Best Accounting Software for Freelancers in 2026: I’ve Tried 7 of Them

Bottom line up front: FreshBooks for most established freelancers. Wave if you’re just starting out or on a tight budget. QuickBooks Self-Employed if tax anxiety is your main issue. Everything else is situational.

I’m not guessing here. I’ve personally used seven different accounting tools over four years of full-time freelancing. Some for months, some for a full year. Here’s what I learned spending way too much time testing financial software instead of doing actual billable work.

The Quick Comparison (Then the Details)

Now let me tell you why.

1. FreshBooks — Best Overall for Freelancers

Price: Lite $19/mo (5 clients) | Plus $33/mo (50 clients) | Premium $60/mo (500 clients)

I’ve been on FreshBooks since mid-2022 and it’s where I’ve stayed. Here’s the short version of why: it’s the only accounting tool that feels like it was built by people who actually freelance.

What I love:

• Invoicing is best-in-class. Beautiful templates, online payments, automatic reminders. My average payment time dropped from 18 days to 11 days.
• Proposals that convert to invoices with one click. Saves me 15 minutes per project.
• Time tracking built in (useful when I was billing hourly).
• Expense tracking with receipt scanning that actually works 80% of the time.
• Reports my accountant loves.

What bugs me:

• The Lite plan’s 5-client limit counts historical clients. Annoying.
• No quarterly tax calculator. This should exist by now.
• Price keeps going up. Was $25/mo (annual) when I joined, now $33/mo.
• Mobile app is sluggish.

Who should use FreshBooks: Established freelancers billing 5+ clients who want the best invoicing experience and are willing to pay for it.

Who should skip it: Brand new freelancers on a tight budget (use Wave instead) or anyone needing advanced accounting features (use Xero or full QuickBooks).

2. Wave — Best Free Option

Price: Free (payment processing: 2.9% + $0.60 credit card, 1% ACH)

Wave was my first accounting tool and I have a soft spot for it. It does 90% of what paid tools do at zero cost. Real double-entry bookkeeping, bank connections, invoicing, receipt scanning, and solid reports.

What I love:

• Actually free. Not “free trial” or “free for 5 invoices.” Genuinely free.
• Reports are solid — my accountant said Wave’s tax summary was better organized than half the QuickBooks exports she sees.
• Mobile app is fast and clean. Better than FreshBooks’ app, honestly.
• Unlimited invoices and clients.

What’s missing:

• No time tracking
• No proposals or estimates
• No project-level tracking
• Limited invoice customization (can’t do deposit/milestone invoicing easily)
• Email-only support, slow response times (3 days for my one ticket)

Who should use Wave: New freelancers, budget-conscious freelancers, anyone making under $50K who doesn’t want to spend on tools yet.

The upgrade moment: You’ll know it’s time to switch when you’re spending more time working around Wave’s limitations than the $20-30/month a paid tool costs. For me, that was around month 8 when I was juggling Wave + Toggl + Google Docs for proposals.

3. QuickBooks Self-Employed — Best for Tax Anxiety

Price: $15/month (often discounted to $7.50/month for first 3 months)

QuickBooks Self-Employed exists for one reason: to help freelancers not screw up their taxes. And it’s really good at that specific thing.

The killer feature: QBSe automatically separates business and personal transactions, calculates your estimated quarterly tax liability, and tells you exactly what to pay. If you’re the kind of person who lies awake at night wondering “did I save enough for taxes?”, this tool is worth $15/month for the peace of mind alone.

What I love:

• Quarterly tax estimates that are actually accurate (within $100-200 of my accountant’s calculations)
• Mileage tracking with GPS
• Clean separation of business vs. personal expenses
• Direct TurboTax integration at tax time

What bugs me:

• Invoicing is basic. Like, really basic. No custom templates, limited automation.
• The interface feels like it was designed by accountants for accountants, not for freelancers.
• “Self-Employed” is a weird product tier — if you ever need to upgrade to QuickBooks Online, the migration is painful.
• They keep raising prices. Started at $10/mo, now $15/mo.

Who should use it: Freelancers in their first 1-2 years who need tax hand-holding. People with simple invoicing needs who care more about tax accuracy than invoice aesthetics.

Who should skip it: Anyone who needs professional invoicing or project management. The invoicing is just too basic.

4. Bonsai — Best All-in-One Platform

Price: Starter $21/mo | Professional $39/mo | Business $79/mo

Bonsai tries to be everything: invoicing, contracts, proposals, time tracking, accounting, tax estimates, and CRM. Remarkably, it mostly succeeds.

I used Bonsai for three months in 2023 when I was frustrated with FreshBooks’ lack of contract management. Here’s the deal: if you want one login for everything business-related, Bonsai is compelling.

What I love:

• Contracts + proposals + invoicing in one workflow. Client signs contract → you create project → track time → send invoice. Seamless.
• Tax estimates (like QuickBooks SE but integrated with everything else)
• Contract templates that are actually legally useful
• Cash flow forecasting on the Professional plan

What bugs me:

• Jack of all trades, master of none. Invoicing is good but not FreshBooks-good. Accounting is fine but not Wave-fine. Contracts are decent but not lawyer-good.
• $39/mo for the plan most freelancers need (Professional). That’s more than FreshBooks Plus.
• The interface can feel overwhelming. So many features = so many menus.
• Accounting features are still newer and less robust than dedicated accounting tools.

