Paymo
Paymo is an all-in-one project management software with built-in time tracking a...
Wave
Wave is a comprehensive accounting and invoicing platform designed specifically ...
Paymo vs Wave: Which Is Better in 2026?
Comprehensive comparison of Paymo and Wave covering features, pricing, pros & cons, and our expert verdict to help you make the right choice for your business.
Paymo vs Wave: Overview
Choosing between Paymo and Wave is a common dilemma for invoicing users. Both tools offer robust solutions, but they cater to different needs and budgets.
Paymo offers a free tier and starts at $0/monthly, while Wave also has a free option and begins at $16/monthly. But pricing is just one factor—let's dive into features, use cases, and which tool fits your specific needs.
Paymo is best known for all-in-one tool combining time tracking, project management, and invoicing, whereas Wave stands out for completely free core accounting and invoicing features. In this detailed comparison, we'll analyze both tools across pricing, features, ease of use, and ideal use cases.
Quick Overview
Paymo
- 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
- Founded:
Wave
- Best for: Small business owners starting out with limited budgets, Freelancers needing basic invoicing and expense tracking
- Starting price: Free
- Category: invoicing
- Founded: 2010
Feature Comparison
Side-by-side feature comparison to help you understand the key differences between Paymo and Wave.
| Feature | Pm Paymo | W Wave |
|---|---|---|
| Time tracking | Via browser, desktop, mobile, tablet | |
| Convert timesheets to invoices | Seamless conversion | |
| Mobile invoicing | Create and preview professional invoices on mobile | |
| Recurring invoices | Plus plan and above | |
| Estimates | Convertible to invoices | |
| Expense tracking | Mobile receipt scanning | |
| Online payments | PayPal, Stripe, Authorize.net, 85+ currencies | |
| Client portal | Invoice and expense access | |
| Profitability tracking | Real-time monitoring | |
| Multi-language invoices | VAT, discounts, payment terms | |
| WYSIWYG invoice editing | Visual editor with cloning | |
| Employee performance widgets | Performance monitoring | |
| Unlimited Invoicing | Create and send unlimited invoices on all plans | |
| Online Payment Processing | 2.9% + $0.60 per credit card transaction | |
| Bank Transaction Import | Pro plan only - automatic import and categorization | |
| Receipt Scanning | Basic on Starter, unlimited on Pro | |
| Multi-Currency Support | Handle international transactions and invoices | |
| Mobile App | iOS and Android apps for on-the-go management | |
| Financial Reports | Profit & loss, cash flow, and tax reports | |
| Recurring Invoices | Automate regular billing cycles | |
| Customer Management | Track customer information and payment history | |
| Tax Preparation Ready | Organize books and reports for tax season |
Features Deep Dive
Both Paymo and Wave offer core invoicing functionality, but their feature sets differ in key areas.
Shared features: Recurring invoices.
Paymo unique strengths: Time tracking, Convert timesheets to invoices, Mobile invoicing. This makes it ideal for small teams and freelancers needing integrated time tracking and invoicing.
Wave unique strengths: Unlimited Invoicing, Online Payment Processing, Bank Transaction Import. This makes it better suited for small business owners starting out with limited budgets.
Paymo offers 12 core features with 5 integrations, while Wave provides 10 features and 8 integrations.
Our Verdict
After extensive testing and analysis, Wave edges out as the winner in this comparison. While both tools excel in their respective areas, Wave offers better overall user satisfaction. Paymo remains a strong alternative, especially for users who prioritize small teams and freelancers needing integrated time tracking and invoicing.
Wave
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.
Try WavePaymo
Best 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.
Try PaymoPros & Cons
Paymo Pros & Cons
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
- Multiple payment gateways for fast client payments
- Real-time profitability and performance monitoring
- Client portal for self-service invoice management
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
- Dependency on integrations for full payment processing
Wave Pros & Cons
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
- No setup or monthly fees for basic functionality
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
Pricing Comparison
Compare the pricing plans and see which tool offers better value for your budget.
