Zoho Invoice vs Wave: Which Free Invoicing Tool Should You Use?

A factual comparison of Zoho Invoice and Wave — two free invoicing and accounting tools — covering features, fees, and which one fits your team.

Updated 2026-10 · 2026

Zoho Invoice

Free invoicing software with time tracking and project billing

Freeforever (no paid tiers)

Strengths

+Completely free with no feature-gated paid plans
+Built-in time tracking and project-based billing
+Client portal for invoice approval and online payment

Weaknesses

-Not a full accounting system — needs Zoho Books for bookkeeping/reports
-Free plan limited to 3 users per organization
-Fewer regional payment gateway options than Wave

Best for

Freelancers and small teams who bill by time or project and want it integrated with other Zoho apps.

Wave

Free accounting and invoicing software for small businesses

Freeforever (core invoicing/accounting)

Strengths

+Free double-entry accounting and invoicing in one product
+Unlimited users/collaborators on the free plan
+Automatic bank and credit card transaction import

Weaknesses

-Payment processing fees: 2.9%+30¢ per card transaction, 1% for bank payments
-Payroll is a paid add-on, only available in the US and Canada
-No native time tracking or project billing

Best for

US/Canada-based small businesses that need free bookkeeping and invoicing combined in one app.

Feature Comparison

Feature	Zoho Invoice	Wave
Starting price	Free	Free
Invoicing	Yes	Yes
Double-entry accounting	Requires Zoho Books	Yes, built in
Time tracking	Yes	No
Project-based billing	Yes	No
Recurring invoices	Yes	Yes
Payment processing fees	Via connected gateway (Stripe/PayPal rates apply)	2.9%+30¢ card, 1% bank payment
Multi-currency invoicing	Yes	Limited
Bank reconciliation	Requires Zoho Books	Yes, included
Payroll	Not available	Paid add-on (US/Canada only)
Client portal	Yes	Yes
Mobile app	Yes	Yes

The Verdict

If you need real double-entry bookkeeping for free, Wave wins outright — it's accounting software with invoicing bolted on, not the other way around. If you bill clients by time or project, or you're already inside the Zoho ecosystem, Zoho Invoice is the better fit since Wave has no native time tracking at all.

How to switch from Zoho Invoice to Wave

1Export your data from Zoho Invoice via Settings > Data Export, which produces a ZIP file of CSVs for invoices, estimates, customers, items, and payments.
2Create a free Wave account and configure your business profile, base currency, and tax settings before importing anything.
3Import customers and items into Wave using the bulk CSV import under Sales > Customers, cleaning up the Zoho CSV headers to match Wave's import template.
4Manually recreate recurring invoice schedules and payment reminder rules in Wave, since Zoho's automation settings don't transfer with the export.
5Reconnect your payment processor (Stripe or PayPal) inside Wave and send a test invoice to confirm payments land correctly.
6Update client-facing payment links and invoice portals, then archive the Zoho Invoice account only after confirming a final reconciliation between both systems.

Zoho Invoice vs Wave: common questions

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

Go to Settings > Data Export in Zoho Invoice, which generates a ZIP file of CSV exports covering invoices, estimates, customers, items, and payments. Download this before canceling or archiving your account, since Zoho doesn't retain full export access indefinitely after deactivation.

What do I lose moving from Zoho Invoice to Wave?+

You lose time tracking and project-based billing, since Wave has no native equivalent. You also lose direct integration with Zoho CRM and Zoho Projects, and Wave's multi-currency support is less developed than Zoho's.

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

Yes for core invoicing and bookkeeping — unlimited invoices, unlimited collaborators, and unlimited bank connections are all free. The catch is you'll pay transaction fees on every online payment and need the paid payroll add-on if you run payroll.

Does Wave integrate with the same apps as Zoho Invoice?+

No, Wave has a much smaller integration list, mainly Zapier, PayPal, and Etsy. Zoho Invoice connects natively to the broader Zoho suite (Books, CRM, Projects) plus Stripe, PayPal, and Zapier, so you'll likely need Zapier workarounds after switching.

What's the real cost over time if both tools are free?+

Zoho Invoice's cost stays at zero regardless of invoice volume since there are no paid tiers. Wave stays free for invoicing and accounting, but your actual cost scales with payment volume because of per-transaction processing fees, plus payroll costs if you use that add-on.