FreshBooks vs Wave: what "free" costs now that Wave charges for bank feeds
Wave split its free plan into a manual-entry-only Starter tier and a paid Pro tier that unlocks automatic bank imports back in early 2024. The old "FreshBooks vs a fully free Wave" comparison still circulates online, but it no longer describes either product accurately.
Bottom line
Wave restructured its pricing in early 2024, splitting what used to be a single free plan into a Starter tier that stays free but drops automatic bank-transaction imports to manual entry only, and a paid Pro tier that restores bank-feed automation and categorization [Wave Help Center, 2024]. That change puts Wave Pro in roughly the same monthly price range as FreshBooks' entry Lite plan, so the comparison is no longer "paid tool vs free tool." It is two paid tools with different strengths, and has been for a couple of years now.
Is it right for you?
- Confirm which Wave tier is being compared, since Starter and Pro have had different core features since 2024.
- Count the hours spent on manual transaction entry if staying on Wave Starter instead of upgrading to Pro.
- Compare Wave Pro's cost against FreshBooks' entry plan feature by feature instead of assuming Wave is still free.
Wave stopped being one plan back in 2024
Wave introduced the Starter and Pro split on January 29, 2024 in Canada and February 5, 2024 in the US [Wave Help Center, 2024]. Starter stayed free, but automatic bank-transaction imports and categorization moved to the paid Pro tier, reportedly priced in the high teens per month depending on billing cycle and source [multiple 2026 Wave pricing trackers]. On Starter, every bank transaction has to be entered by hand.
A freelancer who only sends a handful of invoices a month and never touches a bank feed may not notice the change. A business that reconciles a business bank account regularly will hit the new paywall almost immediately.
Compare the tier that matches the actual workflow
| Workflow | Wave Starter (free) | Wave Pro (paid) | FreshBooks Lite (paid) |
|---|---|---|---|
| Send invoices | Included | Included | Included, up to a small client limit |
| Bank transactions | Manual entry only | Automatic import and categorization | Not included until a higher tier |
| Best fit | Very light invoicing with no bank reconciliation need | Small business that wants free-adjacent pricing with automated bookkeeping | Business that wants FreshBooks' invoicing and client workflow specifically |
Wave Pro and FreshBooks Lite now compete in a similar price band. Neither is free anymore, so the decision comes down to which invoicing workflow and reporting style the business prefers.
Price the manual-entry hours before staying on Starter
Staying on Wave Starter to avoid a subscription fee is only free if the manual bank-entry time has no cost. Time a normal week of transaction entry, multiply by an hourly rate for whoever does the bookkeeping, and compare that number against the Wave Pro or FreshBooks Lite subscription price. For most businesses with more than a handful of weekly transactions, the "free" option is the more expensive one once labor is counted.
Frequently asked questions
Is Wave still free? The Starter tier has been free but limited to manual transaction entry since Wave's 2024 pricing split; automatic bank-feed import requires the paid Pro tier.
Is FreshBooks cheaper than Wave now? Not necessarily. Wave Pro and FreshBooks' entry plan sit in a similar monthly price range, so the comparison should be feature-by-feature rather than free-versus-paid.
Which tool fits a freelancer with no business bank account activity to reconcile? Wave Starter can work, since the missing bank-feed automation may never come up.
What should be tested before switching either direction? Recreate a full month of invoices, payments, and bank transactions in the target tool before committing.