Softwr

Accounting · head to head

Bench vs Wave

Bench logo

Bench

Accounting

America's largest bookkeeping service for small businesses

From
$299/month
Rated
-
Full reviewWebsite
Wave logo

Wave

Professional Services

Financial software for small businesses

From
Free
Rated
-
Full reviewWebsite

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.
  • Prices and features above were last checked on 30 August 2026.

Where they differ

Only the attributes on which Bench and Wave actually diverge.

Attributes where Bench and Wave differ
AttributeBenchWave
Starting price$299/monthFree
Pricing modelUnknownfreemium
Free tierNoYes
CategoryAccountingProfessional Services
Founded20122010

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/month

No 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.
Bench review

Choose Wave if

  • You need double-entry accounting.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want invoicing.
Wave review

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.

Source
Wave: Can I try Wave before committing to a paid plan?

Sign up for the Starter Plan to take the bookkeeping and invoicing basics for a spin. Then, whenever you're ready, upgrade to the Pro Plan to unlock even more money management features.

Source
Bench: 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.

Source
Wave: What happens if I want to cancel my subscription?

Yes, you can unsubscribe at any time. The cancellation of your subscription will take effect at the end of the billing period in which you cancel.

Source
Bench: 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.

Source
Wave: Can I upgrade or downgrade my plan easily?

To upgrade to the Pro Plan, sign into Wave. Visit your dashboard or use your invoicing or accounting features, and click the 'Upgrade now' button.

Source
Bench: 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.

Source
Bench: 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
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