QuickBooks vs. FreshBooks vs. Wave: Best Accounting Software for Self-Employed Tradespeople
As a self-employed roofer, plumber, or flooring installer, you're now responsible for more than just the job itself. Knowing exactly what you make from each project and what your materials, tools, and fuel cost is critical. QuickBooks, FreshBooks, and Wave all help you track money, but they suit different solo trades at different stages and price points. Here's how to pick the one that fits your new business.
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The quick answer
Wave is the best free option for new solo tradespeople like a fresh-start drywaller or painter with simple projects. FreshBooks is the best for specialty trades who bill by the hour or project and send detailed invoices, like a custom tile installer or a specialized finish carpenter. QuickBooks is the standard for growing solo trades, especially if you start hiring subcontractors, or your tax accountant for trade businesses says it's time.
Side-by-side breakdown
Wave: Completely free for invoicing, accounting, and receipt scanning. Charges small fees for client payments. It’s perfect for tracking receipts for lumber, copper pipes, or paint supplies. Limited reporting means you might manually calculate profit on a big roofing job. Best for a new solo electrician or handyman doing jobs under $50K/year, managing a few invoices and material receipts a month.
FreshBooks: Starts at $19/month. Best-in-class for invoicing clients for a flooring project or custom carpentry. Excellent for tracking time spent on a job site, which is key for hourly billing. It's less powerful if you carry a lot of inventory like bulk electrical wire or a full lumber stock.
QuickBooks: Starts at $35/month. The industry standard—almost every bookkeeper and accountant familiar with trade businesses knows it. Useful if you're tracking specific material costs for complex projects (e.g., HVAC system components), or if you plan to hire other tradespeople as 1099 contractors. It can track inventory if you stock common parts like plumbing fittings. It has a steeper learning curve but offers the most complete system for a growing trade business.
When to choose Wave
Choose Wave if you are just starting out as a self-employed painter or a new handyman, and haven't landed many big jobs yet. If you only need to send a few invoices a month for small projects and track your fuel receipts, new tool purchases (like a miter saw or pipe wrench set), and material costs. Transition when your business income consistently exceeds $5,000 a month or you need more detailed project tracking per job.
When to choose QuickBooks
Choose QuickBooks when your solo trade business grows to the point where tracking materials for multiple projects (like a roofer juggling three jobs at once), managing several subcontractors (e.g., bringing in an electrician for a part of your remodel), or needing detailed profit reports for larger bids becomes essential. Also, if your accountant specializing in contractors tells you it's time, or if you plan to stock inventory like bulk plumbing fixtures or flooring rolls for your regular jobs.
The verdict
Start with Wave if you're a new solo drywaller or painter, earning under $5,000/month, and want to keep costs low. Move to FreshBooks if your main work involves detailed hourly billing or project-based invoices for clients (like a custom cabinet maker or high-end tile installer). Shift to QuickBooks when your operation gets complex, requiring detailed job costing for large projects, managing multiple subcontractors, or when your business accountant insists on it for better tax preparation.
How to get started
Open a Wave account today and link your business bank account. Go through your last month's transactions. Categorize every payment for materials (like lumber from Home Depot, paint from Sherwin-Williams), tools (a new power drill), fuel for your work truck, and income from completed jobs. Understanding exactly where your money goes and comes from for each job is more important than finding the cheapest supplier. You can't improve your profit margins if you don't track them.
RECOMMENDED TOOLS
Wave
Free accounting, invoicing, and receipt tracking — no monthly fee
FreshBooks
Best invoicing and time tracking for service businesses
QuickBooks
Industry standard — works with every bookkeeper and accountant
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FREQUENTLY ASKED QUESTIONS
Can I switch from Wave to QuickBooks later without losing data?
Yes. You can export your chart of accounts and transaction history from Wave and import into QuickBooks. The migration takes a few hours and is worth doing at a fiscal year boundary to keep your records clean.
Does Wave really have no monthly fee?
Wave's core accounting, invoicing, and receipt scanning features are free. Wave charges transaction fees when customers pay invoices through the platform (similar to Stripe or PayPal). Payroll is a paid add-on starting at $20/month.
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