Wave wins on more features overall (5 vs 1, 13 tied). Below is the full feature-by-feature breakdown.
| Feature | Square Invoices | Wave |
|---|---|---|
| Free plan |
✓ Yes
Free creation; 2.2% on payments
|
✓ Yes
|
| Entry paid plan |
✓ Yes
Per-transaction fees only
|
✓ Yes
Pro Plan US$16/mo (about AU$25)
|
| Download PDF without signup |
✗ No
|
✗ No
Requires signup to generate invoices
|
| Feature | Square Invoices | Wave |
|---|---|---|
| Unlimited invoices |
— Limited
|
✓ Yes
|
| Custom logo & branding |
✓ Yes
|
✓ Yes
|
| Recurring invoices |
✓ Yes
|
✓ Yes
|
| Email invoices to clients |
✓ Yes
|
✓ Yes
|
| Multi-currency |
✓ Yes
|
✓ Yes
|
| Client management |
✓ Yes
|
✓ Yes
|
| Feature | Square Invoices | Wave |
|---|---|---|
| ATO-compliant GST invoices |
— Limited
|
— Limited
No automatic ATO Tax Invoice wording
|
| ABN field built in |
✗ No
|
✗ No
Manual workaround needed
|
| Australian-focused support |
— Limited
|
✗ No
No AU-based support
|
| Feature | Square Invoices | Wave |
|---|---|---|
| Bank reconciliation |
✗ No
|
— Limited
AU bank feeds are limited
|
| Expense tracking |
— Limited
|
✓ Yes
|
| Payroll |
✗ No
|
✗ No
US/Canada only
|
| Inventory tracking |
✗ No
|
✗ No
|
| Feature | Square Invoices | Wave |
|---|---|---|
| Stripe payments |
✗ No
Square payments only
|
— Limited
Wave Payments only — no direct Stripe integration
|
| Mobile app |
— Limited
|
✓ Yes
|
| Feature | Square Invoices | Wave |
|---|---|---|
| Setup time |
— Limited
Account signup required
|
— Limited
~10 min signup + business setup
|
Neither tool fits your invoicing-only workflow? Try InvoiceSonic — free for unlimited ATO-compliant tax invoices, no signup required.
Create a free invoice now →Square Invoices starts at Free (2.2% per paid invoice); Wave starts at Free (Pro Plan US$16/mo). Square Invoices offers free to create — fees on card payments. Wave offers free forever.
For ATO-compliant GST: Square Invoices = limited, Wave = limited. For native ABN field: Square Invoices = no, Wave = no. If you operate in Australia and either tool falls short here, InvoiceSonic handles both natively — and it's free.
Most freelancers want fast invoicing without paying for full accounting. Between these two, Wave wins more categories overall. But if you're a freelancer who just wants ATO-compliant tax invoices for free, InvoiceSonic is purpose-built for that workflow.
Do not assume a one-click migration. Confirm each product's current export and import formats, then test contacts, opening balances, unpaid invoices, tax codes, attachments and reconciliations before cancelling the old account. Keep statutory records outside both systems.
Both tools include more than invoicing. If invoicing is your only need, a dedicated generator can be faster and more focused than a full accounting subscription.
Yes — InvoiceSonic lets you create and download an invoice without signup. Its account plans have separate limits and pricing, so compare current official plans before deciding.