InvoicePeak vs Wave (2026): The Free Wave Alternative Comparison

Wave was the free invoicing standard for nearly a decade. Free accounting, free invoicing, free receipt scanning, all funded by payment-processing fees, and that worked. Then H&R Block acquired Wave in 2019, the Receipts app was retired, customer support degraded, and the free tier kept getting narrower. Today's Wave is still useful, but the "free everything" promise that built its reputation is no longer the full story.

InvoicePeak isn't accounting software, doesn't want to be, and never had a free-everything pitch. For the invoicing piece specifically, our free tier needs no card, our unlimited plan is $29.99/mo (Business), and live PDF preview is a real workflow difference. Here's the side-by-side.

TL;DR — who should pick which

Pick InvoicePeak if:

• You only need invoicing, not bookkeeping
• You want live PDF preview while editing (Wave doesn't have this)
• You're frustrated with Wave's evolving paid features and want predictable pricing
• You don't process enough payments through Wave for the "free in exchange for payment fees" model to make sense

Pick Wave if:

• You need free double-entry accounting alongside invoicing
• You're a US/Canada small business who'll use Wave Payroll
• You're already invested in Wave's accounting and don't want to migrate
• You want a single tool for invoicing + books + payroll

Side-by-side at a glance

| | InvoicePeak | Wave | |---|---|---| | Free invoicing | ✓ (3 invoices total) | ✓ (limited, recently restricted) | | Free accounting | ✗ (we don't do accounting) | ✓ (full double-entry) | | First paid tier | $4.99/mo (Starter) | $16/mo (Pro) | | Unlimited tier | $29.99/mo (Business) | $16/mo (Pro) | | Live PDF preview | ✓ | ✗ | | Multi-currency | ✓ | Limited | | Recurring invoices | Coming soon | ✓ (Pro only as of 2024) | | Auto-reminders | Coming soon | ✓ (Pro only) | | Receipt scanning / OCR | ✗ | ✗ (Wave retired this in 2021) | | Bank feed sync | ✗ | ✓ (US/Canada) | | Payroll (US/CA) | ✗ | ✓ ($40+/mo add-on) | | Mobile apps | Web (mobile-optimized) | iOS only | | Native Stripe integration | Coming soon | Wave Payments only | | Support | Email, < 24h response | Email, slower since 2020 |

Wave bundles more (accounting, payroll add-on, bank sync). InvoicePeak does invoicing better and stops there.

Pricing math: free isn't free if features are gated

Wave's pricing changed materially in 2024. The current plans:

Wave (2026)

• Starter (Free): invoicing + basic accounting, BUT recurring invoices, auto-reminders, and Stripe integration are now Pro-only
• Pro ($16/mo): adds recurring invoices, auto-reminders, ACH bank payments, Stripe, batch import
• Wave Payments: 2.9% + 60¢ per card, 1% for ACH (US)
• Wave Payroll: $40/mo + $6/employee (full-service states) or $20/mo + $6/employee (self-service states)

Wave is still "free" in that you can send a manual invoice without paying, but once you want recurring billing, automatic reminders, or Stripe (basic table stakes for any 2026 freelancer), you're paying $16/mo.

InvoicePeak

• Free ($0/mo): 3 invoices total, unlimited clients, no card on file, doesn't expire
• Starter ($4.99/mo): 10 invoices/mo, unlimited clients, 7-day free trial; recurring and auto-reminders coming soon
• Premium ($9.99/mo): 20 invoices/mo, unlimited clients, 7-day free trial
• Business ($29.99/mo): unlimited invoices, team seats, API access

For a freelancer sending up to 20 invoices a month (recurring, reminders, and Stripe are in Wave Pro today and coming soon on InvoicePeak):

• Wave Pro = $16/mo = $192/year
• InvoicePeak Premium = $9.99/mo = $119.88/year
• Savings: about $72/year. For unlimited invoices, InvoicePeak Business is $29.99/mo = $359.88/year, more than Wave Pro

Where Wave genuinely wins

Three things Wave does better than InvoicePeak today:

1. Free double-entry accounting

Wave's free accounting is the real moat. You get a chart of accounts, journals, transaction categorization, P&L, and balance sheet for $0. If you're a sole proprietor who wants to keep your own books without paying QuickBooks $35/mo, Wave's accounting tier is hard to beat. InvoicePeak doesn't have accounting at all; we'd recommend Wave or a bookkeeper for that.

