FreshBooks
From ~$19 per mo
Wave
Free accounting / pay for payments & payroll
FreshBooks is an easy, invoicing-first accounting tool with polished features and time tracking for service pros. Wave offers free accounting and invoicing for very small businesses, charging only for payments and payroll. FreshBooks wins on polish and features; Wave wins on free, simple accounting.
Pick FreshBooks if you want polished, invoicing-first accounting with time tracking for a service business.
Pick Wave if you want free, simple accounting and invoicing for a very small business or side hustle.
FreshBooks and Wave both serve freelancers and small businesses, but they differ on price and depth. FreshBooks is a polished, invoicing-first tool with strong time tracking, expense management, and a clean experience designed for service businesses. Wave is notably free for its core accounting and invoicing, making money instead through payment processing and payroll add-ons, which makes it a great fit for very small businesses on a tight budget.
On price, FreshBooks starts around $19 a month, while Wave's accounting and invoicing are free (you pay for payments and payroll). The choice is mostly polished, feature-rich invoicing (FreshBooks) versus free, simple accounting (Wave).
We compare invoicing, accounting, pricing, features, and value.
| Quick facts | FreshBooks | Wave |
|---|---|---|
| Core price | From ~$19/mo | Free (core) |
| Invoicing polish | Best-in-class | Strong |
| Time tracking | Best-in-class | Limited |
| Free core accounting | ||
| Best for | Service pros + polish | Free for very small biz |
Each row reflects the feature on each product's current public release.
| Feature | F FreshBooks | W Wave |
|---|---|---|
| Invoicing | Best-in-class | Strong |
| Free core accounting | No | Yes |
| Time tracking | Best-in-class | Limited |
| Expense management | Strong | Good |
| Double-entry accounting | Strong | Strong |
| Payments & payroll | Add-on | Paid add-on |
| Ease for non-accountants | Best-in-class | Strong |
| Lowest cost | No | Yes |
Pricing and features change often. Always verify the current details on each product's official site. Last reviewed 2026-06-26.
Things neither product's marketing page leads with.
FreshBooks is more polished with better time tracking, but it costs money where Wave is free for core features.
Wave is free and simple, but its features and support are lighter than FreshBooks.
For polish and features FreshBooks wins; for free, simple accounting Wave wins.
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