Paymo
freemium- Basic time tracking
- Invoicing with watermarks
- Expense tracking
- Proofing & Versioning
- Recurring Invoices
- Estimates & Expenses
- Task Gantt Chart View
- Task Dependencies
- Portfolio Gantt Chart
Wave
freemium- Unlimited invoices
- Basic accounting
- Receipt scanning
- All Starter features
- Auto-import bank transactions
- Auto-categorize transactions
- Payroll processing
- Tax filing
- Direct deposits
- Dedicated bookkeeper
- Monthly financial statements
- Expert support
Pricing Comparison Analysis
Paymo Pricing: Free tier available. Paid plans start at $0/monthly. 3 plans available: Free, Plus, Advanced.
Wave Pricing: Free tier available. Paid plans start at $16/monthly. 4 plans available: Starter, Pro, Wave Payroll, Wave Advisors.
Verdict: Paymo is more affordable at the entry level and offers a free tier. However, Wave may offer better value at scale with Completely free core accounting and invoicing features.
For budget-conscious teams, Paymo is the clear winner. For teams prioritizing small business owners starting out with limited budgets, Wave's pricing may be justified.
Which Tool Is Best For You?
Choose Paymo if you need:
- 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
- All-in-one tool combining time tracking, project management, and invoicing
- Free plan for lifetime invoicing with basic features
Choose Wave if you need:
- 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
- Completely free core accounting and invoicing features
- User-friendly interface designed for non-accountants
Final Verdict
Choose Paymo if: You need small teams and freelancers needing integrated time tracking and invoicing or agencies managing client projects with billable hours and expenses. It excels at all-in-one tool combining time tracking, project management, and invoicing and free plan for lifetime invoicing with basic features.
Choose Wave if: You prioritize small business owners starting out with limited budgets or freelancers needing basic invoicing and expense tracking. It's particularly strong for completely free core accounting and invoicing features and user-friendly interface designed for non-accountants.
Overall: Wave has a slight edge with a 4.3/5 rating from our analysis.
Both tools are solid choices in the invoicing space. Your decision should ultimately depend on your specific requirements, team size, and budget.
Related to Paymo vs Wave
Paymo vs Wave FAQ
What are the main differences between Paymo and Wave?
Paymo focuses on small teams and freelancers needing integrated time tracking and invoicing with all-in-one tool combining time tracking, project management, and invoicing, while Wave excels at small business owners starting out with limited budgets with completely free core accounting and invoicing features. Key differences include pricing structure, feature depth, and target user base.
Is Paymo or Wave better for small businesses?
Paymo offers a free tier which is great for small businesses starting out. For small businesses with limited budgets, consider starting with the tool that offers Paymo's lower starting price of $0/month.
What is the pricing difference between Paymo and Wave?
Paymo starts at $0/month with a free tier available, while Wave starts at $16/month with a free tier available. Both offer multiple pricing tiers with different feature sets.
Can Paymo integrate with Wave?
While direct integration may vary, both Paymo and Wave support third-party integrations through platforms like Zapier. Paymo integrates with PayPal, Stripe, Authorize.net, while Wave works with PayPal, Stripe, Shopify.
Which tool is easier to use, Paymo or Wave?
Based on user reviews, Wave generally receives higher marks for ease of use with a 4.3 rating. However, ease of use can depend on your specific needs and technical background. Paymo is known for free plan for lifetime invoicing with basic features.
Does Paymo or Wave offer better customer support?
Both Paymo and Wave provide customer support, with options varying by plan tier. Paymo offers support through standard support channels. Check each tool's specific plan for support details.
What are the pros of Paymo compared to Wave?
Paymo's main advantages include: 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. Compared to Wave, it's particularly strong for small teams and freelancers needing integrated time tracking and invoicing.
What are the cons of Paymo compared to Wave?
Paymo's potential drawbacks include: Free plan includes watermarks on invoices, Limited invoicing functionalities compared to dedicated tools. Wave may be a better choice if these limitations affect your use case.
Should I switch from Paymo to Wave or vice versa?
Consider switching if your current tool doesn't meet your needs. Key factors include: current pain points, migration complexity, team training, and total cost of ownership. Use our ROI calculator to estimate the potential impact of switching.
Which tool is best for invoicing in 2026?
In 2026, Wave leads in this comparison with a 4.3 rating. However, the best choice depends on your specific requirements. Paymo excels for small teams and freelancers needing integrated time tracking and invoicing, while Wave is ideal for small business owners starting out with limited budgets.