate with time tracking and electronic bill pay software programs and has very few direct integrations. However, it connects with thousands of apps via Zapier, such as PayPal, Square, Stripe, Etsy, HubSpot, Slack, Google Sheets, and Pipedrive.
Mobile App: FreshBooks Wins
| Features | FreshBooks App | Wave App |
|---|---|---|
| Fit Small Business Score | 3.4 out of 5 | 1. 8 out of 5 |
| Send Invoices | ✓ | ✓ |
| Receive Payments | ✓ | ✓ |
| Capture Receipts | ✓ | ✓ |
| Enter Bills | ✓ | ✕ |
| Assign Expenses to Customers | ✓ | ✕ |
| Record Time Worked | ✓ | ✕ |
| Assign Time Worked to Customers | ✓ | ✕ |
| Enter Bill Payments | ✕ | ✕ |
| Categorize Expenses From the Bank Feed | ✕ | ✕ |
| View Reports | ✕ | ✕ |
FreshBooks’ app takes the lead in this criterion. If you’re a service-based business or an independent contractor who’s always out in the field, having the ability to record hours worked and assign them to your customers is very convenient. However, both Wave and FreshBooks don’t allow you to enter bill payments, classify transactions from bank feeds, and view reports. If you need such features, you might want to check out Zoho Books, which tops our list of the best mobile accounting apps.
Assisted Bookkeeping: Tie
| FreshBooks | Wave | |
|---|---|---|
| Assisted Bookkeeping Provider | Bench | Wave Advisors |
| Monthly Pricing | $299 or $499 | Starting at $149 |
| Access to Experts | ✓ | ✓ |
| Communication | Phone and in-app messaging | Live chat and email |
| Account Reconciliation | ✓ | ✓ |
| Bookkeeping Advice | ✓ | ✓ |
| User-friendly Dashboard | ✓ | ✓ |
The two programs are evenly matched in this category as each has its own assisted bookkeeping service with equally decent features and benefits.
FreshBooks has no bookkeeping service, though it partners with Bench, an online bookkeeping service provider, to accommodate users requiring expert help. With Bench, you’ll receive a dedicated bookkeeper who’ll assist you in managing your books. They’ll help you connect your bank and credit card accounts, categorize your transactions, reconcile your statements, and prepare the reports you need for the tax season.
Check out the breakdown of Bench’s pricing below:
- Essential: $299 per month, with access to a dedicated bookkeeping team, plus monthly bookkeeping, year-end tax reports, and direct, unlimited support from Bench
- Premium: $499 per month, includes everything in Essential, plus one one-on-one tax coaching, unlimited tax advisory, and annual tax filing for businesses and individuals
For more information, see our review of Bench. It goes over detailed pricing and inclusions, features, and more.
Wave users needing assistance with their books can seek help from Wave Advisors. These are Wave-certified accounting and tax professionals who provide one-on-one accounting, bookkeeping, and tax consulting services exclusively for Wave customers.
You can choose from the following services provided by Wave Advisors:
- Bookkeeping service: $149 per month—you’ll receive professional assistance with major bookkeeping tasks like account setup, bank reconciliation, and financial reporting
- Accounting and payroll coaching: $379 (one-time fee)—includes personalized support in using Wave’s accounting and payroll features
Our Wave review may be of interest. Its assisted bookkeeping options and features are covered in detail.
Customer Support: FreshBooks Wins
| FreshBooks | Wave | |
|---|---|---|
| Fit Small Business Score | 3.3 out of 5 | 2.3 out of 5 |
| Phone Support (Callback) | ✓ | ✕ |
| Phone Support (You Make the Call) | ✓ | ✕ |
| Chatbot | ✓ | ✓ |
| Email Support | ✓ | ✓ |
| Self-help Resources | ✓ | ✓ |
| Live Chat Support | ✕ | ✓ |
Both Wave and FreshBooks scored poorly because their live support options are not that extensive. For instance, while FreshBooks provides phone support, it has no live chat feature, which could be the preference of some users. On the other hand, Wave lacks phone support and provides live chat and email assistance only if you purchase an add-on in the free plan or upgrade to the paid version.
Nevertheless, we gave the win to FreshBooks because of the ability to talk to a real person over the phone. For minor issues, you can check out its vast online help section, which is equipped with detailed instructions on how to use FreshBooks’ features. Similarly, you may check out the Wave Help Center, which includes some helpful resources that provide answers to your questions.
How We Evaluated Accounting Software
We evaluated FreshBooks vs Wave using our scoring rubric below. #pricing-chart-2237965 .fit-rubric-pie { background: conic-gradient( #000000 0deg,#000000 18deg,#dfdfdf 18deg,#dfdfdf 360deg ); } #general-features-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 18deg,#5bb3ed 18deg,#5bb3ed 43.2deg,#dfdfdf 43.2deg,#dfdfdf 360deg ); } #banking-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 43.2deg,#005389 43.2deg,#005389 68.4deg,#dfdfdf 68.4deg,#dfdfdf 360deg ); } #a-p-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 68.4deg,#3c94ce 68.4deg,#3c94ce 93.6deg,#dfdfdf 93.6deg,#dfdfdf 360deg ); } #a-r-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 93.6deg,#c3e7ff 93.6deg,#c3e7ff 118.8deg,#dfdfdf 118.8deg,#dfdfdf 360deg ); } #inventory-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 118.8deg,#7cb1d4 118.8deg,#7cb1d4 154.8deg,#dfdfdf 154.8deg,#dfdfdf 360deg ); } #project-accounting-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 154.8deg,#164c70 154.8deg,#164c70 190.8deg,#dfdfdf 190.8deg,#dfdfdf 360deg ); } #tax-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 190.8deg,#5990b5 190.8deg,#5990b5 205.2deg,#dfdfdf 205.2deg,#dfdfdf 360deg ); } #reporting-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 205.2deg,#82bee6 205.2deg,#82bee6 219.6deg,#dfdfdf 219.6deg,#dfdfdf 360deg ); } #ease-of-use-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 219.6deg,#263c48 219.6deg,#263c48 327.6deg,#dfdfdf 327.6deg,#dfdfdf 360deg ); } #mobile-app-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 327.6deg,#3d4f74 327.6deg,#3d4f74 345.6deg,#dfdfdf 345.6deg,#dfdfdf 360deg ); } #user-reviews-chart-2237965 .fit-rubric-pie { background: conic-gradient( #dfdfdf 0deg,#dfdfdf 345.6deg,#608abc 345.6deg,#608abc 360deg ); }
Frequently Asked Questions (FAQs)
Are Wave’s invoicing features available in the free version?
Yes, they are.
Can you upload and reconcile bank statements manually in FreshBooks?
No, it isn’t possible to reconcile bank statements manually in FreshBooks because it doesn’t allow you to upload files of transactions. Your only option for importing transactions is a live bank connection.
Does Wave offer live phone support?
No, it doesn’t; it offers only live chat and email support.
Bottom Line
FreshBooks and Wave have a lot of similar features despite their different pricing structures. FreshBooks has a definite edge as it provides more options to invoice and bill customers, track employee time, and track actual versus estimated project costs. Plus, it has unbeatable customer support. However, if you only need basic accounting features, such as income and expense tracking and invoicing, you may do well with Wave.
User review references:
[1]Capterra | FreshBooks
[2]G2.com | FreshBooks
[3]Software Advice | Wave
[4]G2.com | Wave