Who should use it: Freelancers who want ONE tool for everything and are willing to accept “good enough” across the board instead of “excellent” in specific areas.

5. Xero — Best for Growing Beyond Solo

Price: Starter $15/mo | Standard $42/mo | Premium $78/mo

Xero is the “serious business” option. If you’re growing from solo freelancer to small agency, or if you have complex accounting needs (multiple currencies, inventory, payroll), Xero is the right choice.

I tested Xero for a month when I was considering bringing on a subcontractor. The accounting features are powerful — real chart of accounts, multi-currency support, 1,000+ integrations. But for a solo freelancer, it felt like driving a semi truck to the grocery store.

Who should use it: Freelancers transitioning to agency, anyone with international clients (multi-currency is excellent), anyone whose accountant insists on “proper” accounting software.

Who should skip it: Solo freelancers who just need invoicing and basic bookkeeping. It’s overkill.

6. Zoho Invoice — Best Budget Paid Option

Price: Free (up to 5 clients) | Standard $15/mo (unlimited)

Zoho Invoice is the middle ground between Wave (free but limited) and FreshBooks (paid but excellent). For $15/month you get solid invoicing, time tracking, project management, and expense tracking.

I used Zoho for about six weeks while comparing options. It’s perfectly competent. Nothing about it excited me, but nothing frustrated me either. It’s the Honda Civic of freelance accounting — reliable, affordable, gets the job done without any flair.

The ecosystem play: If you already use other Zoho products (Zoho CRM, Zoho Books, Zoho Projects), the integration is seamless. If you don’t, there’s no compelling reason to choose Zoho over FreshBooks.

7. HoneyBook — Best for Creatives and Event Pros

Price: Starter $16/mo | Essentials $32/mo | Premium $66/mo

HoneyBook is popular with photographers, event planners, and designers. It’s built around the client experience — beautiful proposals, seamless contracts, and a client portal that makes you look more professional than you probably are.

I tried HoneyBook for a month. As a web developer, it wasn’t the right fit — the templates and workflows lean heavily toward creative/event businesses. But my photographer friend swears by it, and I can see why. If your clients expect a beautiful, branded experience from inquiry to final payment, HoneyBook delivers.

Who should use it: Photographers, event planners, designers, and other creatives who value client experience and don’t need heavy accounting features.

Who should skip it: Developers, consultants, writers, and other freelancers who need accounting more than client experience management.

How to Choose: My Decision Framework

After testing all seven tools, here’s the decision tree I’d recommend:

Are you brand new and/or watching every dollar? → Start with Wave (free). Graduate when you can afford to.

Are you terrified of messing up taxes? → QuickBooks Self-Employed ($15/mo). The tax calculator is worth it for peace of mind.

Are you established (5+ clients, $50K+ revenue) and need great invoicing? → FreshBooks ($33/mo for Plus). Best invoicing + solid everything else.

Do you want ONE tool for everything (invoicing, contracts, proposals, taxes)? → Bonsai ($39/mo for Professional). Accept “good enough” across the board.

Are you growing beyond solo or have complex accounting needs? → Xero ($42/mo for Standard). Serious accounting for serious businesses.

Are you a photographer, planner, or creative? → HoneyBook ($32/mo for Essentials). Built for your workflow.

Want the cheapest paid option with decent features? → Zoho Invoice ($15/mo) or QuickBooks SE ($15/mo).

The Migration Reality

Switching accounting tools is annoying but not as bad as you think. Every tool exports to CSV. Most import from CSV. The real time cost is:

• Setting up the new tool: 1-2 hours
• Importing historical data: 30-60 minutes
• Running both tools in parallel for a month: 30 minutes of extra work per week
• Total transition time: About 5-6 hours spread over a month

I’ve migrated three times (Sheets → Wave → FreshBooks, with a Bonsai detour). The worst part isn’t the data migration — it’s learning new keyboard shortcuts and menu locations. Your muscle memory has to reset.

Pro tip: Always migrate during a slow period. Don’t try to switch accounting tools the same week you’re onboarding three new clients.

What I Actually Use (My Stack)

For transparency, here’s my current financial tool stack:

• FreshBooks Plus ($33/mo) — Invoicing, expense tracking, reports
• Relay Business Banking (free) — Separate business checking + tax savings account
• Google Sheets (free) — Quarterly tax calculations
• IRS Direct Pay (free) — Quarterly tax payments
• CPA ($375/year) — Annual tax prep + strategic advice

Total cost: ~$430/year + $375 for my accountant = about $800/year for my entire financial management system. That’s roughly 0.8% of my revenue. Worth every penny.

Final Thoughts

The best accounting software is the one you’ll actually use consistently. I know freelancers crushing it on Wave (free) and freelancers struggling with Xero ($78/month). The tool matters less than the habit of using it.

If you’re reading this and currently have NO financial system — no accounting tool, no separate bank account, just vibes and a prayer — start with Wave today. Right now. It takes 20 minutes to set up. Future you will be grateful.

And if your current system is working fine? Don’t switch just because a blog post told you to. The grass isn’t always greener, and migration takes time you could spend on billable work.

Use what works. Pay what you can afford. Track everything. That’s the whole game.