Hengo vs Wave: free vs paid accounting software
Wave offers free accounting and invoicing for small businesses in the US and Canada. Hengo is a paid platform starting at $19/month that adds multi-currency, Costa Rican IVA, crypto accounting, and professional features. This comparison helps you decide which is right for your business.
Last updated: September 2026
| Feature | Hengo | Wave |
|---|---|---|
| Starting price | $19/month | Free (payment processing extra) |
| Multi-currency (CAD/USD/CRC) | ✓ All plans | ✗ Not supported |
| Costa Rican IVA support | ✓ Native | ✗ Not supported |
| GST/HST/QST by province | ✓ Automatic | ✓ Basic (Canada only) |
| AI receipt parsing | ✓ Included | ✓ Included |
| Crypto accounting | ✓ Professional plan | ✗ Not available |
| Engagement letters & e-signatures | ✓ Professional plan | ✗ Not available |
| Bank reconciliation | ✓ All plans | ✓ Free |
| Double-entry ledger | ✓ All plans | ✓ Free |
| Invoicing | ✓ All plans | ✓ Free |
| API access | ✓ Professional plan | ✗ Not available |
| Payment processing | Stripe (2.9% + 30¢) | Wave (2.9% + 30¢) |
| Languages | EN, FR, ES | EN, FR |
Where Wave wins
Price: Wave's core accounting and invoicing are genuinely free. If you are a freelancer or very small business with simple needs and no multi-currency or Costa Rican operations, Wave is hard to beat on price.
Simplicity: Wave is designed for non-accountants. The interface is clean and easy to use, with no overwhelming features. If you just need basic bookkeeping, Wave gets you started quickly.
Where Hengo wins
Multi-currency: Hengo supports CAD, USD, and CRC on every plan. Wave does not support multi-currency at all. If you invoice or spend in more than one currency, Hengo is the only option of the two.
Costa Rica: Hengo handles IVA (13%) and facturación electrónica. Wave does not support Costa Rican tax compliance.
Crypto accounting: Hengo's Professional plan includes crypto wallet tracking and cost basis calculation. Wave does not offer this.
Professional features: Hengo offers engagement letters with e-signatures, workpaper generation, API access, and audit trails — none of which Wave provides.
Scalability: Hengo grows with your business from freelancer to accounting firm. Wave is designed for small businesses and freelancers, with no clear upgrade path for firms.
Who should choose which?
Choose Wave if you are a freelancer or very small business in the US or Canada with simple bookkeeping needs, no multi-currency requirements, and a tight budget. Wave's free plan is genuinely good for basic use.
Choose Hengo if you need multi-currency support, operate in Costa Rica, need crypto accounting, or want professional features like engagement letters and API access. Hengo is also the better choice if you plan to scale beyond a freelancer and want a platform that grows with you.
Frequently asked questions
Is Hengo better than Wave?
Hengo offers more features than Wave, including multi-currency support, Costa Rican IVA, crypto accounting, engagement letters, and API access. Wave is free for basic bookkeeping and invoicing but charges for payment processing and payroll. Hengo starts at $19/month but includes multi-currency and tax handling on all plans.
Is Wave really free?
Wave's accounting and invoicing features are free, but payment processing (2.9% + 30¢ per transaction) and payroll ($40/month base) are paid. Wave also does not offer multi-currency accounting, Costa Rican IVA, or crypto accounting.
Can I migrate from Wave to Hengo?
Yes. Hengo supports importing transactions and invoices from CSV files exported by Wave. Our team can assist with the migration process.
Does Wave support multi-currency?
No. Wave does not support multi-currency accounting. If your business operates in multiple countries or needs CAD/USD/CRC support, Hengo is the better choice.