2. Bank feed sync

Wave connects to US and Canadian bank accounts and pulls transactions automatically for categorization. That keeps books current with minimal effort. InvoicePeak doesn't have this; invoice data is yours, and transactions are outside our scope.

3. Built-in payroll (US / Canada)

Wave Payroll is a separate paid add-on, but if you have employees and want everything in one tool, it works. InvoicePeak doesn't do payroll, period. Use Gusto, Wave Payroll, or QuickBooks for that.

Where InvoicePeak wins

1. Paid plans start at $4.99

InvoicePeak's $4.99 Starter tier covers 10 invoices a month. Recurring invoices and automatic payment reminders are coming soon; on Wave you need the $16 Pro tier for them.

2. Live PDF preview

Wave's invoice editor shows a form on the left and a "Preview" link that opens the PDF in a new tab. InvoicePeak renders the PDF live, in-place, as you type. Once you've used it, the click-to-preview pattern feels broken.

3. Pricing trajectory is predictable

Wave's free tier has been shrinking. Pro pricing has been creeping. There's no telling what's free next year. InvoicePeak's pricing has four published tiers, and our pricing page lists the actual numbers, with no promotional pricing that resets.

4. Mobile-optimized web works everywhere

Wave's iOS app exists; their Android app was discontinued in 2022. Android users invoice through the web. InvoicePeak is web-first and mobile-optimized, so the same experience works on both platforms because there's no native app to fall behind.

5. Onboarding to first invoice is faster

Wave wants your business location, fiscal year-end, tax registration, and currency setup before you send the first invoice. InvoicePeak asks only for business name, email, and password. Tax setup happens per-invoice if you want it.

Migration: switching from Wave to InvoicePeak

Wave makes it relatively easy to export your data, which is a credit to them.

1. Export clients: Customers → ... menu → Export to CSV
2. Export invoice history: Sales → Invoices → Export
3. Import into InvoicePeak: Settings → Clients → Import CSV (coming soon)
4. Re-create recurring invoice profiles: InvoicePeak's recurring invoices are coming soon; Wave's recurring rules don't transfer directly
5. Update payment URLs: replace Wave Payments links in your email signature, website, and recurring profiles with the new InvoicePeak Pay URLs (coming soon)
6. Keep Wave for accounting (or migrate that separately): if you're using Wave's accounting features, decide whether to keep it as a books-only tool, move to QuickBooks/Xero, or hand off to a bookkeeper

The clean break works best at fiscal year-end so your books in Wave (or wherever you move them) stay aligned with InvoicePeak's invoice numbering.

Reverse case: when to switch from InvoicePeak to Wave

InvoicePeak isn't the right tool if you need accounting, bookkeeping, or payroll in the same product. Switch to Wave (or a paid accounting tool) when:

• You want to self-manage your books and don't want to pay for accounting software separately
• You're hiring employees in the US or Canada and Wave Payroll fits your state
• You need bank feed sync to categorize hundreds of transactions a month
• A bookkeeper / CPA you're working with specifically wants you on Wave

Wave is good for the "I want one free tool for everything" use case. InvoicePeak is good for the "I want invoicing to just work" use case.

Frequently asked questions

Is InvoicePeak as free as Wave? For invoicing specifically, InvoicePeak's free tier (3 invoices total) is smaller than Wave's, and features like recurring and auto-reminders are gated on Wave's free tier now and coming soon on InvoicePeak.

Can I keep Wave's accounting while invoicing in InvoicePeak? Yes. Many users will: invoice in InvoicePeak, then enter the transaction in Wave (or any accounting tool) when the payment lands. The two systems don't talk to each other directly, so manual entry is the bridge.

Does InvoicePeak have receipt scanning like Wave used to? No, and neither does Wave: it retired the Receipts app in 2021. For receipt management today, look at standalone tools (Expensify, Dext, or your bank's app).

What about Wave Payments — does InvoicePeak have its own payment processor? InvoicePeak's Stripe integration (2.9% + 30¢ for cards) is coming soon. Wave Payments charges 2.9% + 60¢, so Stripe will be cheaper per transaction, and you keep the payment processor regardless of which invoicing tool you use.

Is the migration painful? The data export from Wave is straightforward; the manual re-entry of clients is the slowest part. Most small businesses can complete a migration in under two hours.

Does InvoicePeak have a mobile app? The web app is mobile-optimized and works in any browser, but no native iOS/Android app yet. Wave has iOS only (Android discontinued in 2022), so neither is great for mobile-native workflows.

Ready to send your first invoice?

Free account: 3 invoices forever. No card required.

Start freeTry the generator