FreshBooks vs Wave Financial: Which One Fits Your Solo Dev Stack?
Free tier limits, real costs for 1-10 users, and honest "not for" warnings. The Solo Dev decision guide for FreshBooks vs Wave Financial.
⚡ Quick Verdict
FreshBooks edges ahead with a 4.5/5 rating. However, the best choice depends on your team size, budget, and workflow needs. Read on for the full breakdown.
💰 Cost by Team Size
| Team Size | FreshBooks | Wave Financial |
|---|---|---|
| Solo (1 user) | $7.6/mo | $0/mo |
| Small (5 users) | $13.2/mo | $0/mo |
| Growing (10 users) | $24/mo | $0/mo |
| Free Tier | ❌ No | ✅ Completely free accounting, invoicing, and receipt scanning. Unlimited invoices and clients. Unlimited users. |
Pricing Plans
| Plan | FreshBooks | Wave Financial |
|---|---|---|
| Free Plan | ❌ No | ✅ Yes |
| Lite | $7.6/mo | $0/mo |
| Plus | $13.2/mo | $0/mo |
| Premium | $24/mo | — |
| Select | Custom | — |
Feature Comparison
| Feature | FreshBooks | Wave Financial |
|---|---|---|
| Invoicing | ★★★★★ | ★★★★☆ |
| Reporting | ★★★☆☆ | ★★★☆☆ |
| Tax Preparation | ★★★★☆ | ★★★☆☆ |
Pros & Cons
FreshBooks
✅ Pros
- Best-in-class invoice creation — professional and customizable
- Built-in time tracking and project management
- Automatic payment reminders reduce late payments by 30%
- Double-entry accounting without the complexity
- Excellent mobile app for on-the-go invoicing
❌ Cons
- No free plan — only 30-day trial
- Lite plan limited to 5 clients
- Reporting is basic compared to QuickBooks or Xero
- Limited inventory management
- Payroll is a paid add-on ($40+/mo)
Wave Financial
✅ Pros
- 100% free accounting and invoicing — no catch
- Unlimited invoices, clients, and users on free plan
- Double-entry accounting with bank connections
- Receipt scanning via mobile app
- Professional invoice templates
❌ Cons
- No inventory management
- Limited integrations (no Zapier, limited API)
- Payment processing fees are higher than Stripe (2.9% + 60¢)
- No time tracking or project management
- Customer support is limited on free plan
Who Should Use What?
✅ Choose FreshBooks if...
- You are a freelancers and consultants who invoice clients
- You are a service businesses needing time + expense tracking
- You are a non-accountants who want simple bookkeeping
🚫 Skip if...
- Product businesses with inventory
- Companies needing advanced reporting
- Budget-conscious solos (Wave is free)
✅ Choose Wave Financial if...
- You are a freelancers who want free accounting
- You are a side hustlers and micro-businesses
- You are a non-technical users needing basic bookkeeping
🚫 Skip if...
- Growing businesses needing advanced features
- Teams needing payroll integration
- Businesses with inventory
🏆 Our Verdict
Both FreshBooks (4.5/5) and Wave Financial (4.3/5) are excellent tools in their category. FreshBooks takes a slight edge overall, but the best choice ultimately depends on your team's specific needs, budget, and existing tool ecosystem.
Frequently Asked Questions
Is FreshBooks better than Wave Financial?
It depends on your needs. FreshBooks excels in some areas while Wave Financial has its own strengths. Read our full comparison above to see which tool fits your specific requirements.
How does FreshBooks pricing compare to Wave Financial?
FreshBooks starts at $7.6/mo, while Wave Financial starts at Free / $0/mo. Both offer different value propositions — check our pricing comparison section for a detailed breakdown.
Can I migrate from FreshBooks to Wave Financial?
Yes, most B2B tools offer data import/export features. Wave Financial typically provides migration guides and sometimes even dedicated support for switching from FreshBooks.
Which is easier to use, FreshBooks or Wave Financial?
Ease of use depends on your team's experience and workflow preferences. We evaluated both tools on usability — see our feature comparison scores above for details.
Join 500+ Solo Developers
Get monthly curated stacks, detailed tool comparisons, and solo dev tips delivered to your inbox. No spam, ever.