Wave vs Teamwork
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.
Teamwork
Teamwork is a project management platform built specifically for client-facing teams and agencies. It includes built-in time tracking, invoicing, and client portals that make it ideal for professional services businesses managing multiple client projects simultaneously. Teamwork helps agencies deliver projects on time and on budget while keeping clients informed.
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 specifically for agencies and client-facing teams
- ✓Built-in time tracking and invoicing saves money on separate tools
- ✓Client portal keeps clients informed without giving full system access
- ✓Strong resource and budget management features
Cons
- ✗Less suitable for internal team project management
- ✗Interface feels less modern than competitors
- ✗Some key features only on higher paid tiers
- ✗Can be complex to set up for new users
Wave vs Teamwork: Side by Side
| Factor | Wave | Teamwork |
|---|---|---|
| User Rating | N/A | N/A |
| Category | Accounting Software | Project Management |
| Pricing Model | Freemium | Freemium |
| Starting Price | Free | Free |
| Best For | Solopreneurs and very small businesses wanting free accounting and invoicing software | Agencies and professional services firms managing multiple client projects |
| Our Pick | — | — |
Wave Features
- ✓Free accounting
- ✓invoicing
- ✓receipt scanning
- ✓bank connections
- ✓financial reporting
- ✓payments processing
- ✓payroll add-on
- ✓mobile app
Teamwork Features
- ✓Project management
- ✓time tracking
- ✓invoicing
- ✓client portals
- ✓resource management
- ✓milestones
- ✓Gantt charts
- ✓budgets
- ✓collaboration tools
Pricing Comparison
Our Take
Choose Wave if solopreneurs and very small businesses wanting free accounting and invoicing software. Choose Teamwork if agencies and professional services firms managing multiple client projects.
Best For
Solopreneurs and very small businesses wanting free accounting and invoicing software
Best For
Agencies and professional services firms managing multiple client projects
Also Consider
If neither Wave nor Teamwork 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 Teamwork?
Wave is best for solopreneurs and very small businesses wanting free accounting and invoicing software. Teamwork is best for agencies and professional services firms managing multiple client projects.
Which is better, Wave or Teamwork?
Choose Wave if solopreneurs and very small businesses wanting free accounting and invoicing software. Choose Teamwork if agencies and professional services firms managing multiple client projects.
How much does Wave cost?
Wave starts at Free. Pricing model: Freemium.
How much does Teamwork cost?
Teamwork starts at Free. Pricing model: Freemium.
Who should use Wave?
Solopreneurs and very small businesses wanting free accounting and invoicing software
Who should use Teamwork?
Agencies and professional services firms managing multiple client projects