================================================================ INVOICING SOFTWARE COMPARISON MATRIX SoloStack Free Download — solostack.madethis.app ================================================================ No signup required. Use immediately. Share freely. ---------------------------------------------------------------- SECTION 1: SIDE-BY-SIDE COMPARISON ---------------------------------------------------------------- 6 invoicing tools for freelancers, compared across 7 dimensions. TOOL OVERVIEW: ================================================================ TOOL | COST | BEST FOR ================================================================ Wave | Free forever | Sole proprietors, beginners, | | simple service businesses ---------------------------------------------------------------- FreshBooks | $17–$55/mo | Service businesses needing | (paid tiers) | time tracking + client mgmt ---------------------------------------------------------------- HoneyBook | $19–$79/mo | Creative freelancers wanting | | proposals + contracts + invoices ---------------------------------------------------------------- AND CO | Free | Fiverr freelancers, simple (by Fiverr) | (Fiverr Pro: | contract + invoice workflows | paid add-on) | ---------------------------------------------------------------- Invoice Ninja | Free / $10/mo+ | Tech-savvy freelancers who | (self-hosted: | want full control, open source | free) | ---------------------------------------------------------------- PayPal Invoicing| Free to send | International clients, those | (2.9%+$0.30 | who prefer PayPal payments, | per payment) | simple occasional use ================================================================ FEATURE COMPARISON: ================================================================ FEATURE | Wave | Fresh | Honey | AND CO| Ninja | PayPal ================================================================ Free tier | Yes | No* | No* | Yes | Yes | Yes | (full)| (trial)|(trial)| | (hosted)| ----------------------------------------------------------------- Custom branding | Yes | Yes | Yes | Limited| Yes | Limited (logo, colors) | | | | | | ----------------------------------------------------------------- Automated | Yes | Yes | Yes | Yes | Yes | No reminders | | | | | | ----------------------------------------------------------------- Recurring | Yes | Yes | Yes | No | Yes | No invoices | | | | | | ----------------------------------------------------------------- Time tracking | No | Yes | No | Yes | Yes | No built-in | | | | | | ----------------------------------------------------------------- Expense tracking | Yes | Yes | No | Yes | Yes | No ----------------------------------------------------------------- Client portal | No | Yes | Yes | No | Yes | No (client login) | | | | | | ----------------------------------------------------------------- Contracts | No | No | Yes | Yes | No | No ----------------------------------------------------------------- Proposals | No | No | Yes | No | No | No ----------------------------------------------------------------- Payment | Credit| Credit| Credit| PayPal| Stripe| PayPal processing | card | card | card | only | /card | only (built-in) | (1%+) | (2.9%)| (2.9%)| (2.9%)| (fees)| (2.9%) ----------------------------------------------------------------- Accounting | Yes | Yes | No | No | Basic | No integration | | | | | | ----------------------------------------------------------------- Self-hosted | No | No | No | No | Yes | No option | | | | | | ----------------------------------------------------------------- Mobile app | Yes | Yes | Yes | Yes | Yes | Yes ----------------------------------------------------------------- Multi-currency | Yes | Yes | Yes | Limited| Yes | Yes ----------------------------------------------------------------- * FreshBooks offers a 30-day free trial. HoneyBook offers a 7-day free trial. Neither has a permanent free tier. COST AT A GLANCE (2026 pricing, approximate): ================================================================ TOOL | MONTHLY COST | ANNUAL (if discounted) ================================================================ Wave | $0 (free) | $0 | ($16/mo for | | bookkeeping) | ---------------------------------------------------------------- FreshBooks | $17/mo (Lite) | ~$170/yr | $30/mo (Plus) | ~$300/yr | $55/mo (Premium)| ~$550/yr ---------------------------------------------------------------- HoneyBook | $19/mo (Starter)| ~$190/yr | $39/mo (Essentials)| ~$390/yr | $79/mo (Premium)| ~$790/yr ---------------------------------------------------------------- AND CO | $0 (free tier) | $0 | (Fiverr Pro adds| features within Fiverr) ---------------------------------------------------------------- Invoice Ninja | $0 (self-hosted)| $0 | $10/mo (cloud) | ~$100/yr ---------------------------------------------------------------- PayPal Invoicing| $0 to send | $0 | 2.9%+$0.30 per | | transaction | ================================================================ WHAT EACH TOOL DOES BEST: ================================================================ TOOL | STRENGTHS | WATCH OUT FOR ================================================================ Wave | Free forever. Solid invoicing,| No time tracking. | expense tracking, and basic | Payment processing | accounting in one free tool. | fees if you use them. | Best starting point for most | | freelancers. | -----------|-----------------------------|--------------------- FreshBooks | Time tracking is exceptional.| Gets expensive as | Project management + client | you add clients. | portal included. Good for | Overkill if you only | service businesses. | need invoicing. -----------|-----------------------------|--------------------- HoneyBook | Proposals + contracts + | Learning curve is | invoices in one workflow. | real. Monthly cost | Excellent for photographers, | adds up. Not ideal | designers, event planners. | for simple setups. -----------|-----------------------------|--------------------- AND CO | Free contract + invoice | Limited customization. | combo. Good for Fiverr | Fiverr-centric design. | sellers who want structured | Less useful outside | off-platform workflows. | Fiverr ecosystem. -----------|-----------------------------|--------------------- Invoice | Most powerful free option. | Technical setup Ninja | Open source. Self-host for | required for self- | full control. Advanced | hosted version. Less | features: proposals, | polished UI than | recurring, client portal. | competitors. -----------|-----------------------------|--------------------- PayPal | Every client knows PayPal. | Fees add up fast. Invoicing | Universally accepted. | No recurring invoices. | Simple, fast to set up. | Limited branding. | Good for international work.