Invoice Koi vs Wave
Free is never the whole price.
Wave gives away invoicing with no cap, and the rest of the app is $19 a month for Pro. Invoice Koi is about US$8.33 a month, billed yearly, with every feature on one plan.
Last checked 7 September 2026. US list prices.
On Google Play now. Coming soon to iPhone. Have the app? Open it
Wave or Invoice Koi?
Wave is for the evening. Invoice Koi is for the driveway.
Choose Wave if
- You want proper bookkeeping and bank feeds, which Invoice Koi does not do.
- You want clients to pay by ACH bank transfer through the invoice.
- You do your admin at a desk, on a computer.
Choose Invoice Koi if
- You want to make the invoice standing in the customer's hallway, before you have left.
- You want receipts, time and jobs on the same plan as the invoice, not a tier above it.
- You want it to work with no signal.
What Wave is good at
Wave is real accounting given away. Double entry, bank feeds, expenses, reports, card payments and ACH, free, from a company that has been doing it for years.
The catch
It is an accounting product that also makes invoices, and it is priced like one: the reminders, the receipt scanning and the extras that make it pleasant sit on Pro at $19 a month. It is also a desk product. Nobody does their books on a driveway.
The ten rows that decide it
Switch between the free plans and the cheapest paid plans.
All 59 features, and the tier each one sits in
A paid tier includes its own free tier, so a mark means available at that price or below. Of the 59, 4 are better here, 4 better in Wave, 19 tied, and 32 neither, or not stated.
| Feature | Invoice Koisubscription | Wavefree, no invoice cap | Who has it |
|---|---|---|---|
| Documents | |||
| Invoices | ○ | ● | Tied |
| Estimates or quotes | ○ | ● | Tied |
| Clients | ○ | ● | Tied |
| Turn an estimate into an invoice | ○ | ● | Tied |
| Recurring invoices | ○ | · | Not stated |
| Credit notes | ○ | · | Not stated |
| Work orders | – | · | Not stated |
| Change orders | – | · | Not stated |
| Client contracts | – | · | Not stated |
| Document or project templates | ○ | · | Not stated |
| Price book of saved items | ○ | · | Not stated |
| How the document looks | |||
| Your logo on the document | ○ | ○ | Tied |
| Your brand or accent color | ○ | ○ | Tied |
| Choice of templates | ○ | · | Not stated |
| Invoices free of vendor branding | ○ | ● | Tied |
| Rename the field labels | ○ | · | Not stated |
| Photos and attachments | ○ | · | Not stated |
| Terms and conditions block | ○ | · | Not stated |
| License and insurance details | – | · | Not stated |
| Your own signature | ○ | · | Not stated |
| Client e-signature | ○ | – | Invoice Koi |
| Getting paid | |||
| Accept card payments | ○ | 2.9% + 60c | Tied |
| Bank transfer or ACH | – | 1% | Them |
| Tap to Pay in person | – | · | Not stated |
| Deposits or milestone payments | ○ | · | Not stated |
| Record partial payments | ○ | ● | Tied |
| Pass processing fees to the client | – | · | Not stated |
| Tips | – | · | Not stated |
| Automatic payment reminders | ○ | ○ | Tied |
| Overdue alerts to you | ○ | · | Not stated |
| Know the invoice was opened | – | · | Not stated |
| A link the client opens | ○ | ● | Tied |
| Client statements | ○ | · | Not stated |
| Homeowner financing | – | · | Not stated |
| Lending or capital for you | – | · | Not stated |
| Running the business | |||
| Expense tracking | ○ | ● | Tied |
| Receipt scanning | ○ | ○ | Tied |
| Time tracking | ○ | · | Not stated |
| Jobs and job organization | ○ | – | Invoice Koi |
| Schedule visits or a calendar | ○ | – | Invoice Koi |
| Routing or GPS | – | – | Neither |
| Reports | ○ | ● | Tied |
| Export CSV, spreadsheet or PDF | ○ | ● | Tied |
| Accounting sync | – | ● | Them |
| Bank feed import | – | ○ | Them |
| Barcode scanner | – | · | Not stated |
| Leads or a CRM | – | · | Not stated |
| Track client activity | ○ | · | Not stated |
| Request client reviews | – | · | Not stated |
| A marketing site for you | – | · | Not stated |
| An AI assistant | ○ | · | Not stated |
| Voice note into an invoice | ○ | · | Not stated |
| Read a document and answer on it | ○ | – | Invoice Koi |
| Account and scale | |||
| Mobile app | ○ | ● | Tied |
| Web access | – | ● | Them |
| Sync and backup across devices | ○ | ● | Tied |
| Users on the account | 1 user, crew plans add seats | ● | Tied |
| More than one business | ○ | · | Not stated |
| Priority support | one to two days | paid add-on | Tied |
- ● In the free tier
- ○ In the cheapest paid plan
- ▲ Only on a higher plan
- – Not offered
- · Not stated on their page
- 3 a month Included, but capped or charged at this rate
What is free, and what the subscription buys
Setting up your business and writing drafts is free. Issuing an invoice, estimate or receipt needs a subscription. Eligible new iOS subscribers: two weeks free on annual, one week on weekly. Nothing starts until you confirm the purchase. Without a trial, the displayed price applies immediately.
- Install the app and set up your business
- Add your clients and your price book
- Write drafts of invoices and estimates
- Send unlimited invoices, estimates and receipts
- Cloud storage for every photograph, on any phone
- Unlimited AI scanning of receipts and documents
- AI voice notes into invoices, no daily limit
- Priority support, in one to two working days
US App Store solo prices. Prices and offers vary by country and store. Your local price appears in the app before purchase. Renews automatically until cancelled in your store account settings. Your records stay yours. After expiry, view, export or resend issued records and record or collect outstanding payments. New documents need a subscription or eligible trial, except where existing access is preserved. Existing customers keep their promised core document access.
Switching from Wave
If Wave can export your clients or items as a spreadsheet (CSV), Invoice Koi reads the file, matches the columns by their headings and only ever adds: nothing already on your phone is removed. You can do it before you subscribe.
Common questions
Is Invoice Koi cheaper than Wave?
As checked on 7 September 2026, Wave's free plan allows invoicing with no cap, and its cheapest paid plan is $19 a month for Pro. Invoice Koi is free to set up and draft in, and sending is an annual solo plan at US$99.99 billed yearly (about US$8.33 a month), or a weekly solo plan at US$9.99 billed weekly (US App Store prices). The app shows your local price from the store, with any free trial you are eligible for, before you buy. If Wave's free plan is enough for you, it costs less than any subscription.
What does Wave do that Invoice Koi does not?
Four things, including “Bank transfer or ACH”, “Accounting sync” and “Bank feed import”. If one of those is what you need, Wave is the better pick.
Does Invoice Koi take card payments?
Yes. After Stripe setup, Koi can collect card payments online through a payment link. Koi charges 0.35% with a subscription, or 0.7% + $0.10 without one, plus Stripe processing fees. Payments recorded manually have no Koi fee.
Draft first, subscribe to send
Draft free. Subscribe to send unlimited invoices with your own logo and no watermark.
On Google Play now. Coming soon to iPhone. Have the app? Open it
iPhone and iPad, iOS 16.4 or later.
Where these numbers come from
Every Wave cell was read from their own pricing page on 7 September 2026, at US list prices in US dollars. Wave is read from its published plan comparison. Unlisted features and rates are marked as not stated. Platform fees are separate from processor fees. Report a correction.
Product names and logos belong to their owners. This comparison is not endorsed by or affiliated with Wave.