FreshBooks vs. Wave Accounting Comparison
FreshBooks has more features for freelancers than Wave does. But Wave wins when it comes to cost.
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FreshBooks and Wave Accounting are each solid small-business accounting software options. That's especially true for freelancer and solopreneurs. But they have different strong points.
FreshBooks is great for small businesses that need basic inventory management, project tracking and time tracking. Wave is better for solopreneurs who rely mostly on invoicing capabilities and need little else.
FreshBooks is better for:
✔️ Time tracking.
✔️ Scalability for freelance businesses.
✔️ Client communication.
Wave is better for:
✔️ Just the basics.
✔️ Easy invoicing.
✔️ Microbusinesses.
FreshBooks pros and cons at a glance
Pros
Can stay in touch with clients via mobile app and see when invoices have been viewed or become overdue.
All plans include time and mileage tracking.
Weekday phone support, regardless of plan.
Cons
Lower-tier plans put limits on billable clients.
Entry-level plan lacks double-entry accounting reports, bank reconciliation and accountant access.
Wave pros and cons at a glance
Pros
Offers a free plan.
All plans support unlimited invoicing.
Has a simple user interface.
Cons
Must subscribe to Wave’s Pro plan or other paid services (payroll, payments, advisor, etc.) to receive customer support from a human.
No mileage tracking or client portal.
FreshBooks vs. Wave: Head-to-head comparison
| FreshBooks | Wave | |
|---|---|---|
| Key features | Has a strong invoicing feature; app lets users send invoices on the go, scan receipts and track mileage; basic inventory tracking for billable items; least expensive plan lacks double-entry accounting reports. | Has a strong invoicing feature; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking. |
| Ease of use | Auto-categorizes transactions for you, but you can’t set up your own bank rules; has customizable dashboard; least expensive plan lacks bank reconciliation tools. | Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules. |
| Scalability | Can support freelancers, contractors and small businesses with a handful of employees; highest-tier plan includes two users (additional users can be added for a fee). | Only ideal for very small service-based businesses, freelancers or contractors; paid plan allows an unlimited number of users. |
| Ease of sharing with accountants | Easy accountant access in Plus plan and up. | Accountant access in paid plan, but lacks audit trail. |
| Integrations | Integrates with more than 100 third-party apps; limited choices for direct payroll and point-of-sale integrations. | Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments. |
| Customer support | Includes phone support in all plans 8 a.m. to 7 p.m. ET from Monday to Friday, and offers email support and live chat. | Support for non-paying users is limited to the chatbot and self-service Help Center. |
| Cost |
|
|
| Advanced features | Project tracking tools in higher-tier plans; lacks industry-specific reports and transaction tracking tags; users with multiple businesses must pay for separate subscriptions. | Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. |
When to choose FreshBooks
Extra features
FreshBooks has a larger set of features than Wave. For example, you'll find basic inventory management, mileage tracking and time tracking in all plans. And the Premium plan has project tracking tools.
Wave doesn't offer these capabilities. Aside from basic reporting, invoicing, bank reconciliation and transaction tracking, it's pretty limited.
Customer support
FreshBooks offers phone support Monday-Friday from 8 a.m. to 7 p.m. ET, along with email and chat support. Representatives aim to address emails within 90 minutes.
If you don't pay for any Wave services, you're limited to self-service help. Paid Wave services include Wave Payroll and Wave Payments. If you pay for one of those, you can access support through live chat or email. However, you’ll only receive phone support by paying for a Wave Advisor package.
Integrations
If you plan to integrate with other business software, FreshBooks is the better option. It syncs with more than 100 popular products, like Gusto and Square.
Wave, on the other hand, doesn't have third-party app integrations. You can use its in-house payroll software, but that's about it. If you'd like you sync with another program, you need to pay for a separate subscription to Zapier.
When to choose Wave
Cost
If Wave checks all your boxes and you don't foresee any future expansion, there's little reason to pay for a pricier product. It costs less than FreshBooks — even if you need to upgrade to the $19-per-month Pro plan. FreshBooks' entry-level Lite plan is $23 per month.
Plus, FreshBooks' Lite and Plus plans limit how many billable clients you can have. Wave's free plan includes unlimited invoicing for an unlimited number of clients.
FreshBooks and Wave alternatives
Starting at $38/monthAdditional pricing tiers (per month): $75, $115, $275. | Starting at $25/monthAdditional pricing tiers (per month): $55, $90. |
Promotion 50% offfor 3 months or free 30-day trial. | Promotion 90% offfor 6 months. |
QuickBooks Online: Better scalability. QuickBooks has a number of features you won't find in FreshBooks or Wave. Those include more in-depth inventory tracking and detailed transaction tagging. Both can be helpful for growing businesses. And if your books get too complicated, it should be easy to find a bookkeeper who's familiar with QuickBooks. Read our full QuickBooks Online review.
Xero: Better for third-party integrations. Unlike FreshBooks and Wave, Xero integrates with more than 1,000 third-party products. It's a good alternative if you have a large ecosystem of business software programs. Read our full Xero review.
» MORE: FreshBooks vs. Xero
Zoho Books: Better free plan. Zoho Books has a more feature-packed free plan than Wave. For example, you'll find accountant access, receipt scanning and email support. With five paid plans, it's also more scalable. Read our full Zoho Books review.
» MORE: FreshBooks vs. Zoho Books
A version of this article was first published on Fundera, a subsidiary of NerdWallet.
Methodology
NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Our editorial team reviews information on a regular basis for consistency and accuracy.
We also periodically update our scoring system to reflect changing industry norms and business needs. For instance, in 2026, we stopped factoring in whether mobile apps work for both Android and iOS smartphones. If an accounting software product has its own mobile app, it’s almost always available for both operating systems.
NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories. Learn more about how we rate small-business accounting software.
These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Bonus offer
Best Accounting Software for Small Businesses
| Product | Starting at | Promotion | |
|---|---|---|---|
 Xero Nerdwallet Rating on Xero's website | $25/month Additional pricing tiers (per month): $55, $90. | 90% off for 6 months. | on Xero's website |
 QuickBooks Online Nerdwallet Rating on QuickBooks' website | $38/month Additional pricing tiers (per month): $75, $115, $275. | 50% off for 3 months or free 30-day trial. | on QuickBooks' website |
 FreshBooks Nerdwallet Rating on FreshBooks' website | $23/month Additional pricing tiers (per month): $43, $70, custom. | 70% off for 4 months. | on FreshBooks' website |
 Zoho Books Nerdwallet Rating on Zoho Books' website | $0 Additional pricing tiers (per month): $20, $50, $70, $150, $275. | 14-day free trial of the Premium plan. | on Zoho Books' website |
