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Wave4.3/5vsPm
Paymo4.2/5Wave vs Paymo (March 2026)
| WWave | PmPaymo | |
|---|---|---|
| Price | Free | Free |
| Rating | 4.3/5 | 4.2/5 |
| Free Tier | ✓ Yes | ✓ Yes |
| Best For | Small business owners starting out with limited budgets, Freelancers needing basic invoicing and expense tracking | Small teams and freelancers needing integrated time tracking and invoicing, Agencies managing client projects with billable hours and expenses |
Quick Verdict
Wave edges ahead with a 4.3/5 rating versus Paymo's 4.2/5, offering stronger value for most teams.
Quick Overview
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Wave
Wave is a comprehensive accounting and invoicing platform designed specifically for small businesses, freelancers, and s...
- Best for: Small business owners starting out with limited budgets, Freelancers needing basic invoicing and expense tracking
- Starting price: Free
- Category: Invoicing Software
- Founded: 2010
- Pricing model: freemium
Pm
Paymo
Paymo is an all-in-one project management software with built-in time tracking and invoicing tailored for small business...
- Best for: Small teams and freelancers needing integrated time tracking and invoicing, Agencies managing client projects with billable hours and expenses
- Starting price: Free
- Category: Invoicing Software
- Founded: N/A
- Pricing model: freemium
Feature Comparison
| Feature | Wave | Paymo |
|---|---|---|
| Unlimited Invoicing | ✓ | ✗ |
| Online Payment Processing | ✓ | ✗ |
| Bank Transaction Import | ✓ | ✗ |
| Receipt Scanning | ✓ | ✗ |
| Multi-Currency Support | ✓ | ✗ |
| Mobile App | ✓ | ✗ |
| Financial Reports | ✓ | ✗ |
| Recurring Invoices | ✓ | ✗ |
| Customer Management | ✓ | ✗ |
| Tax Preparation Ready | ✓ | ✗ |
| Time tracking | ✗ | ✓ |
| Convert timesheets to invoices | ✗ | ✓ |
| Mobile invoicing | ✗ | ✓ |
| Recurring invoices | ✗ | ✓ |
| Estimates | ✗ | ✓ |
| Expense tracking | ✗ | ✓ |
| Online payments | ✗ | ✓ |
| Client portal | ✗ | ✓ |
| Profitability tracking | ✗ | ✓ |
| Multi-language invoices | ✗ | ✓ |
| WYSIWYG invoice editing | ✗ | ✓ |
| Employee performance widgets | ✗ | ✓ |
Pricing Comparison
Prices last verified: March 16, 2026
Wave
Free
Starting price
freemium · 4 plans
Starter
FreeProPopular
$16/moWave Payroll
$40/moWave Advisors
$149/moPaymo
Free
Starting price
freemium · 3 plans
Free
FreePlusPopular
$16.90/moAdvanced
$29.90/moPros & Cons
Wave
Pros
- Completely free core accounting and invoicing features
- User-friendly interface designed for non-accountants
- Strong mobile app for on-the-go management
- Automatic bank synchronization with major financial institutions
Cons
- Payment processing fees are higher than some competitors
- Limited integrations compared to premium accounting software
- Advanced features require paid upgrades
- Customer support primarily through chat, no phone support
Paymo
Pros
- All-in-one tool combining time tracking, project management, and invoicing
- Free plan for lifetime invoicing with basic features
- Mobile invoicing and expense capture for on-the-go use
- Seamless timesheet-to-invoice conversion
Cons
- Free plan includes watermarks on invoices
- Limited invoicing functionalities compared to dedicated tools
- Higher pricing for advanced features vs invoicing-only competitors
- Some features like PM Payments limited to US customers
Which Is Best for You?
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Choose Wave if:
- Small business owners starting out with limited budgets
- Freelancers needing basic invoicing and expense tracking
- Solopreneurs managing simple financial operations
- Contractors requiring professional invoice creation
- You want to start with a free plan
- Higher user rating matters to you (4.3 vs 4.2)
Pm
Choose Paymo if:
- Small teams and freelancers needing integrated time tracking and invoicing
- Agencies managing client projects with billable hours and expenses
- Businesses tracking profitability per project
- Remote teams requiring mobile invoicing and client portals
- You want to start with a free plan
- Budget is a priority ($5.90 vs $16)
Our Verdict
🏆
WWave — WinnerPmPaymo — Runner-up
After thorough analysis, Wave takes the lead in this comparison with a higher rating of 4.3/5 versus Paymo's 4.2/5.
Wave is best for Small business owners starting out with limited budgets and Freelancers needing basic invoicing and expense tracking. Completely free core accounting and invoicing features.
Paymo remains a strong alternative, especially for Small teams and freelancers needing integrated time tracking and invoicing and Agencies managing client projects with billable hours and expenses. All-in-one tool combining time tracking, project management, and invoicing.
Pricing-wise, Paymo is the more affordable starting option. Evaluate free trials of both before committing.
Explore More
Wave Alternatives
Paymo Alternatives
Category Resources
Related Reading
Frequently Asked Questions
Wave edges ahead with a 4.3/5 rating versus Paymo's 4.2/5, offering stronger value for most teams.
Paymo starts at $5.90/mo (free tier available), while Wave starts at $16/mo (free tier available).
Yes. Most users can migrate data between the two. Check both platforms for import/export tools before switching.
Wave integrates with PayPal, Stripe, Shopify, Square. Paymo integrates with PayPal, Stripe, Authorize.net, PM Payments. Both offer solid third-party connectivity, though the best choice depends on your existing tech stack.
Both tools are designed for ease of use. Wave is best for Small business owners starting out with limited budgets and Freelancers needing basic invoicing and expense tracking, while Paymo excels for Small teams and freelancers needing integrated time tracking and invoicing and Agencies managing client projects with billable hours and expenses. Consider trying both free trials to judge which interface suits your workflow.
Wave has a 4.3/5 rating from 350,000 reviews, while Paymo scores 4.2/5 from 850 reviews. Higher review counts generally indicate a more established support ecosystem.
For small businesses, Paymo may be more budget-friendly starting at Free. However, Wave (Free) could offer better value depending on the features you need most.
For enterprise use, consider which offers more advanced plans. Wave has 4 plans while Paymo has 3 plans. Evaluate each tool's enterprise features, security compliance, and team management capabilities before committing.
Check each tool's website for the latest mobile app availability. Both Wave and Paymo offer web-based access, and many modern SaaS tools provide companion mobile apps for iOS and Android.
Choose Wave if you prioritize completely free core accounting and invoicing features and want to start free. Choose Paymo if you value all-in-one tool combining time tracking, project management, and invoicing and want a free tier.