Wave vs Paymo
A head-to-head comparison to help you pick the right tool
Last updated: April 30, 2026
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.
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.
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
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
Wave vs Paymo: Side by Side
| Factor | Wave | Paymo |
|---|---|---|
| User Rating | N/A | N/A |
| Category | Accounting Software | Project Management |
| Pricing Model | Freemium | Freemium |
| Starting Price | Free | Contact for pricing |
| Best For | Solopreneurs and very small businesses wanting free accounting and invoicing software | Freelancers and small agencies needing project management combined with time tracking and client invoicing |
| Our Pick | — | — |
Wave Features
- ✓Free accounting
- ✓invoicing
- ✓receipt scanning
- ✓bank connections
- ✓financial reporting
- ✓payments processing
- ✓payroll add-on
- ✓mobile app
Paymo Features
- ✓Project management
- ✓time tracking
- ✓invoicing
- ✓expense tracking
- ✓team collaboration
- ✓client portal
Pricing Comparison
Our Take
Choose Wave if solopreneurs and very small businesses wanting free accounting and invoicing software. Choose Paymo if 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
Best For
Freelancers and small agencies needing project management combined with time tracking and client invoicing
Also Consider
If neither Wave nor Paymo is the right fit, Dext is worth evaluating.
Dext
Bookkeepers, accountants, and businesses with high receipt volumes wanting to eliminate manual data entry
From $15/mo
Frequently Asked Questions
What is the difference between Wave and Paymo?
Wave is best for solopreneurs and very small businesses wanting free accounting and invoicing software. Paymo is best for freelancers and small agencies needing project management combined with time tracking and client invoicing.
Which is better, Wave or Paymo?
Choose Wave if solopreneurs and very small businesses wanting free accounting and invoicing software. Choose Paymo if freelancers and small agencies needing project management combined with time tracking and client invoicing.
How much does Wave cost?
Wave starts at Free. Pricing model: Freemium.
How much does Paymo cost?
Visit Paymo website for current pricing.
Who should use Wave?
Solopreneurs and very small businesses wanting free accounting and invoicing software
Who should use Paymo?
Freelancers and small agencies needing project management combined with time tracking and client invoicing