Wave vs Firefly III
Detailed comparison to help you choose the right tool for your needs
W
Wave
Free accounting and invoicing for small businesses
4.4
Editorial RatingF
Firefly III
Self-hosted personal finance manager with double-entry bookkeeping
4.5
Editorial RatingQuick Comparison
Rating
4.4
vs4.5
Starting Price
Free
vsFree
Pricing Model
free
vsfree
Feature
Wave
Firefly III
Invoicing
Accounting
Receipt Scanning
Financial Reporting
Payment Processing
Payroll
Double-entry bookkeeping
Budget tracking
Bank import
Recurring transactions
Reports and charts
Multi-currency support
Wave Pros
- Core accounting and invoicing are completely free
- No client or invoice limits
- Clean and simple interface
- Good for freelancers and solopreneurs
- Receipt scanning via mobile app
- No credit card required to start
Wave Cons
- Limited integrations compared to competitors
- No inventory management
- Payroll is a paid add-on
- Payment processing fees are standard not discounted
- No project tracking or time tracking
- Reporting is fairly basic
Firefly III Pros
- Double-entry bookkeeping keeps financial records accurate and auditable
- Completely free — all financial data stays on your server
- Bank import via Spectre API and GoCardless for European banks
- Rule engine automatically categorizes transactions by description patterns
- Multi-currency support handles international accounts correctly
- Comprehensive reporting: income vs expense, budgets, net worth over time
Firefly III Cons
- Bank import setup is complex and varies significantly by country
- No native mobile app — web UI works on mobile but not optimized for small screens
- PHP/Laravel stack requires more server resources than lighter alternatives
- Steeper learning curve than commercial apps like YNAB
- Community support smaller than commercial personal finance tools
- GoCardless integration has transaction limits and potential costs