Wave vs FreshBooks
A detailed, side-by-side comparison of Wave and FreshBooks. 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
FreshBooks edges ahead overall with a rating of 4.2/5. 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.
Wave vs FreshBooks at a Glance
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 →FreshBooks
★ 4.2FreshBooks is an invoicing-first accounting platform designed for freelancers and service-based businesses. It excels at creating professional invoices, tracking time, managing expenses, and accepting payments. While it has added double-entry accounting features, its core strength remains making invoicing painless.
Starting from: £12/month
Best for: Freelancers and service businesses wanting beautiful invoicing with time tracking
Read full review →Wave vs FreshBooks Feature Comparison
Here is how Wave and FreshBooks compare across the features that matter most. We have tested both platforms extensively across client implementations.
| Feature | Wave | FreshBooks |
|---|---|---|
| Free Plan Available | Yes | No |
| Starting Price | £0/month | £12/month |
| Best For | Freelancers and micro-businesses wanting genuinely free accounting and invoicing | Freelancers and service businesses wanting beautiful invoicing with time tracking |
| Our Rating | 3.8/5 | 4.2/5 |
| Mobile App | Limited | Yes |
| Email Marketing | No | No |
| Automation | Limited | Limited |
| Reporting | Yes | Yes |
| Integrations | Limited | Limited |
| API Access | Limited | Limited |
| Ikaroa Exclusive Discount | N/A | N/A |
Wave vs FreshBooks Pricing
Pricing is often the deciding factor. Here is a full breakdown of what each platform charges at every tier:
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
FreshBooks Pricing
Lite
£12/month
- ✓5 billable clients
- ✓Unlimited invoices
- ✓Expense tracking
- ✓Time tracking
Plus
£22/month
- ✓50 billable clients
- ✓Automated recurring invoices
- ✓Business health reports
- ✓Double-entry accounting
Premium
£35/month
- ✓Unlimited clients
- ✓Project profitability
- ✓Customised email templates
- ✓Auto bank reconciliation
Select
Custom
- ✓Dedicated account manager
- ✓Custom onboarding
- ✓Accounts payable
- ✓Lower credit card rates
Not sure which to pick?
Our team has implemented both Wave and FreshBooks for clients. We can help you decide based on your specific needs.
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
FreshBooks Pros and Cons
✓Pros
- •Best-in-class invoicing experience
- •Excellent time tracking built in
- •Beautiful, professional invoice templates
- •Easy to learn for non-accountants
- •Great mobile app for invoicing on the go
✗Cons
- •Client limits on lower tiers
- •Full accounting features are newer and less mature
- •More expensive per feature than Xero or QuickBooks
- •Limited inventory management
- •Not suitable for complex accounting needs
Our Verdict: Wave vs FreshBooks
Both Wave and FreshBooks are solid options, but they serve different needs. Having implemented both for multiple clients, here is our recommendation:
Choose Wave if you need Freelancers and micro-businesses wanting genuinely free accounting and invoicing. With a starting price of £0/month and a rating of 3.8/5, it offers completely free for core accounting and invoicing.
Choose FreshBooks if you need Freelancers and service businesses wanting beautiful invoicing with time tracking. Starting at £12/month with a 4.2/5 rating, it excels at best-in-class invoicing experience.
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 Wave and FreshBooks? 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 Wave or FreshBooks for your business, migrate your data, and train your team. We have done it dozens of times.
Free consultation. No obligation.