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Proposals · head to head

Cone vs Wave

Cone logo

Cone

Proposals

Proposal to payment software for accounting and bookkeeping firms, with engagement letters and direct debit

From
On request
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: Cone the product is shaped around accountancy engagements, so a freelancer or agency outside professional services pays for engagement letter and compliance features they will never open.; Wave automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • They diverge on capability: Cone covers Engagement letters, Wave covers Double-entry accounting.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

Only the attributes on which Cone and Wave actually diverge.

Attributes where Cone and Wave differ
AttributeConeWave
Starting priceOn requestFree
Pricing modelquotefreemium
Free tierNoYes
PlatformsWebWeb, Ios, Android
CategoryProposalsProfessional Services
FoundedUnknown2010

Identical on both: 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 Cone

  • Engagement letters
  • Electronic signature
  • Recurring billing
  • Direct debit collection
  • Scope creep flagging
  • Service line templates
  • Client onboarding tasks

Only in Wave

  • Double-entry accounting
  • Invoicing
  • Expense tracking
  • Financial reporting
  • Bank reconciliation
  • Receipt scanning
  • Multi-currency
  • Sales tax tracking

What people use each for

The jobs each tool is most often brought in to do.

Cone

  • A bookkeeping practice moving clients from ad hoc invoicing onto signed recurring fee agreementsnot Wave
  • An accountancy firm that needs engagement letter wording attached to every proposal for compliance reasonsnot Wave
  • A practice losing revenue to out of scope work that is never billed because nobody notices itnot Wave
  • Standardising pricing across a firm so that partners stop quoting the same service at different ratesnot Wave

Wave

  • Invoicing and bookkeeping for very small businesses and freelancersnot Cone
  • Accepting card payments against issued invoicesnot Cone

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Cone

  • The product is shaped around accountancy engagements, so a freelancer or agency outside professional services pays for engagement letter and compliance features they will never open.
  • Recurring collection depends on which payment rails are supported in your country, and direct debit coverage varies enough that the headline benefit may not apply to your client base.
  • Practice management integration is shallower than the incumbents, so client records often exist in two systems and have to be reconciled.
  • Pricing is not published, which makes it hard to compare against a general proposal tool without entering a sales process first.
  • As a younger vendor in a market that consolidates through acquisition, roadmap continuity carries more risk than choosing an established practice software supplier.

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

Cone

On request
  • Cone$undefined/year
    • Proposals and engagement letters
    • Electronic signature
    • Recurring billing and direct debit mandates

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 Cone if

  • You need engagement letters.
  • You also want electronic signature.
Cone 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 Cone or Wave better?
Neither clearly leads. Cone starts at On request and Wave at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Cone or Wave?
Wave has a free tier; the other does not. Paid plans start at On request for Cone and Free for Wave.
Does Cone or Wave run on more platforms?
Cone runs on Web. Wave runs on Web, Ios, Android.
Can I use Wave for free?
Yes. Wave has a free tier, so you can try it without paying. Cone starts at On request.
What is Cone best used for?
Cone is most often used for a bookkeeping practice moving clients from ad hoc invoicing onto signed recurring fee agreements, an accountancy firm that needs engagement letter wording attached to every proposal for compliance reasons, a practice losing revenue to out of scope work that is never billed because nobody notices it, standardising pricing across a firm so that partners stop quoting the same service at different rates. Of those, a bookkeeping practice moving clients from ad hoc invoicing onto signed recurring fee agreements and an accountancy firm that needs engagement letter wording attached to every proposal for compliance reasons are not what Wave is typically brought in for.
What can Cone do that Wave cannot?
Cone covers Engagement letters, Electronic signature, Recurring billing, Direct debit collection. Wave covers Double-entry accounting, Invoicing, Expense tracking, Financial reporting.

Answered from the vendors’ own pages

Cone: Is this only for accountants?

It is designed for accounting and bookkeeping firms. Other professional services firms use it, but general freelancers will find most of it irrelevant.

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
Cone: Does it handle recurring fees?

Yes, and that is the main reason firms adopt it. Acceptance creates the fee schedule and the collection mandate together.

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
Cone: How are payments collected?

Through supported card and direct debit providers, whose processing fees apply on top of the subscription.

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
Cone: What is scope creep flagging?

It compares work performed against the scope agreed in the proposal and surfaces the difference so it can be billed rather than absorbed.

Cone: Is pricing published?

Not in a form that can be quoted reliably. Expect a sales conversation before you can compare it on cost.

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