FreshBooks and Wave both target solo operators and service businesses. Wave's core accounting and invoicing are free; FreshBooks charges but adds stronger time-tracking, proposals, and client tools. Pick Wave to start lean, FreshBooks once billable-time and client workflows justify the fee.
FreshBooks
Best invoicing + accounting combination for freelancers and agencies.
Pros
Wave (acquired by H&R Block)
Free accounting and invoicing — the right pick at zero budget.
Pros
Pick FreshBooks if: Freelancers, service-based agencies, consultants, and time-billable service businesses where invoicing and time-tracking are as important as accounting.
Pick Wave if: Solopreneurs, side-hustle operators, and freelancers at zero or near-zero revenue who want real double-entry accounting software rather than a spreadsheet.
Apply at FreshBooks →Apply at Wave (acquired by H&R Block) →
Wave's core accounting, invoicing, and receipt scanning are free with no subscription fee. Wave charges per-transaction fees for payment processing: 2.9% + $0.30 per credit card transaction and 1% per ACH bank transfer (per Wave's published pricing as of 2026). If you only need the books and invoicing without online payment collection, Wave costs nothing.
Neither includes payroll in the base plan. FreshBooks integrates with Gusto (third-party, additional cost). Wave offers Wave Payroll as a paid add-on available in most U.S. states — per both companies' published plans as of 2026. Payroll pricing and availability vary by state; check each provider's current pricing page before selecting.
Both platforms export accounting data to CSV. There is no native migration path between them — you would need to re-import clients, invoices, and opening account balances manually or via CSV upload. Wave's chart of accounts and transaction history can be exported and used as a reference when setting up FreshBooks. Plan a clean cutover date at the start of a fiscal period to simplify the transition.
FreshBooks supports multi-currency invoicing on all paid plans — you can invoice clients in foreign currencies and FreshBooks records the exchange rate at the time of invoice. Wave's free plan does not natively support multi-currency billing; all accounts are managed in a single base currency. For businesses invoicing international clients in local currencies, FreshBooks has a meaningful advantage over Wave's free tier. Verify current plan features at freshbooks.com and waveapps.com before selecting.
Yes. Both platforms offer bank connection for automatic transaction import. FreshBooks connects via Plaid and imports transactions for categorization and reconciliation. Wave includes bank connection and automatic import in its free plan. Both use read-only connections — they cannot initiate transfers. For businesses that want to minimize manual data entry, both platforms deliver comparable bank-feed functionality, with Wave offering it at no cost.
Both generate a profit and loss (P&L) report. FreshBooks produces a P&L on all paid plans; Wave provides a P&L and balance sheet through its free accounting module. Both are sufficient for a small service business's internal review and basic tax prep. For accountant-quality chart-of-accounts detail and journal-entry access, QuickBooks Online is the CPA standard — but for owner-level P&L visibility, both FreshBooks and Wave cover the need. Wave's free P&L is a strong value for bootstrapped businesses.
Independent editorial comparison. ClearValue Lending is not the issuer of any product compared here; affiliate links may pay a referral commission at no cost to you — selection is independent of compensation.