Bonsai vs Wave

Bonsai

• ✓Lawyer-created contract templates protect your business
• ✓Proposals, contracts, invoices, and time tracking in one tool
• ✓Client portal for signing, approval, and payment
• ✓Automated payment reminders
• ✓Tax estimation based on income

Wave

• ✓Core accounting is completely free — forever
• ✓Double-entry accounting with full P&L and balance sheet
• ✓Bank connections and receipt scanning included free
• ✓Unlimited invoices and expense tracking at no cost

Bonsai

• !Not suitable for product-based businesses
• !Accounting features less deep than QuickBooks or Xero
• !Starts at $17/month — pricier for very early-stage freelancers

Wave

• !Payroll and payment processing are paid add-ons
• !Less powerful than QuickBooks or Xero for complex businesses
• !Customer support is limited on the free tier

Bonsai

• →Send a proposal, have the client sign a contract, and get a deposit — all in one link
• →Track time on a project and convert it to an invoice in one click
• →Estimate quarterly taxes based on your freelance income automatically

Wave

• →Launch a freelance business and manage all finances without spending a dollar on software
• →Send unlimited professional invoices and track which ones are outstanding
• →Connect your bank and automatically import transactions for clean monthly books

Bonsai

Bonsai is the most complete freelance business management platform, combining contracts, proposals, invoicing, time tracking, project management, and tax assistance in one clean interface. Its contract templates are created by lawyers specifically for freelancers, covering NDAs, client agreements, scope-of-work docs, and more. The cash flow feature gives a real-time view of expected income from outstanding invoices. For freelancers and small agencies who want to look professional and stay organized, Bonsai replaces 5 separate tools.

Wave

Wave is the most capable free accounting platform available — with zero monthly fees for core bookkeeping, invoicing, and receipt scanning. It's ideal for freelancers, consultants, and small businesses with straightforward finances. Wave earns revenue from optional paid add-ons like payroll and payment processing, keeping the core accounting features genuinely free. Despite being free, Wave handles double-entry accounting, multi-currency, sales tax tracking, and financial reporting at a level that rivals paid tools.