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Proposals · head to head

Indy vs Wave

Indy logo

Indy

Proposals

Freelance workflow suite covering proposals, contracts, invoices and time tracking with a usable free tier

From
Free
Rated
-
Full reviewWebsite
Wave logo

Wave

Professional Services

Financial software for small businesses

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Indy the free tier caps documents per month, and an active freelancer passes those caps quickly enough that the free plan is a trial in practice rather than a permanent option.; Wave automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • They diverge on capability: Indy covers Contract library, Wave covers Double-entry accounting.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

Only the attributes on which Indy and Wave actually diverge.

Attributes where Indy and Wave differ
AttributeIndyWave
Pricing modelquotefreemium
CategoryProposalsProfessional Services
FoundedUnknown2010

Identical on both: starting price (Free), free tier (Yes), 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 Indy

  • Contract library
  • Proposals
  • Time tracking
  • Task and calendar
  • Client portal
  • Free tier

Only in Wave

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

Both cover

  • Invoicing

What people use each for

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

Indy

  • A new freelancer who needs a real signed contract before there is revenue to fund a subscriptionnot Wave
  • Testing whether an all in one freelance bundle suits your workflow before committing money to onenot Wave
  • Part time or side project freelancing with low monthly document volume that stays inside the free capsnot Wave
  • Replacing an unsigned emailed quote with a proposal that converts into a contract and an invoicenot Wave

Wave

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

Where each one falls short

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

Indy

  • The free tier caps documents per month, and an active freelancer passes those caps quickly enough that the free plan is a trial in practice rather than a permanent option.
  • Project management and task tracking are shallow, so anyone running several concurrent projects will keep a separate tool and lose the single system benefit.
  • Reporting on income, utilisation and profitability is thin next to a dedicated accounting or time tracking product.
  • Payments are processed by a third party gateway, so the card fee applies on top of the subscription and materially changes the cost per invoice on small jobs.
  • As with every bundle, leaving means separating proposals, contracts, time and invoices out of one export, which is harder than replacing a single purpose tool.

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

Indy

Free
  • Indy$undefined/year
    • Free tier with monthly document limits
    • Proposals, contracts and invoices
    • Time tracking and tasks

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 Indy if

  • You need contract library.
  • You want to start without paying.
  • You work on Web, iOS, Android.
  • You also want proposals.
Indy review

Choose Wave if

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

Questions people ask

Is Indy or Wave better?
Neither clearly leads. Indy starts at Free and Wave at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Indy or Wave?
Indy starts at Free and Wave at Free.
Does Indy or Wave run on more platforms?
Indy runs on Web, iOS, Android. Wave runs on Web, Ios, Android.
Can I use Indy for free?
Both have a free tier, so you can try either at no cost before committing.
What is Indy best used for?
Indy is most often used for a new freelancer who needs a real signed contract before there is revenue to fund a subscription, testing whether an all in one freelance bundle suits your workflow before committing money to one, part time or side project freelancing with low monthly document volume that stays inside the free caps, replacing an unsigned emailed quote with a proposal that converts into a contract and an invoice. Of those, a new freelancer who needs a real signed contract before there is revenue to fund a subscription and testing whether an all in one freelance bundle suits your workflow before committing money to one are not what Wave is typically brought in for.
What can Indy do that Wave cannot?
Indy covers Contract library, Proposals, Time tracking, Task and calendar. Wave covers Double-entry accounting, Expense tracking, Financial reporting, Bank reconciliation. Both handle Invoicing.

Answered from the vendors’ own pages

Indy: Is the free tier actually usable?

Yes, for real signed contracts and invoices, but it caps documents per month and active freelancers hit that fairly quickly.

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
Indy: Does it take a percentage of invoices?

The payment gateway charges its standard card fee. That is separate from the subscription and should be modelled per invoice.

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
Indy: Can it manage several concurrent projects?

Only lightly. The task and project features are the weakest part of the product.

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
Indy: Are the contracts legally sound?

They are standard freelance templates with editable clauses. They are a starting point, not legal advice for your jurisdiction.

Indy: Who is it wrong for?

Agencies, anyone with subcontractors, and freelancers who need real project management or detailed profitability reporting.

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