| Not a business tool — | | a payment method. ================================================================ ---------------------------------------------------------------- SECTION 2: DECISION FLOWCHART — 5 QUESTIONS → RECOMMENDED TOOL ---------------------------------------------------------------- Answer each question and follow the arrows. QUESTION 1: Do you primarily need to track TIME on projects (hourly billing, project hours)? YES → Go to Question 2 (time tracking matters to you) NO → Go to Question 3 QUESTION 2: Is your budget flexible (willing to pay $17+/mo)? YES → FRESHBOOKS (best time tracking + invoicing combo) NO → INVOICE NINJA (free with time tracking, more setup) QUESTION 3: Do you need proposals and contracts built into the same tool as your invoices? YES → Go to Question 4 NO → Go to Question 5 QUESTION 4: Are you a creative freelancer (photographer, designer, event planner, videographer)? YES → HONEYBOOK (built for your workflow end-to-end) NO → INVOICE NINJA (contracts + proposals in free tier) QUESTION 5: Are you just starting out or running a very simple invoicing setup (few clients, no recurring)? YES → WAVE (free, simple, solid — best starting point) NO → Continue to Question 5b QUESTION 5b: Do many of your clients prefer to pay via PayPal OR do you work with a lot of international clients? YES → PAYPAL INVOICING (universal acceptance, simple) NO → WAVE (still the best free default for most cases) BONUS: Do you want full control, open source, and are willing to do some technical setup? YES → INVOICE NINJA self-hosted (free, powerful, yours to own) ---------------------------------------------------------------- SECTION 3: QUESTIONS TO ASK BEFORE SWITCHING TOOLS ---------------------------------------------------------------- If you're currently using a tool and considering switching, run through this checklist first. Most switches are worth it, but only if you've done the homework. ABOUT YOUR CURRENT USAGE: [ ] How many invoices do I send per month? [ ] How many active clients do I have? [ ] What features am I actually using vs. paying for? [ ] What's the #1 problem my current tool has that I want solved? ABOUT THE NEW TOOL: [ ] Does it solve my actual problem, or does it just look better? [ ] Does it have a free trial long enough to test my real workflow? [ ] Can I import my existing client and invoice data? [ ] What's the real monthly cost at my volume level? (Some tools charge per client or per invoice — check tiers) [ ] Is the payment processing fee acceptable on my average invoice? [ ] Does it integrate with my accounting software (if I use any)? ABOUT THE SWITCH ITSELF: [ ] Can I export all my current invoice data before canceling? [ ] Will I have access to old invoices during/after the switch? [ ] What's the plan for invoices already in-flight when I switch? [ ] Do I need to notify clients of a new payment portal/address? RULE OF THUMB: Don't switch mid-year. January 1 is the cleanest time to switch tools — you start fresh, your records for the prior year are intact, and there's no mid-project confusion. ---------------------------------------------------------------- SECTION 4: MIGRATION CHECKLIST (IF SWITCHING FROM ANOTHER TOOL) ---------------------------------------------------------------- Switching invoicing tools without a plan creates gaps in your records and confuses clients. Do this in order. PHASE 1: BEFORE YOU CANCEL ANYTHING [ ] Export all invoices from your current tool (PDF + data export) [ ] Export your client list with email addresses [ ] Export your expense records if the tool has them [ ] Screenshot or PDF your subscription/billing info [ ] Note any invoices currently in-flight (sent, unpaid) [ ] Note any recurring invoices that will need to be recreated [ ] Save everything in a folder: [OLD TOOL NAME] - ARCHIVE - [YEAR] PHASE 2: SET UP THE NEW TOOL [ ] Import or manually recreate your client list [ ] Set up your invoice template (logo, brand colors, footer text) [ ] Add your payment methods (bank details, PayPal, Stripe) [ ] Add your standard payment terms (Net-15, late fee clause) [ ] Test: send yourself a test invoice and pay it [ ] Set up recurring invoice templates (if applicable) [ ] Configure automatic payment reminders PHASE 3: TRANSITION YOUR IN-FLIGHT INVOICES [ ] For any invoices currently sent and unpaid: leave them in the old system. Collect those payments there. Don't confuse clients with a sudden change in where/how they pay. [ ] Once all current invoices are paid, issue new invoices from the new tool [ ] For any recurring invoices: cancel in old tool + recreate in new tool — send clients a brief note: "Hi [Client] — I've updated my invoicing system. Going forward you'll receive invoices from [new tool]. Payment details remain the same / [update them if changed]." PHASE 4: CLOSE OUT THE OLD TOOL [ ] Confirm all in-flight invoices are paid [ ] Do a final export of all data (redundant backup) [ ] Cancel subscription (note the cancellation confirmation) [ ] Keep PDF archive of all old invoices for 7 years (tax records) PHASE 5: FIRST MONTH IN NEW TOOL [ ] Send at least 3 real invoices to confirm everything works [ ] Confirm payment notifications are working correctly [ ] Verify automatic reminders are firing as configured [ ] Check that your income log matches what the tool shows ================================================================ SoloStack — Done-for-you templates for freelancers & solopreneurs Get the full template library at solostack.madethis.app ================================================================