Wave vs FreshBooks: Which Is Cheaper for Your Business?
Updated 16 April 2026
Quick verdict
Wave is free. FreshBooks starts at $7.70/mo. Wave wins on price every time. FreshBooks wins on invoice polish, built-in time tracking, and client portal quality. If those features matter to your business, the $7.70/month is reasonable. If they do not, Wave delivers the same core accounting at zero cost.
Side-by-Side Pricing
| Feature | Wave | FreshBooks Lite | FreshBooks Plus |
|---|---|---|---|
| Monthly cost | Free | $7.70/mo | $15/mo |
| Client limit | Unlimited | 5 active | 50 active |
| Invoicing | Unlimited | Unlimited | Unlimited |
| Bank feeds | Yes | Yes | Yes |
| Expense tracking | Yes | Yes | Yes |
| Time tracking | No | Yes | Yes |
| Proposals/estimates | No | No | Yes |
| Users included | Unlimited | 1 | 1 |
| Extra user cost | $0 | $11/mo | $11/mo |
| Payroll | $20 + $6/emp | $40 + $6/emp | $40 + $6/emp |
| Receipt capture | Yes | Yes | Yes |
| Client portal | Basic | Polished | Polished |
Scenario Comparisons
Solo freelancer, 3 clients
Wave
$0/mo
FreshBooks
$7.70/mo (Lite)
FreshBooks Lite works here since you are under the 5-client cap. But Wave is free and covers the same basics.
Freelancer with 15 active clients
Wave
$0/mo
FreshBooks
$15/mo (Plus)
FreshBooks Lite does not work (5-client cap). Plus is required. Wave handles unlimited clients for free.
Small team of 3, no payroll
Wave
$0/mo
FreshBooks
$37/mo (Plus + 2 users at $11 each)
Wave allows unlimited collaborators at no cost. FreshBooks charges $11/month per additional user.
What FreshBooks Has That Wave Does Not
Time tracking
Built-in time tracking with billable hours. Wave has no time tracking at all. If you bill by the hour, this is a genuine advantage.
Proposals and estimates
FreshBooks Plus lets you send proposals and estimates that convert to invoices when approved. Useful for service businesses.
Client retainers
FreshBooks supports collecting retainer deposits. Wave does not have a retainer workflow.
Polished client portal
FreshBooks has a cleaner, more professional client-facing experience. If clients log in to pay invoices, this matters.
Choose Wave when:
- ✓Zero cost is your priority
- ✓You do not bill by the hour
- ✓You have more than 5 active clients
- ✓Multiple people need access to the books
- ✓Your accounting needs are straightforward
Choose FreshBooks when:
- •Time tracking is essential to your workflow
- •You send proposals before invoicing
- •Client-facing invoice quality matters to your brand
- •You have 5 or fewer active clients (Lite is enough)
- •You value a cleaner, more guided user interface