FreshBooks vs Wave: Which Accounting Tool Should You Use in 2026?

A factual comparison of FreshBooks and Wave for invoicing, bookkeeping, and small business accounting — pricing, features, and who each tool actually fits.

Updated 2026-09 · 2026

FreshBooks

Invoicing and accounting software built for freelancers and small service businesses

$19month (Lite plan, billed monthly)

Strengths

+Strong time tracking and project billing for service-based businesses
+Client-facing invoices and proposals look more polished than most competitors
+Double-entry accounting with accountant collaboration tools

Weaknesses

-No free plan — 30-day trial only
-Client and invoice limits on lower tiers (Lite caps at 5 billable clients)
-Payroll and advanced reporting require add-ons or higher tiers

Best for

Freelancers and small service businesses that bill clients by time or project and want polished invoicing

Wave

Free accounting and invoicing software for small businesses

$0month (Starter plan; Pro is $16/mo)

Strengths

+Core accounting, invoicing, and receipt scanning are free with no client/invoice limits
+Double-entry bookkeeping included at no cost, not just invoicing
+Unlimited invoices, estimates, and bank/credit card connections on the free plan

Weaknesses

-No time tracking or project management features
-Customer support is email-only and slower on the free plan
-Payroll only available in select US states and Canada, priced separately

Best for

Solopreneurs and small businesses that need solid free bookkeeping and invoicing without project billing

Feature Comparison

Feature	FreshBooks	Wave
Free plan	No (30-day trial only)	Yes, unlimited invoicing and accounting
Starting paid price	$19/mo (Lite)	$16/mo (Pro)
Double-entry accounting	Yes, all plans	Yes, free on Starter
Invoice/client limits	5 clients on Lite, higher tiers needed to scale	Unlimited on both plans
Time tracking	Built in	Not available
Project/job billing	Strong, built for service billing	Not available
Receipt scanning	Included on paid plans	Included free
Payroll	Add-on, extra cost	Add-on, limited to US/Canada
Payment processing fees	2.9% + $0.30 per transaction (varies by plan)	2.9% + $0.60 per transaction (credit card)
Mobile app	Full-featured iOS/Android app	Invoicing app, lighter feature set
Support	Phone and chat on paid plans	Email only (priority on Pro)
Multi-user access	Extra cost per additional user	Included on Pro plan

The Verdict

If you bill clients by hour or project and want polished invoicing with time tracking, FreshBooks is worth paying for. If you just need solid bookkeeping and unlimited invoicing without per-client limits, Wave's free plan beats FreshBooks' 30-day trial and cheapest tier outright. Most solo freelancers and micro-businesses should start on Wave and only move to FreshBooks if they need project billing or team time tracking.

How to switch from FreshBooks to Wave

1In FreshBooks, export your financial reports (Profit & Loss, Balance Sheet, chart of accounts) as CSV from the Reports section, and download your full client list and open invoices — do this before canceling since access ends immediately after.
2Create a free Wave account and manually set up your chart of accounts to match what you exported, since Wave doesn't have a direct FreshBooks import tool.
3Import your client list into Wave's Customers section using the CSV upload, then recreate any recurring invoices manually since recurring billing setups don't transfer automatically.
4Connect your bank and credit card accounts in Wave to start pulling in transactions going forward, and manually enter any outstanding invoice balances from FreshBooks so your books stay accurate.
5If you used time tracking or project billing in FreshBooks, set up a replacement (e.g., Toggl Track) since Wave doesn't support this natively.
6Run both systems in parallel for one billing cycle — send new invoices from Wave while keeping FreshBooks read-only access until all outstanding invoices are paid, then cancel your FreshBooks subscription.

FreshBooks vs Wave: common questions

How do I export my data from FreshBooks before switching to Wave?+

In FreshBooks, go to Reports and export your Profit & Loss, chart of accounts, and client list as CSV files. Invoices can be exported individually as PDFs, but there's no bulk invoice export, so you'll want to download a full report of open/paid invoices from the Invoices tab before canceling. Do this before your subscription ends — access to reports stops immediately after cancellation.

What features do I lose moving from FreshBooks to Wave?+

You lose built-in time tracking and project-based billing, since Wave has neither. You also lose FreshBooks' phone support (Wave is email-only) and the ability to create detailed project profitability reports. If time tracking matters to your workflow, you'll need a separate tool like Toggl or Clockify alongside Wave.

Is Wave's free plan actually enough for a small team?+

For a solo operator or a business with 1-2 people handling invoicing and bookkeeping, yes — Wave's free plan has no invoice or client caps. If multiple people need separate logins with different permissions, you'll want the $16/mo Pro plan, which adds multi-user access and some automation. Larger teams needing approval workflows will find Wave limiting either way.

Does Wave integrate with the tools I already use with FreshBooks?+

Wave has far fewer native integrations than FreshBooks — no direct Zapier-level ecosystem for things like project management or CRM sync. You can connect Wave to Zapier for basic automations, and it syncs with bank accounts for transaction imports, but expect to rebuild any FreshBooks integrations manually or find workarounds.

Will switching to Wave actually save me money long-term?+

Yes, if you're currently on FreshBooks Lite ($19/mo) or Plus ($33/mo) and don't need time tracking, Wave's free Starter plan saves $228-$396/year outright, or $16/mo Pro still saves $36-$204/year. The savings shrink if you need payroll, since both charge separately for it, so compare payroll add-on costs before assuming Wave is cheaper overall.