Invoice Ninja vs Wave: Which Free Invoicing Tool Is Better?

TL;DR: Invoice Ninja offers more invoicing features on its free plan including proposals, recurring invoices with auto-billing, and a self-hosted option. Wave bundles free invoicing with free accounting. Choose Invoice Ninja for richer invoicing features; choose Wave if you also need accounting at no cost.

Quick comparison

Invoice creation

Invoice Ninja provides a feature-rich invoice editor with custom designs, line-item taxes, discounts, partial payments, deposits, and file attachments. The free plan supports unlimited clients and invoices with up to four custom invoice templates. The client portal lets customers view invoices, make payments, and approve quotes.

Wave's invoice editor is simpler but clean. Add your logo, create line items, set payment terms, and send. The design options are more limited and there is no client portal. Wave makes up for fewer invoicing features by including accounting — every invoice automatically records in your books.

For the invoice creation experience alone, Invoice Ninja is the stronger tool.

Pricing

Both are free to start. Invoice Ninja's free plan includes unlimited invoices and clients with core features. The Pro plan ($12/month) adds more invoice templates, proposal templates, email customisation, and removes Invoice Ninja branding. The Enterprise plan ($14/month) adds multi-company support.

Wave is entirely free for invoicing and accounting. Revenue comes from payment processing (2.9% + $0.60 per card transaction) and payroll services. Invoice Ninja charges per payment gateway on the free plan (limited to one) and unlocks multiple gateways on paid plans.

Both are excellent free options. Invoice Ninja's paid tier is affordable for businesses that want branding removal and expanded templates.

Automation and workflows

Invoice Ninja supports auto-billing for recurring invoices (charge stored cards automatically), automated payment reminders, late fee calculations, and webhook integrations for custom automations. The Pro plan adds workflow automation and custom email templates.

Wave supports recurring invoices and basic payment reminders. There are no auto-billing features for stored payment methods and no webhook support. For invoicing automation, Invoice Ninja is substantially more capable.

Integrations

Wave integrates with major accounting tools via Zapier but has limited native integrations. Invoice Ninja integrates with Zapier, offers a REST API, supports webhooks, and connects with payment gateways (Stripe, PayPal, and others). The self-hosted version can be extended with custom integrations.

Invoice Ninja's open-source nature and API access give technically inclined users significant flexibility. Wave's closed ecosystem is simpler but less extensible.

Ease of use

Wave is slightly easier for non-technical users. The sign-up-and-go experience is smooth, and the interface is familiar to anyone who has used web software. Invoice Ninja has a clean interface but more features to learn. The self-hosted option adds complexity that only technical users will want to tackle.

For businesses wanting the simplest possible invoicing, InvoiceQuickly offers a focused alternative to both. Invoice Ninja rewards users who spend time configuring it — the feature depth is impressive for a free tool. Wave rewards users who want everything to work together without configuration — invoicing and accounting are integrated from day one.

Verdict

Choose Invoice Ninja if you want the most feature-rich free invoicing tool, need auto-billing, value a client portal, or want the option to self-host. It is the better pure invoicing platform.

Choose Wave if you want free invoicing and free accounting in one platform. The invoicing is simpler but the accounting features (profit and loss, balance sheet, bank connections) add significant value that Invoice Ninja does not provide.

Frequently asked questions

Is Invoice Ninja really open source?

Yes. Invoice Ninja is open source under the Elastic License 2.0. You can self-host it on your own server for free, which gives you full control over your data and unlimited everything. The cloud-hosted version has a free tier with some limitations and paid plans for additional features.

Which is better for agencies?

Invoice Ninja, particularly the self-hosted or Enterprise version. Multi-company support, client portal, proposals, and auto-billing for recurring clients make it well-suited for agencies managing multiple client accounts. Wave lacks the client management depth agencies typically need.

Can I migrate between the two?

Both support CSV export and import for clients and products. Invoice Ninja supports importing from several platforms including Wave. Historical invoice migration may require manual effort, but client and product data transfers smoothly.

Which is more reliable and secure?

Wave is backed by H&R Block and runs on managed cloud infrastructure. Invoice Ninja's cloud version is professionally hosted and maintained. The self-hosted version puts reliability and security in your hands — which is an advantage for privacy-conscious businesses but adds responsibility. Both platforms use SSL encryption and standard security practices. For most users, the cloud versions of both are equally reliable.