Expensify vs Wave Comparison 2026
Expensify photographs a receipt and files it into an expense report, with scanning and payments free and no cap, then $5 a member a month once categorisation and approvals matter. Wave does invoices, receipts and double-entry bookkeeping for free, earning instead from card payments and a $19 a month Pro plan that automates receipt scanning. Expensify is built around the receipt. Wave is built around the whole set of books.
At a glance
- Expensify starts cheaper, at $5.
- Both have a genuinely free tier.
Side by side
Expensify | Wave | |
|---|---|---|
| Starting price (they differ) | From $5 | From $19 |
| Pricing model | Free plan, paid tiers | Free plan, paid tiers |
| Free tier | Yes | Yes |
| Billing | Monthly or annual | Monthly or annual |
| Free trial | Not stated | None |
| API | Not stated |
Expensify
Receipt scanning and expense reports
Expensify photographs a receipt and reads the merchant, date and amount off it, then files the result into a report that somebody can approve. Scanning receipts and sending money stay free, and paying is about what happens after the scan: categorisation, approval rules and the accounting handoff. It pushes to QuickBooks and Xero, which is usually why a bookkeeper asks for it.
Our note
The free tier is the honest recommendation for one person, and it is unusually good. Pay for Collect at the point where somebody other than you needs to see the expenses, which in practice means a bookkeeper or a second person on the card.
Wave
Invoicing and bookkeeping that costs nothing
Wave does invoices, receipts and double-entry bookkeeping for free, and earns on card payments and on a paid tier that automates the parts you would otherwise do by hand. For a sole trader sending a dozen invoices a year it is the cheapest honest answer. Payroll and the advisor service exist in some countries only, which is worth checking before a whole tax year lives in it.
Why people weigh these two
- Wave instead of Expensify
- Wave costs nothing and puts expenses in the books beside invoicing, for anyone who wants one ledger rather than a reporting tool.
- Expensify instead of Wave
- Expensify focuses on scanning receipts into expense reports, with a free tier and plans from $5, a narrower job than Wave's full bookkeeping.
Which one should you pick
Pick Expensify if you have enough business spending that receipts pile up and enough structure that they get reimbursed or reconciled elsewhere. Scanning and payments stay free with no cap, and Collect at $5 a member a month adds approvals once a second person is involved.
Pick Wave if you are a sole trader or one-person company invoicing a handful of clients and want real bookkeeping without a monthly bill. Starter is genuinely free for invoicing and bookkeeping; Pro at $19 a month adds automation once that is worth paying for. Confirm payments and payroll are supported where you live first.
Common questions
- Which is cheaper?
- Both have a genuinely free core. Wave's Starter plan does invoicing and bookkeeping for nothing. Expensify's scanning and payments are also free with no cap, and its paid Collect tier at $5 a member a month is cheaper than Wave's Pro at $19.
- Which one sends invoices?
- Wave. Unlimited invoicing is part of its free Starter plan alongside bookkeeping. Expensify has no invoicing feature; it captures and files receipts and hands the result to an accounting system elsewhere.
- Which one is real double-entry bookkeeping?
- Wave. Its free plan is genuine bookkeeping, not just expense capture. Expensify photographs and categorises receipts, then pushes the result to QuickBooks or Xero rather than keeping the books itself.
- When is Expensify's paid tier worth it over staying on Wave alone?
- Once somebody other than you needs to see and approve the expenses, a bookkeeper or a second person on a card, which is what Collect at $5 a member a month adds. Wave's own paid tier is about automating receipt scanning inside the bookkeeping rather than approvals.
Ratings are the average of reviews readers left. The facts are stated by each tool’s own listing and are not verified by CloutStack. How we make money.