HoneyBook
All-in-one: proposals, contracts, invoices, and payments
HoneyBook is the complete client management platform — you send a proposal, get a contract signed, and collect a payment all in one workflow. Clients pay by credit card or ACH without leaving the document. The automated follow-up feature alone recovers thousands in late payments annually.
✅ Pros
- Proposal + contract + invoice in one flow
- Automated payment reminders
- Client portal for professional experience
- Mobile app for on-the-go invoicing
- Recurring invoice automation
❌ Cons
- More expensive than invoice-only tools
- Overkill for simple invoice needs
- Transaction fees on credit card payments
Wave Invoicing
100% free invoicing with optional paid payment processing
Wave's invoicing is genuinely free forever — unlimited invoices, unlimited clients, professional templates, and automatic payment reminders. You only pay when clients pay you online (2.9% + $0.60 for credit cards; 1% for bank transfers capped at $10). For new freelancers, it's the obvious starting point.
✅ Pros
- Completely free invoicing
- Unlimited clients and invoices
- Connects to Wave accounting (also free)
- Bank transfer fee capped at $10
- Professional templates
❌ Cons
- Credit card fees are slightly higher than competitors
- Customer support is limited on free plan
- Mobile app less polished than paid tools
FreshBooks
Invoicing + time tracking + accounting in one place
FreshBooks is built specifically for service-based freelancers. Time tracking, expense capture, mileage logging, and invoicing all sync into clean financial reports. When tax season arrives, your accountant (or TurboTax) gets clean data instead of a shoebox of receipts.
✅ Pros
- Best-in-class time tracking for billing
- Late payment fees automatically added
- Expense receipts via mobile photo
- Excellent accounting reports
- Integrates with 100+ apps
❌ Cons
- Lite plan limits 5 active clients
- Pricier than Wave for simple needs
- No built-in contract signing
Bonsai
Contracts, time-tracking, invoicing, and tax estimates
Bonsai uniquely combines legally-vetted contract templates with invoicing and automatic quarterly tax estimates. For freelancers who dread contracts and quarterly taxes, Bonsai removes both friction points in one affordable platform.
✅ Pros
- Attorney-reviewed contract templates included
- Automatic quarterly tax estimates
- Project profitability reporting
- CRM for client management
- Subcontractor payment tracking
❌ Cons
- More expensive than pure invoice tools
- Some features overlap with accounting software
- Less known = fewer integrations
How to get paid faster
The fastest-paying invoicing setup: 1) Send invoices within 24 hours of completing work. 2) Include a 'Pay Now' online button (clients pay 3× faster than by check). 3) Set up automatic reminders at 7, 14, and 21 days overdue. 4) Offer a 2% early payment discount for same-week payment — it's cheaper than chasing late payments.
Net-30 is hurting your cash flow
If you're offering net-30 terms as a default, stop. Most freelancers should use net-15 or net-7 for ongoing clients and 50% upfront + 50% on delivery for new clients. Late payments from net-30 terms cause more freelancer financial stress than any other single factor.
Quick Comparison: All Top Picks
| Software | Monthly Cost | Free Plan | Credit Card Fee | Best Feature |
|---|---|---|---|---|
| HoneyBook | $16+ | 7-day trial | 2.9% + $0.25 | All-in-one workflow |
| Wave | $0 | Yes — forever | 2.9% + $0.60 | Completely free |
| FreshBooks | $17+ | 30-day trial | 2.9% + $0.30 | Time tracking |
| Bonsai | $21+ | 14-day trial | 2.9% + $0.25 | Contract templates |
| PayPal Invoicing | Free | Yes | 3.49% + $0.49 | Name recognition |
Track your freelance income with a budget
Use the Budget Planner to allocate your variable freelance income across needs, wants, and savings — especially important when income fluctuates.