Paymo vs Wave
A head-to-head comparison to help you pick the right tool
Last updated: April 30, 2026
Paymo
Paymo is a project management and time tracking tool built for freelancers and small agencies. It combines task management, time tracking, invoicing, and resource scheduling in one platform.
Wave
Wave is a free accounting and invoicing platform designed for small businesses, freelancers, and solopreneurs. It offers genuinely free accounting, invoicing, and receipt scanning with no subscription fee. Wave makes money through payment processing and payroll add-ons. It is one of the best free accounting tools available for very small businesses with simple needs.
Pros
- ✓Built-in time tracking and invoicing
- ✓Good resource scheduling
- ✓Ideal for client-facing work
- ✓Affordable pricing
- ✓Clean interface
Cons
- ✗Not suited for large enterprise teams
- ✗Limited automation
- ✗Smaller integration ecosystem
- ✗Reporting less robust than competitors
Pros
- ✓Genuinely free accounting and invoicing — no subscription required
- ✓Clean and easy to use interface
- ✓Good enough for most very small businesses and freelancers
- ✓Receipt scanning and bank connections included free
Cons
- ✗Limited features compared to paid alternatives
- ✗Customer support is minimal on the free plan
- ✗Not suitable for growing businesses with complex needs
- ✗Payroll and payment processing add-ons can add up in cost
Paymo vs Wave: Side by Side
| Factor | Paymo | Wave |
|---|---|---|
| User Rating | N/A | N/A |
| Category | Project Management | Accounting Software |
| Pricing Model | Freemium | Freemium |
| Starting Price | Contact for pricing | Free |
| Best For | Freelancers and small agencies needing project management combined with time tracking and client invoicing | Solopreneurs and very small businesses wanting free accounting and invoicing software |
| Our Pick | — | — |
Paymo Features
- ✓Project management
- ✓time tracking
- ✓invoicing
- ✓expense tracking
- ✓team collaboration
- ✓client portal
Wave Features
- ✓Free accounting
- ✓invoicing
- ✓receipt scanning
- ✓bank connections
- ✓financial reporting
- ✓payments processing
- ✓payroll add-on
- ✓mobile app
Pricing Comparison
Our Take
Choose Paymo if freelancers and small agencies needing project management combined with time tracking and client invoicing. Choose Wave if solopreneurs and very small businesses wanting free accounting and invoicing software.
Best For
Freelancers and small agencies needing project management combined with time tracking and client invoicing
Best For
Solopreneurs and very small businesses wanting free accounting and invoicing software
Also Consider
If neither Paymo nor Wave is the right fit, Wrike is worth evaluating.
Wrike
Marketing and creative teams needing enterprise project management with approvals and proofing
From Free
Frequently Asked Questions
What is the difference between Paymo and Wave?
Paymo is best for freelancers and small agencies needing project management combined with time tracking and client invoicing. Wave is best for solopreneurs and very small businesses wanting free accounting and invoicing software.
Which is better, Paymo or Wave?
Choose Paymo if freelancers and small agencies needing project management combined with time tracking and client invoicing. Choose Wave if solopreneurs and very small businesses wanting free accounting and invoicing software.
How much does Paymo cost?
Visit Paymo website for current pricing.
How much does Wave cost?
Wave starts at Free. Pricing model: Freemium.
Who should use Paymo?
Freelancers and small agencies needing project management combined with time tracking and client invoicing
Who should use Wave?
Solopreneurs and very small businesses wanting free accounting and invoicing software