If you’re a freelancer, founder, or small business owner, managing your finances isn’t optional — it’s essential. The right accounting software can help you stay tax-ready, track invoices, manage expenses, and understand where your business stands financially.
But with dozens of tools available, three platforms dominate the space: QuickBooks, FreshBooks, and Wave.
Each of them solves a different financial need — and depending on your business model, one may be far better than the others.
Here’s a no-nonsense breakdown of QuickBooks vs FreshBooks vs Wave to help you pick the right one for your business in 2025.
Quick Comparison Table
| Feature | QuickBooks | FreshBooks | Wave |
|---|---|---|---|
| Best For | Small businesses, accountants | Freelancers, agencies | Solo entrepreneurs |
| Invoicing | ✅ Yes | ✅ Yes | ✅ Yes |
| Expense Tracking | ✅ Yes | ✅ Yes | ✅ Yes |
| Payroll | ✅ Add-on | ❌ Not available | ✅ (US/Canada) |
| Time Tracking | ✅ Yes | ✅ Yes | ❌ No |
| Double-Entry Accounting | ✅ Yes | ✅ Yes | ✅ Yes |
| Mobile App | ✅ Yes | ✅ Yes | ✅ Yes |
| Pricing | Starts at $30/mo | Starts at $17/mo | Free |
1. QuickBooks Online
Overview
QuickBooks is the industry standard in small business accounting. Built by Intuit, it’s trusted by millions of businesses for full-featured financial tracking, bank reconciliation, reporting, and payroll.
Best For:
Established businesses, LLCs, accountants, and multi-employee teams.
Key Features:
- Automated bank feeds and reconciliation
- Expense categorization + rule automation
- Time tracking + mileage tracking
- Sales tax tracking and 1099 contractor payments
- Native payroll add-on
- Integrates with hundreds of apps (Stripe, Shopify, Gusto)
Pros:
- Professional-grade accounting software
- Reliable reporting and tax features
- Strong accountant support ecosystem
- Auto-syncs with banks and credit cards
Cons:
- Higher cost as your business grows
- Steeper learning curve for beginners
Pricing:
- Starts at $30/month
- Payroll add-on starts at $45/month + $6/employee
2. FreshBooks
Overview
FreshBooks is an intuitive, invoice-first accounting solution built for freelancers and creative service businesses. While it offers essential accounting features, it shines in invoicing, client management, and time tracking.
Best For:
Freelancers, solopreneurs, small agencies, and service-based businesses.
Key Features:
- Branded invoices and proposals
- Time tracking with hourly billing
- Automated payment reminders
- Recurring invoices and retainers
- Expense tracking with receipt capture
- Basic project management tools
Pros:
- Very easy to use
- Client portal + project tools
- Great for billing hourly clients
- Beautiful UI and reports
Cons:
- No payroll functionality
- Lacks inventory or advanced tax tracking
Pricing:
- Lite: $17/month
- Plus: $30/month
- Premium: $55/month
- 30-day free trial available
3. Wave
Overview
Wave is a free accounting and invoicing tool designed for solo entrepreneurs and freelancers. It includes essential features like double-entry bookkeeping, invoicing, and receipt scanning — at no cost.
Best For:
Side hustlers, bootstrapped freelancers, or anyone who wants zero monthly fees.
Key Features:
- Unlimited invoicing and expense tracking
- Built-in receipt scanning app
- Bank account connection
- Basic reporting (profit/loss, cash flow)
- Payroll available (paid add-on)
Pros:
- 100% free core features
- Simple UI and easy setup
- No monthly cost for accounting or invoicing
- Good enough for tax prep
Cons:
- Fewer integrations and automations
- No time tracking or advanced analytics
- Limited scalability for growing businesses
Pricing:
- Free for accounting and invoicing
- Payroll add-on starts at $20–$40/month (US only)
- Payment processing: 2.9% + $0.60 per transaction
Which Tool Should You Use?
| Use Case | Recommendation |
|---|---|
| Just starting / side hustle | Wave |
| Freelancer or creative agency | FreshBooks |
| Need full accounting + payroll | QuickBooks |
| Want project + invoice management | FreshBooks |
| Accountant-ready double-entry system | QuickBooks or Wave |
| Best value without monthly fees | Wave |
Final Thoughts
The best accounting software for your business depends entirely on where you are in your journey.
- Use Wave if you’re just starting out or want free invoicing + basic accounting.
- Go with FreshBooks if you’re a freelancer who needs to track time, manage clients, and get paid fast.
- Choose QuickBooks if you’re running payroll, working with an accountant, or need scalable business reporting.
Whichever you choose, what matters most is that you start tracking your money — consistently and confidently.
