Accounting & Finance · head to head
Bench vs Wave
Bench
Accounting & Finance
America's largest bookkeeping service for small businesses
- From
- $299/month
- Rated
- -
The short version
- Only Wave has a free tier, so it costs nothing to try first.
- Each has a real cost: Bench recent bankruptcy and acquisition by Employer.com creates uncertainty about product roadmap and support continuity; Wave automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
- They diverge on capability: Bench covers Dedicated bookkeeper, Wave covers Double-entry accounting.
Where they differ
Only the attributes on which Bench and Wave actually diverge.
Identical on both: platforms (Web, Ios, Android), user rating (Not yet rated).
What each one covers
Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.
Only in Bench
- Dedicated bookkeeper
- Monthly financial statements
- Tax preparation
- Expense categorization
- Square
- SOC 2
- Bank-level encryption
Only in Wave
- Double-entry accounting
- Invoicing
- Expense tracking
- Financial reporting
- Receipt scanning
- Multi-currency
- Sales tax tracking
- Etsy
Both cover
- Bank reconciliation
- Stripe
- PayPal
- Web support
- Ios support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
Bench
- Bookkeeping outsourcingnot Wave
- Tax preparationnot Wave
- Financial reportingnot Wave
Wave
- Invoicing and bookkeeping for very small businesses and freelancersnot Bench
- Accepting card payments against issued invoicesnot Bench
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
Bench
- Recent bankruptcy and acquisition by Employer.com creates uncertainty about product roadmap and support continuity
- Higher starting cost at $299/month compared to self-service accounting software like Wave or QuickBooks Online
- Requires manual connection of financial accounts and ongoing coordination with bookkeeping team, less automated than software-first solutions
- Tax services limited to US income tax returns; no support for complex entity structures or multi-state taxation
- History of burning through capital rapidly, raising concerns about long-term business sustainability
Wave
- Automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
- The free plan pays a $0.60 per transaction fee on card payments on top of 2.9%, which Pro waives only for the first 10 transactions a month
- Beyond 10 transactions a month the Pro plan pays the same per transaction fee as the free one
- Amex is charged at 3.4% rather than 2.9% on both plans
Pricing, plan by plan
Bench
$299/monthNo published plan breakdown. See the Bench review.
Wave
Free- AccountingFree
- Unlimited invoicing
- Expense tracking
- Financial reports
- Payments$undefined/transaction
- 2.9% + $0.60 per transaction
- Credit card processing
- Bank payments (1%)
- Payroll$35/month
- $35/month base + $6/employee
- Tax calculations
- Direct deposit
Which should you pick?
Choose Bench if
- You need dedicated bookkeeper.
- You work on Web, Ios, Android.
- You also want monthly financial statements.
Choose Wave if
- You need double-entry accounting.
- You want to start without paying.
- You work on Web, Ios, Android.
- You also want invoicing.
Questions people ask
- Is Bench or Wave better?
- Neither clearly leads. Bench starts at $299/month and Wave at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Bench or Wave?
- Wave has a free tier; the other does not. Paid plans start at $299/month for Bench and Free for Wave.
- Does Bench or Wave run on more platforms?
- Both run on Web, Ios, Android, so platform support will not decide this one for you.
- Can I use Wave for free?
- Yes. Wave has a free tier, so you can try it without paying. Bench starts at $299/month.
- What is Bench best used for?
- Bench is most often used for bookkeeping outsourcing, tax preparation, financial reporting. Of those, bookkeeping outsourcing and tax preparation are not what Wave is typically brought in for.
- What can Bench do that Wave cannot?
- Bench covers Dedicated bookkeeper, Monthly financial statements, Tax preparation, Expense categorization. Wave covers Double-entry accounting, Invoicing, Expense tracking, Financial reporting. Both handle Bank reconciliation, Stripe, PayPal, Web support.
Answered from the vendors’ own pages
Bench: What happened to Bench Accounting?
Bench shut down abruptly on December 27, 2024, filing for bankruptcy in Canada with $65 million in debt. The company was acquired by Employer.com on December 30, 2024, and resumed operations in January 2025 under new ownership.
SourceBench: What are Bench's current pricing plans?
Bench offers Bookkeeping at $299/month (billed annually) and Bookkeeping + Tax at $599/month (billed annually). Both include automated bookkeeping, real-time financial statements, and a dedicated team of bookkeepers.
SourceBench: Does Bench include tax preparation services?
The Bookkeeping plan includes monthly bookkeeping and year-end tax-ready financial statements. The Bookkeeping + Tax plan adds one-on-one income tax consulting and annual income tax return filing.
SourceBench: How does Bench's bookkeeping work?
Bench combines proprietary software with human bookkeepers. You connect your financial accounts to automate data entry, and Bench's team handles bookkeeping and provides year-end tax-ready statements. Customers can reach their dedicated team within 24 hours.
SourceBench: Can I access real-time financial data with Bench?
Yes, Bench provides real-time reporting, allowing you to access or download updated income statements and balance sheets at any time.
Source