Before comparing features or pricing, there's a filter question that settles this comparison for a lot of freelancers immediately: Wave has only accepted new account signups from the US and Canada since November 2020. If you're freelancing from anywhere else, Wave's own signup flow now redirects you to Zoho Books instead, and this comparison is moot — go read our FreshBooks vs QuickBooks or full invoicing guide instead. For US- and Canada-based freelancers who can actually choose between the two, here's how they compare.
The core trade-off
Wave's core invoicing and accounting features are free, monetized instead through payment processing fees. FreshBooks charges a subscription starting around $19-23/month but includes time tracking, proposals (on higher tiers), and a more polished day-to-day experience. The decision mostly comes down to whether you bill by the hour and want that workflow built in, or whether simple invoicing and bookkeeping at zero cost matters more.
Coming from a consulting background, I tend to look at pricing structures first rather than features — and the North America restriction on Wave's free plan is the kind of detail that would have been buried in a features comparison but actually decides this one for most readers.
Quick comparison
| Wave | FreshBooks | |
|---|---|---|
| Availability | US and Canada only (new signups) | Works globally |
| Starting price | Free (Starter plan) | ~$19-23/month (Lite) |
| Time tracking | Not included | Included on every plan |
| Payment processing | 2.9% + $0.60 per transaction | Similar processing rates, bundled differently by plan |
| Proposals | Not available on any plan | Available from the Plus plan up |
| User reviews (TrustRadius) | Notably lower — recent reports cite payment-holding complaints | Consistently higher, particularly for interface and mobile app quality |
Where Wave wins
Zero subscription cost is real and meaningful for a freelancer just starting out — Wave's Starter plan includes unlimited invoicing and double-entry bookkeeping without a monthly fee, which is hard to beat on pure price. If your bookkeeping needs are simple (no hourly billing, no proposals, straightforward invoicing) and you're comfortable with Wave's revenue model of charging for payment processing instead, it's a genuinely capable free tool, not a crippled trial.
Where FreshBooks wins
Time tracking is built into every FreshBooks plan and flows directly into invoices — a workflow Wave doesn't offer at all, which matters if any of your work is billed hourly. FreshBooks also works for freelancers anywhere in the world, not just North America, and multiple 2026 reviews specifically flag concerns with Wave's payment processing reliability — user review scores on independent platforms like TrustRadius consistently favor FreshBooks, with some 2026 reports citing Wave complaints about payment funds being held without clear explanation. For a freelancer whose cash flow timing actually matters, that's a real risk worth weighing against the subscription savings.
A detail worth knowing about Wave's free plan
Wave's free tier doesn't include proposals on any plan, and its mobile app is more limited than FreshBooks' for complex transactions or detailed reporting. If your workflow needs a client to approve a quote before work starts, you'd need a separate tool regardless of which platform you choose for invoicing itself — see our proposal software guide.
Bottom line
If you're US- or Canada-based with simple invoicing needs and no hourly billing, Wave's free plan is hard to argue against on cost alone — just go in aware of the payment-processing reliability concerns raised in recent reviews. If you bill by the hour, want proposals in the same tool, or you're anywhere outside North America (where Wave isn't an option at all), FreshBooks is the more complete and more broadly available choice. For the wider field of invoicing tools, see our full invoicing software comparison.
This article is for general informational purposes and isn't financial advice. Pricing, availability, and features for both platforms change frequently — confirm current details directly on each provider's site before choosing.