Notion vs Wave
A detailed, side-by-side comparison of Notion and Wave. We compare features, pricing, ease of use, and value for money to help you make the right choice in 2026.
Reviewed by the Ikaroa team · Last updated: March 2026
Quick Verdict
Notion edges ahead overall with a rating of 4.4/5. However, Wave (3.8/5) may be the better fit if you prioritise Freelancers and micro-businesses wanting genuinely free accounting and invoicing. Read on for the full breakdown.
Notion vs Wave at a Glance
Notion
★ 4.4Notion is a flexible workspace for notes, wikis, and databases. While not a traditional CRM, many teams build custom CRM systems using its database features.
Starting from: £0/month
Best for: Teams wanting a flexible workspace that can be moulded into a custom CRM
Read full review →Wave
★ 3.8Wave is a genuinely free accounting platform for small businesses. It offers invoicing, accounting, receipt scanning, and financial reporting at no cost. Wave makes money through optional paid services like payroll, payments processing, and bookkeeping. Ideal for freelancers and micro-businesses on a tight budget.
Starting from: £0/month
Best for: Freelancers and micro-businesses wanting genuinely free accounting and invoicing
Read full review →Notion vs Wave Feature Comparison
Here is how Notion and Wave compare across the features that matter most. We have tested both platforms extensively across client implementations.
| Feature | Notion | Wave |
|---|---|---|
| Free Plan Available | Yes | Yes |
| Starting Price | £0/month | £0/month |
| Best For | Teams wanting a flexible workspace that can be moulded into a custom CRM | Freelancers and micro-businesses wanting genuinely free accounting and invoicing |
| Our Rating | 4.4/5 | 3.8/5 |
| Mobile App | Yes | Limited |
| Email Marketing | No | No |
| Automation | Limited | Limited |
| Reporting | Basic | Yes |
| Integrations | Extensive | Limited |
| API Access | Yes | Limited |
| Ikaroa Exclusive Discount | N/A | N/A |
Notion vs Wave Pricing
Pricing is often the deciding factor. Here is a full breakdown of what each platform charges at every tier:
Notion Pricing
Free
£0/month
- ✓Unlimited pages
- ✓7-day page history
- ✓10 guests
Plus
£7/user/month
- ✓Everything in Free
- ✓Unlimited file uploads
- ✓30-day page history
- ✓100 guests
Business
£12/user/month
- ✓Everything in Plus
- ✓SAML SSO
- ✓90-day page history
- ✓250 guests
Enterprise
Custom
- ✓Everything in Business
- ✓Advanced security
- ✓Audit log
- ✓Unlimited page history
Wave Pricing
Free
£0/month
- ✓Unlimited invoicing
- ✓Accounting
- ✓Receipt scanning
- ✓Financial reports
Pro (Payments)
2.9% + 30p per transaction
- ✓Online payments
- ✓Bank payments
- ✓Recurring billing
Pro (Payroll)
£16/month + £5/employee
- ✓Self-service payroll
- ✓Direct deposits
- ✓Tax filings
Not sure which to pick?
Our team has implemented both Notion and Wave for clients. We can help you decide based on your specific needs.
Notion Pros and Cons
✓Pros
- •Extremely flexible and customisable
- •Beautiful, clean interface
- •Combine docs, databases, and wikis
- •Active template community
- •Good free plan
✗Cons
- •Not a dedicated CRM (requires building your own)
- •No automation without third-party tools
- •No email integration by default
- •Can become slow with large databases
- •Learning curve for advanced features
Wave Pros and Cons
✓Pros
- •Completely free for core accounting and invoicing
- •No user or feature limits on free plan
- •Easy to learn for beginners
- •Receipt scanning via mobile app
- •No trial period or hidden fees for core features
✗Cons
- •Revenue comes from payment processing fees
- •No inventory management
- •Limited integrations
- •No project tracking or time tracking
- •Payroll only available in US and Canada
Our Verdict: Notion vs Wave
Both Notion and Wave are solid options, but they serve different needs. Having implemented both for multiple clients, here is our recommendation:
Choose Notion if you need Teams wanting a flexible workspace that can be moulded into a custom CRM. With a starting price of £0/month and a rating of 4.4/5, it offers extremely flexible and customisable.
Choose Wave if you need Freelancers and micro-businesses wanting genuinely free accounting and invoicing. Starting at £0/month with a 3.8/5 rating, it excels at completely free for core accounting and invoicing.
Still not sure? Talk to the Ikaroa team. We have helped hundreds of businesses make this exact decision, and we are happy to point you in the right direction.
🎁 Get either product at a discount through Ikaroa Partners
Consider Open Doors Instead
Why choose between Notion and Wave? Open Doors gives you the best features of both in one platform, for less. It is an all-in-one CRM with email marketing, SMS, funnels, booking, invoicing, automation, and more, starting at just £97/month with unlimited contacts.
Need implementation help?
Ikaroa can set up Notion or Wave for your business, migrate your data, and train your team. We have done it dozens of times.
Free consultation. No obligation.