Bench
Wave
| Feature | Bench | Wave |
|---|---|---|
| Pricing | From $299/mo | Free / from $16/mo |
| Free Plan | ✗ No | ✓ Yes |
| Rating | 4.1 / 5 | 4.2 / 5 |
| Best For | small-business-owners, freelancers, startups, busy-entrepreneurs | freelancers, solopreneurs, micro-businesses, side-hustlers |
| Founded | 2012 | 2010 |
| Monthly Bookkeeping | ✓ | ✗ |
| Financial Statements | ✓ | ✗ |
| Tax Preparation | ✓ | ✗ |
| Expense Categorization | ✓ | ✗ |
| Year End Reporting | ✓ | ✗ |
| Dedicated Team | ✓ | ✗ |
| Accounting | ✗ | ✓ |
| Invoicing | ✗ | ✓ |
| Receipt Scanning | ✗ | ✓ |
| Bank Connections | ✗ | ✓ |
| Financial Reports | ✗ | ✓ |
| Payroll Addon | ✗ | ✓ |
| Payments Addon | ✗ | ✓ |
✓ Bench Pros
- Dedicated bookkeeping team
- Year-end tax-ready financials
- Simple to use platform
- No bookkeeping knowledge needed
✗ Bench Cons
- Expensive for basic needs
- Limited real-time access
- Less control over process
✓ Wave Pros
- Core accounting and invoicing completely free
- Unlimited income and expense tracking
- Receipt scanning with OCR included
- Simple enough for non-accountants
✗ Wave Cons
- Payroll and payments are paid add-ons
- No inventory or project tracking
- Limited integrations compared to competitors
The Verdict
Bench is built for small business owners and freelancers, with a focus on monthly-bookkeeping and financial-statements. Wave targets freelancers and solopreneurs and leads with accounting and invoicing.
On pricing, Wave is the clear winner for budget-conscious users — starting at $16/mo compared to $299/mo for Bench. That $283/mo difference adds up quickly for growing teams.
Wave has a free plan, which gives it a meaningful edge for individuals and small teams exploring their options. Bench requires a paid subscription from day one.
Feature-wise, Wave offers broader built-in capabilities (7 features vs 6), while Bench takes a more focused approach — which can mean a simpler, faster onboarding experience.
Both tools are a solid fit for freelancers — in those cases, the decision often comes down to workflow style and how your team prefers to organize work.
This is a genuinely close comparison. If you can, sign up for both free trials (where available) and run a one-week test with your actual team tasks before deciding.