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Wave and FreshBooks are the two invoicing-and-accounting apps freelancers ask about most. Both send professional invoices, take card payments, and track expenses. The real differences are price, payment fees, and how much hand-holding you want.
The short answer
Choose Wave if you want to pay $0 for software and you invoice a modest number of clients in the US or Canada. Choose FreshBooks if you track billable hours, want the most polished client experience, and are fine paying a monthly fee once the introductory discount ends.
Pricing (official pages, October 13, 2026)
| Wave | FreshBooks | |
|---|---|---|
| Entry plan | Starter: $0 | Lite: list $23/mo |
| Next tier | Pro: $19/mo or $190/yr | Plus: $43/mo; Premium: $70/mo |
| Intro discounts | Promos sometimes shown | Shown: 80% off for 3 months |
| Card fees | 2.9% + $0.60 (Starter); Pro: 2.9% + $0 on first 10 cumulative transactions/mo, then 2.9% + $0.60; Amex 3.4% | 2.9% + $0.30 on most cards |
| Bank transfer | See Wave's site | ACH 1% |
| Add-ons | Payroll from $25/mo (varies by plan/region); bookkeeping help from $149/mo | Team members $11/mo each; Advanced Payments $20/mo on lower plans |
Cost over a year
Ignoring processing fees, Wave Starter costs $0 a year and Wave Pro $190 billed annually. FreshBooks Lite at the $23 list price is $276 a year once promotions end, and Plus is $516. For a freelancer billing $5,000 a month by card, processing (about 2.9%) is roughly $1,740 a year on either platform — far more than the subscription. The biggest saving available to you is moving large clients to bank transfer, not choosing between these two apps.
Invoicing and getting paid
Both apps send branded invoices, recurring invoices, and reminders, and both let clients pay by card online. FreshBooks' lower fixed fee ($0.30 vs $0.60 on Wave Starter) matters only if you send many small invoices. Wave Pro's waived fixed fee on your first ten monthly transactions narrows the gap.
Time tracking and projects
FreshBooks wins clearly. Time tracking, projects, and estimates-to-invoices workflows are core to the product, which is why consultants and agencies like it. Wave is lighter on project features; if you bill hourly, you'd pair it with a separate timer.
Bookkeeping
Both include expense tracking and basic reports. Wave's free plan includes bookkeeping records; Wave Pro adds automation like auto-imported bank transactions. Both also offer paid human help — Wave lists bookkeeping and advisory services starting around $149–$199/month.
Who should pick which
- New freelancer, few clients, tight budget: Wave Starter.
- Hourly consultant or small agency: FreshBooks Plus.
- Wants automation but not FreshBooks' price: Wave Pro at $190/yr.
- Outside the US/Canada: check availability carefully; FreshBooks has broader international support, and Wave focuses on the US and Canada.
Verdict
Wave is the better value for most solo freelancers; FreshBooks is the better product for people who live in time sheets. Try Wave free first. If you find yourself bolting on a timer and wishing for project views, switch to FreshBooks during a promo window.
FAQ
Is Wave really free?
Wave's Starter plan is listed at $0. You pay per transaction if clients pay by card (2.9% + $0.60 on Starter) and for optional add-ons like payroll.
Is FreshBooks worth the money?
If you bill hourly and use its time tracking and projects, yes. If you only send a few fixed-price invoices, Wave covers you for free.
Can I switch from Wave to FreshBooks later?
Yes. Both export customer and invoice data, and FreshBooks markets an 'Easy Switch' import. Switch at the start of a quarter to keep books clean.
Which is better for taxes?
Neither files your taxes. Both produce reports your tax preparer can use. For quarterly estimates, use our set-aside calculator on the homepage.