Disclosure: We make free calculators and sell our own spreadsheet kits on Gumroad and Payhip; some are linked on this page, and we earn the sale price if you buy one. We have no partnership with FreshBooks, Bonsai, HoneyBook or Wave and aren’t paid for any link here.

Every invoicing tool has two prices: the plan, and the cut it takes when a client pays online. For most freelancers the second one is bigger, and it depends far more on how your client pays (card or bank transfer) than on which tool you pick.

We compared the published pricing of FreshBooks, Bonsai, HoneyBook and Wave on October 20, 2026. We left out limited-time promotions because they expire. Prices change, so check the linked pricing page before you decide.

The short version

  • Cheapest, just need invoices and simple books: Wave’s Starter plan is $0 a month with unlimited invoices and estimates. You pay only when a client pays online (2.9% + $0.60 per card payment, 1% per bank payment with a $1 minimum).
  • Invoicing plus real accounting, few clients: FreshBooks Lite is $23 a month and covers invoices to 5 clients, expenses, estimates and tax-time reports. More clients means Plus ($43) or Premium ($70).
  • Proposals, contracts and invoices in one flow: Bonsai Essentials is $19 a month billed yearly ($25 monthly) per user. Its cheaper Basic plan doesn’t include invoices.
  • Client-facing businesses that book, sign and get paid in one place (photographers, coaches, planners): HoneyBook Starter is $29 a month billed yearly, with unlimited clients, but its bank-transfer fee (1.5%) is the highest of the four.

Pricing at a glance

  FreshBooks Bonsai HoneyBook Wave
Cheapest plan that sends invoices Lite: $23/month Essentials: $25/month, or $19/month billed yearly (per user) Starter: $29/month billed yearly Starter: $0
Next plan up Plus $43/month (50 clients); Premium $70/month (unlimited) Premium $39/month, or $29 yearly (per user) Essentials $59/month, or $49 yearly Pro $19/month, or $190/year
Client limit on the cheapest plan 5 billable clients Unlimited clients Unlimited clients and projects Unlimited invoices and estimates
Card payments 2.9% + $0.30 (Amex and business cards 3.5% + $0.30) 2.9% + $0.30 (Amex 3.25% + $0.30) From 2.9% + 25¢ Starter 2.9% + $0.60; Pro 2.9% + $0 for the first 10 a month, then 2.9% + $0.60 (Amex 3.4%)
Bank transfer (ACH) 1% 1% ($1 minimum) 1.5% 1% ($1 minimum)
Instant payout +1.5% +1.5% 1% (if eligible) Not compared
Proposals and contracts Plus and up Essentials and up All plans Estimates only
Free trial 30 days, no card needed 7 days Yes (length not stated on the pricing page) Starter is free; Pro is paid

What a month really costs: a worked example

Assumptions: you send 3 invoices of $1,000 a month ($3,000 billed) to 3 clients, and you use each tool’s cheapest plan that sends invoices, at its cheapest billing option. Card fees use the standard card rate (not Amex or business cards).

If clients pay by bank transfer (ACH):

Tool and plan Plan cost Payment fees Total a month
Wave Starter $0 3 × 1% × $1,000 = $30.00 $30.00
Wave Pro, yearly $15.83 ($190 ÷ 12) $30.00 $45.83
Bonsai Essentials, yearly $19.00 $30.00 $49.00
FreshBooks Lite $23.00 $30.00 $53.00
HoneyBook Starter, yearly $29.00 3 × 1.5% × $1,000 = $45.00 $74.00

If clients pay by card:

Tool and plan Plan cost Payment fees Total a month
Wave Starter $0 3 × ($29.00 + $0.60) = $88.80 $88.80
Wave Pro, yearly $15.83 3 × $29.00 = $87.00 (first 10 payments; we assume yearly Pro gets the same monthly allowance) $102.83
Bonsai Essentials, yearly $19.00 3 × ($29.00 + $0.30) = $87.90 $106.90
FreshBooks Lite $23.00 $87.90 $110.90
HoneyBook Starter, yearly $29.00 3 × ($29.00 + $0.25) = $87.75 $116.75

Two things stand out. First, asking clients to pay by bank transfer saves about $58 a month on $3,000 of invoices with any of these tools, far more than the difference between plans. Second, the per-payment cuts are nearly identical; what separates the tools is the plan price and what the plan includes.

If you also want to charge for late payments, our invoice late fee calculator works out a fair amount, and what to include on a freelance invoice covers the details every invoice needs.

Who each one is best for

FreshBooks is best for freelancers who want proper accounting (expenses, reports, tax-time summaries) alongside invoicing and have only a handful of regular clients. The 30-day trial needs no card, so you can send real invoices before paying.

Bonsai is best for freelancers and small studios whose work starts with a proposal and a contract. Essentials puts proposals, contracts, invoices, a client portal and expense tracking in one plan with unlimited clients.

