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Head-to-head comparison
| Category | FreshBooks | Wave |
|---|---|---|
| Starting price | $23/mo (Lite, up to 5 clients) | $0 (Starter, unlimited invoices) |
| Free plan | None — 30-day trial only | Yes — unlimited invoices, estimates, bills + bookkeeping |
| Time tracking | Yes — built in, converts hours to invoice lines | No native time tracking on any plan |
| Invoicing | Customizable invoices, auto reminders, recurring (Plus+) | Unlimited professional invoices, auto reminders on paid |
| Bookkeeping | Expense tracking, tax reports; double-entry on Plus+ | Full double-entry bookkeeping, free |
| Payments | Cards, ACH, Apple/Google Pay | Cards on invoices; payouts to US/CA banks only |
| Client portal | Yes | Not on the free tier |
| Multi-currency | Not highlighted | Invoicing in 160+ currencies |
| Biggest limitation | Client caps (5 on Lite); add-ons add up | No time tracking; US/CA-only payouts |
Pricing: $23/mo vs $0
This is the starkest contrast in the comparison. FreshBooks starts at $23/mo for the Lite plan (up to 5 billable clients), rising to $43/mo (Plus, 50 clients) and $70/mo (Premium, unlimited). Annual billing saves roughly 10%, and intro promos are frequent — but there is no permanent free plan, only a 30-day trial.
Wave flips the model: the Starter plan is free and includes unlimited invoices, estimates, bills, bookkeeping, and expense tracking. The $19/mo Pro plan mainly adds receipt capture and lower processing fees. Wave earns from payment processing (2.9% + $0.60 per transaction on Starter) rather than subscriptions.
Where each one wins
FreshBooks wins on workflow
If you bill by the hour or by project, FreshBooks’ built-in time tracking is the killer feature: tracked hours convert directly into invoice line items, expenses flow in via receipt scanning, and recurring invoices with automatic reminders chase late payers. It’s designed for people who’d rather be working than doing admin.
Wave wins on price and books
Wave gives you something remarkable at $0: real double-entry bookkeeping plus unlimited invoicing. For freelancers who don’t bill hourly — writers, designers on fixed projects, consultants on retainers — and whose banks are in the US or Canada, Wave covers invoicing and year-end books without a subscription.
Our verdict
Choose FreshBooks if you bill by time or project and want the smoothest path from tracked hours to paid invoice. Choose Wave if your budget is zero, you don’t need time tracking, and you want real bookkeeping free. Many freelancers start on Wave and graduate to FreshBooks when hourly billing makes the $23/mo pay for itself.
Frequently asked questions
Is Wave really free compared to FreshBooks?
Yes — Wave’s Starter plan is free forever and includes unlimited invoices, estimates, bills, and full double-entry bookkeeping. FreshBooks has no free plan; its cheapest tier is $23/mo (Lite). Wave makes money from payment processing instead of subscriptions.
Can Wave replace FreshBooks for hourly billing?
Not really. Wave has no native time tracking on any plan, so if you bill by the hour, FreshBooks’ built-in time tracking — which converts tracked hours directly into invoice line items — is the decisive advantage.
Which is better for a freelancer just starting out?
Start with Wave if your budget is zero and you don’t bill hourly — it handles invoicing and bookkeeping free. Choose FreshBooks when you’re billing by time or project and want invoicing to feel effortless; the $23/mo pays for itself in saved admin time.
Do FreshBooks and Wave both handle taxes?
Both produce tax-time reports. Wave gives you balance sheet and income statements free (double-entry). FreshBooks offers tax reports, P&L, and balance sheet, with double-entry accounting on Plus and above. Neither replaces an accountant for complex US taxes — that’s QuickBooks Online territory.