HoneyBook vs. Wave for freelancers: Comparing small business software options

One of the biggest challenges freelancers face is keeping their projects and finances organized. The right digital tools can make the process easier, especially when your schedule is already packed. 

HoneyBook and Wave are two popular software platforms for freelancers, but they’re designed to serve different needs. Wave focuses on accounting, invoicing, and payment processing, while HoneyBook offers a more comprehensive solution for managing the entire client lifecycle, with features like invoicing, contracts, proposals, AI-powered tools, and more. 

Let’s compare HoneyBook vs. Wave for freelancers to help you decide which one is right for you. 

How they compare: Key differences at a glance

The biggest difference between HoneyBook and Wave is their feature sets. Wave’s features are limited to accounting and payments, while HoneyBook’s features support the entire client lifecycle.

Here are the key differences between HoneyBook and Wave at a glance:

Pricing comparison

HoneyBook uses a subscription-based pricing model with three tiers. Customers can choose monthly or yearly billing, with introductory discounts available on both options.

HoneyBook’s monthly plans:

• Starter: At $36 per month, the Starter plan includes unlimited clients and projects, invoices and payments, proposals and contracts, a calendar, a client portal, access to all professional templates, HoneyBook AI, up to two live lead forms, and basic reporting.
• Essentials: At $59 per month, Essentials includes everything in Starter, plus a scheduler, automations, SMS reminders, QuickBooks Online integration, up to 10 live lead forms, standard reporting, and support for up to two team members. With 15% off the first three months, the discounted price is $50.15 per month.
• Premium: At $129 per month, Premium includes everything in Starter and Essentials, plus priority customer support, advanced reporting, unlimited lead forms, and support for unlimited team members and multiple companies. The introductory 15% discount brings the price down to $109.65 per month for the first three months.

HoneyBook’s yearly plans:

• Starter: Starter is discounted to $30 per month with annual billing.
• Essentials: Essentials is discounted to $38 per month with annual billing.
• Premium: Premium is discounted to $83 per month with annual billing.

Monthly Essentials and Premium subscribers receive 15% off their first three months, while yearly subscribers can save up to 35% during their first year. All HoneyBook plans include essential client management tools, including proposals, contracts, and invoices. With predictable subscription pricing and flexible billing options, freelancers can choose a plan that fits their budget and business needs.

Wave has two payment plans: a free plan and a Pro plan starting at $190/year. Many of Wave’s notable features require a paid subscription, including automatically importing bank transactions, recurring billing, automated late payment reminders, and digital receipt capture. 

Feature comparison

Both HoneyBook and Wave offer invoices and payments, but the rest of their feature sets are very different. Here’s how they stack up. 

Client and project management

HoneyBook is a CRM for entrepreneurs and small businesses, with features to manage the entire client lifecycle. This includes lead tracking, proposals, contracts, client onboarding, and client communications. Strong relationships are essential for freelancers, and these tools help you stay on top of every business opportunity. 

Wave does not have built-in client or project management tools, as the platform is structured entirely around accounting. If you need other client or project management features, you’ll need to use a third-party tool. 

Online payments and payment processing

HoneyBook offers digital invoices and online payment processing, which makes billing convenient for both freelancers and clients. Clients can pay their invoices online in just a few clicks, and you can even set up automated recurring payments for long-term clients. 

HoneyBook’s secure payment processing is built into the platform and doesn’t require any third-party integrations. Fees start at 2.9% + $0.25 for card transactions, 2.7% + $0.10 for tap-to-pay, and 1.5% for bank transfers. 

Clients can pay via credit or debit card, ACH transfer, Apple Pay, or Google Pay. HoneyBook also supports deposits, partial payments, and tips, so you can tailor your invoices to your business model. On top of that, HoneyBook sends automated payment reminders, limiting the need for manual follow-up. 

Wave also offers customizable invoices and online payments. Clients can make payments via credit or debit card, ACH transfer, or Apple Pay online. Rates start at 2.9% + $0.60 for credit card payments. 

Automation and workflow tools

HoneyBook offers customizable automations with the Essentials or Premium plans. You can automate most steps in your workflow, including inquiry follow-ups, scheduling meetings, sending out onboarding questionnaires, and sending invoices. When you’re running a business on your own, administrative tasks take up valuable time, and custom automations help you get some of that time back. 

All HoneyBook plans also include HoneyBook AI. HoneyBook AI helps with drafting invoices, taking meeting notes, creating to-do lists, and prioritizing leads so you can work more efficiently. 

Wave’s automation features are limited, and many of them require a Pro subscription. For example, you can automate recurring invoices and payment reminders. You can also automate some aspects of your accounting workflow, such as importing bank transactions. However, Wave doesn’t automate any other aspects of the client experience. 

Accounting and bookkeeping

Wave offers a full suite of accounting tools, including bank reconciliation, receipt and expense tracking, full financial statements, and cash flow tracking. The accounting interface is intuitive and easy for small business owners to use. 

HoneyBook helps track your income and expenses, save for specific business goals, and calculate your profitability. However, it doesn’t offer native bank reconciliation or other accounting features. Plus, HoneyBook integrates with both QuickBooks Online and Wave, allowing you to sync invoices and financial data with your accounting software for more comprehensive bookkeeping. 

When is HoneyBook vs. Wave the right fit for you?

Both HoneyBook and Wave can be helpful tools if you’re a freelancer growing your business. However, the right fit for you depends on your business goals and the tools you need most. Here’s what to consider when making your decision. 

When to choose HoneyBook

HoneyBook may be the better choice if: 

• You need a CRM for freelancers that helps manage the entire client lifecycle, without switching back and forth between multiple tools. 
• You want to keep all your client communications organized in one place. 
• You need an easy way to create professional proposals, contracts, and invoices for your clients. 
• You want to automate time-consuming manual administrative tasks. 

For freelancers comparing client management platforms, the HoneyBook vs. Dubsado comparison offers a closer look at those particular differences in pricing, features, and ease of use.

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When to choose Wave

Wave may be a better fit if: 

• You need accounting and bookkeeping software with bank reconciliation. 
• You prefer a free tool with limited invoicing and payment features. 

Because Wave only offers accounting, invoicing, and payments, it’s not a direct HoneyBook alternative. 

Why do many businesses choose HoneyBook? 

Many businesses choose HoneyBook because it helps them manage every project efficiently from start to finish. HoneyBook’s CRM keeps client communication and project details organized, while customizable proposals, contracts, and invoices create a seamless client experience. HoneyBook’s automations and AI features also save time for busy freelancers. 

When you’re just starting your freelance business, Wave’s free plan can help you create invoices and accept payments. However, as your business grows, you’ll likely need more extensive client management features. HoneyBook offers the additional tools, documents, and automations you’ll need for long-term business growth.

The bottom line: invoicing tool vs. client management platform

Ultimately, HoneyBook and Wave are two different types of software programs. While Wave is an invoicing and accounting platform, HoneyBook is a comprehensive client management system. The right choice depends on your freelance business’s current needs and long-term goals. 

HoneyBook has the features you need to scale your business and offer an unforgettable client experience. If you’re exploring Wave competitors, HoneyBook brings payments together with other essential client management features. Its CRM tools, proposals, contracts, invoicing, payments, and automations improve workflows and simplify running a small business.

Start your free trial with HoneyBook today.