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Jared White By Jared White · Executive MBA, AI for Business Certified
Last reviewed: May 2026
Accounting Hub

Our top picks

Most solo operators need accounting software that handles invoicing, expense tracking, and a bank feed connection — and gets out of the way. The right choice comes down to your billing model and where you are in your build.

FreshBooks
Best for service businesses billing by project, retainer, or time
Starting Price $19/mo (Lite)
Client Limit (Lite) 5 active clients
Time Tracking Built-in
Bank Feed Yes — automatic sync
Purpose-built for service businesses — invoicing, retainer billing, milestone payments, and time tracking in one interface
Client portal lets clients pay invoices, approve proposals, and view project status without emailing you
Time tracking connects directly to invoices — log hours, click bill, done
Cleaner and faster than QuickBooks for straightforward service billing — setup takes an afternoon, not a week
Automatic late payment reminders and recurring invoice scheduling — removes the follow-up work
Best for: Consultants, freelancers, coaches, and advisors billing for time, projects, or retainers — especially if you have fewer than 50 active clients
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QuickBooks Online
Best for S-Corps, complex reporting, or CPA-handoff workflows
Starting Price $30/mo (Simple Start)
Payroll Add-on available
1099 Filing Yes (Plus and above)
Bank Feed Yes — automatic sync
Most CPAs and bookkeepers work natively in QuickBooks — handoff is seamless at tax time
S-Corp payroll integration with QuickBooks Payroll — runs salary and distributions in the same platform
1099 contractor management built into Plus plan — critical for agencies paying subcontractors
More granular reporting than FreshBooks — class tracking, budget vs. actual, and multi-entity support
Largest integration ecosystem of any accounting platform — connects to virtually every business tool
Best for: Operators with an S-Corp election, contractors requiring 1099 management, agencies with subcontractors, or anyone whose CPA insists on QuickBooks
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Wave
Best for pre-revenue and early-stage operators who need free
Starting Price Free
Invoicing Unlimited (free)
Bank Feed Yes — automatic sync
Payroll Paid add-on
Genuinely free — invoicing, expense tracking, bank connections, and basic reporting at no cost
Unlimited invoices and clients on the free plan — no artificial limits to force an upgrade
Bank feed connects automatically and categorizes transactions reasonably well
Clean enough interface for operators who just need to track what came in and what went out
Good starting point before revenue justifies a paid tool
Best for: Pre-revenue operators and those under $3K–$5K/month who need clean books without a monthly subscription. Upgrade to FreshBooks when you need time tracking or retainer billing.
Start Wave Free →
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Not sure which to pick?

FreshBooks if you bill for time or projects. QuickBooks if you have an S-Corp or your CPA requires it. Wave if you're early stage and need free. See the full FreshBooks vs QuickBooks comparison →

Review
Xero Review

Full-featured accounting with unlimited users, strong bank reconciliation, and native Mercury + Relay integration. Best when your books involve more than invoicing or you work with a bookkeeper.

Read Xero Review →
Comparison
FreshBooks vs Xero

Side-by-side on pricing, invoicing workflow, bank reconciliation, user limits, and the specific scenarios where each wins. Includes 12-month total cost comparison.

See Full Comparison →

Full comparison table

Software Starting Price Best For Time Tracking 1099s Action
FreshBooks Top Pick $19/mo Service billing, retainers Built-in No Try Free →
QuickBooks $30/mo S-Corps, agencies, CPAs Plus plan Yes (Plus+) Try QB →
Wave Free Early stage, simple books No No Start Free →

Pricing as of May 2026. Verify current plan pricing directly with each provider before subscribing.

How to choose the right software

Choose FreshBooks if: You bill clients for time, projects, or retainers. You want a client portal. You need recurring invoices. You're a consultant, coach, advisor, or freelancer whose revenue comes from services — FreshBooks was built exactly for this billing model.

Choose QuickBooks if: You have an S-Corp and need payroll integration. You pay contractors and need 1099 filing. Your CPA or bookkeeper works in QuickBooks and you want seamless handoff. You need more complex reporting — class tracking, profit centers, or budget vs. actual comparisons.

Choose Wave if: You're pre-revenue or under $5K/month and the monthly subscription cost isn't justified yet. Wave's free plan handles the basics — invoicing, expense tracking, bank connections — competently enough to get started without a paid tool.

When to upgrade from Wave to FreshBooks: When you start billing for time, need retainer management, or find yourself spending more than 30 minutes per week on invoicing and follow-up. That 30 minutes per week is worth more than $19/month.

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Review
FreshBooks Review
Full review of FreshBooks for solo operators — pricing, features, and what it gets right →
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QuickBooks Review
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Wave Review
Full review of Wave's free accounting — what it does well and where it falls short →
Comparison
FreshBooks vs QuickBooks
Side-by-side: which accounting software is right for your solo business? →