FreeAgent
Wave
| Feature | FreeAgent | Wave |
|---|---|---|
| Pricing | From $14/mo | Free / from $16/mo |
| Free Plan | ✗ No | ✓ Yes |
| Rating | 4.3 / 5 | 4.2 / 5 |
| Best For | uk-freelancers, sole-traders, small-businesses, contractors | freelancers, solopreneurs, micro-businesses, side-hustlers |
| Founded | 2007 | 2010 |
| Invoicing | ✓ | ✓ |
| Expenses | ✓ | ✗ |
| Tax Returns | ✓ | ✗ |
| Bank Reconciliation | ✓ | ✗ |
| Time Tracking | ✓ | ✗ |
| Project Management | ✓ | ✗ |
| Accounting | ✗ | ✓ |
| Receipt Scanning | ✗ | ✓ |
| Bank Connections | ✗ | ✓ |
| Financial Reports | ✗ | ✓ |
| Payroll Addon | ✗ | ✓ |
| Payments Addon | ✗ | ✓ |
✓ FreeAgent Pros
- Great for UK businesses
- HMRC compliant
- Easy invoicing
- Bank feeds
✗ FreeAgent Cons
- UK-focused
- Limited for larger businesses
- No inventory management
✓ 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
FreeAgent is built for uk freelancers and sole traders, with a focus on invoicing and expenses. Wave targets freelancers and solopreneurs and leads with accounting and invoicing.
Pricing is close: FreeAgent starts at $14/mo versus $16/mo for Wave — not a deciding factor on its own.
Wave has a free plan, which gives it a meaningful edge for individuals and small teams exploring their options. FreeAgent requires a paid subscription from day one.
Feature-wise, Wave offers broader built-in capabilities (7 features vs 6), while FreeAgent takes a more focused approach — which can mean a simpler, faster onboarding experience.
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.