HoneyBook is best for service businesses where clients book a time, sign, and pay a deposit in one go. Every plan includes unlimited clients, proposals and contracts, a client portal and payment features such as autopay, payment plans and automatic late fees.

Wave is best for anyone who wants to spend $0 a month. Starter covers unlimited invoices, estimates and bookkeeping records; Pro ($19 a month) adds automatic late-payment reminders, bank-transaction import and removes Wave branding.

The honest downsides

FreshBooks

  • Lite only lets you invoice 5 clients; 6 or more means Plus at $43 a month.
  • Proposals and retainers start on Plus.
  • AutoPay card payments are charged a higher “managed payments” rate (3.5% + $0.30).

Bonsai

  • The $9 (yearly) Basic plan doesn’t include invoices, so the real starting price for invoicing is $19 a month billed yearly, or $25 monthly.
  • Prices are per user.
  • Using Stripe or PayPal instead of Bonsai Payments adds a 1% platform fee, and getting paid in another currency adds 2.5%.

HoneyBook

  • The highest starting price of the four, and bank transfers cost 1.5% instead of 1%.
  • Removing “Powered by HoneyBook” and automations need Essentials ($49 a month billed yearly).

Wave

  • Starter adds $0.60 to every card payment, the highest fixed fee here.
  • Instant payouts weren’t compared for Wave.
  • Online payments need approval (identity check and credit review).
  • Live chat and email support are weekday business hours (Eastern).

How to choose in two minutes

  1. Decide how your clients will pay. If you can get them to pay by bank transfer, every tool gets much cheaper.
  2. Under $0 budget, or only a few invoices a month: Wave Starter.
  3. Want accounting and tax reports with invoicing, 5 clients or fewer: FreshBooks Lite.
  4. Work starts with a proposal and contract: Bonsai Essentials.
  5. Clients book sessions and pay deposits: HoneyBook Starter.
  6. Before you commit, read the current pricing page. The numbers above were correct on October 20, 2026.

Sources

All checked 2026-10-20 on each company’s official page.

  • FreshBooks pricing (Lite $23, Plus $43, Premium $70 a month regular price; client limits 5 / 50 / unlimited; proposals and retainers from Plus; 30-day free trial, no card; yearly “extra 10% off” toggle; limited-time 80%-off offer excluded): https://www.freshbooks.com/pricing (checked 2026-10-20)
  • FreshBooks Payments fees (cards 2.9% + $0.30; Amex and business cards 3.5% + $0.30; managed payments incl. AutoPay 3.5% + $0.30; ACH 1%, caps on Select; instant payouts +1.5%): https://support.freshbooks.com/hc/en-us/articles/25362149006349-What-are-the-transaction-fees-for-FreshBooks-Payments-USD and https://www.freshbooks.com/autopay-faq (checked 2026-10-20)
  • Bonsai pricing (Basic $15/$9, Essentials $25/$19, Premium $39/$29, Elite $59/$49 per user a month, monthly/yearly; invoices and payments from Essentials; 7-day trial): https://www.hellobonsai.com/pricing (checked 2026-10-20)
  • Bonsai payment fees (Bonsai Payments cards 2.9% + $0.30, Amex 3.25% + $0.30, ACH 1% with $1 minimum, instant payouts +1.5%; 1% platform fee for Stripe/PayPal where Bonsai Payments is available; FX fee 2.5%; article dated September 18, 2026): https://help.hellobonsai.com/en/articles/452273-understanding-online-payment-methods-and-fees-at-bonsai (checked 2026-10-20)
  • HoneyBook pricing (Starter $29, Essentials $49, Premium $109 a month billed yearly; Essentials $59 and Premium $129 monthly; plan features; card fees from 2.9% + 25¢, ACH 1.5%; instant deposit 1%): https://www.honeybook.com/pricing (checked 2026-10-20)
  • Wave pricing (Starter $0; Pro $19 a month or $190 a year; card fees 2.9% + $0.60, Pro 2.9% + $0 for the first 10 card payments a month; Amex 3.4%; online payments subject to approval; support hours): https://www.waveapps.com/pricing (checked 2026-10-20)
  • Wave payments (bank payments 1% per transaction, $1 minimum): https://www.waveapps.com/payments (checked 2026-10-20)

Free tools for freelancers

Spreadsheets from us

Prefer a spreadsheet to a monthly plan? The Freelancer Invoice & Client Tracker (Excel and Google Sheets) works out invoice due dates from your payment terms, flags overdue invoices on its own, logs hours at each client’s rate, and shows invoiced vs. paid by month. It tracks invoices; it doesn’t send them or take card payments. To plan the tax side for the whole year, the Freelancer Quarterly Tax Planner 2026 (Excel and Google Sheets, $9) logs each payment and expense, works out the share of every dollar to set aside, the safe-harbor and full quarterly payments, and tracks what you’ve paid against the 2026 due dates.