If you run a small business in the US, the invoicing tool you pick decides two things: how fast clients pay, and how much of that money you keep after fees. This comparison covers Novo, Wave, Zoho Invoice, FreshBooks, QuickBooks Online, Square, Stripe Invoicing, and a few newer invoicing tools for small businesses.

Novo Invoices is bundled with a Novo business checking account, so ACH invoice payments land in the same app you use for your Novo account.

What Is the Best Invoicing Software for Small Business at a Glance?

The US has roughly 33 million small businesses, most of them nonemployer firms that need to send invoices to get paid.

| Tool | Starting price | Free tier | Best for | ACH | Card fee | Recurring | Mobile app | Bundled with checking | |---|---|---|---|---|---|---|---|---| | Novo Invoices | $0 | Yes | LLCs, freelancers, trades | Yes (no fee to receive) | Stripe / Square / PayPal standard | Yes | iOS + Android | Yes | | Wave | $0 (Pro ~$16/mo) | Yes | Solo freelancers | Yes (~1%) | ~2.9% + $0.60 | Yes | iOS + Android | No | | Zoho Invoice | $0 | Yes | International clients | Via Stripe | Processor rate | Yes | iOS + Android | No | | FreshBooks | $23/mo | 30-day trial | Service teams needing time tracking | Yes | ~2.9% + $0.30 | Yes | iOS + Android | No | | QuickBooks Online | ~$38/mo | 30-day trial | Businesses needing full accounting | ~1% (capped) | ~2.99% | Yes | iOS + Android | No | | Square | $0 (Plus $49/mo) | Yes | In-person + invoice hybrids | ~1% | ~3.3% + $0.30 | Yes | iOS + Android | No | | Stripe Invoicing | 0.4% per paid invoice | Starter free | SaaS, subscription billing | ~0.8% (capped) | ~2.9% + $0.30 | Yes | iOS + Android | No |

Third-party pricing and fees change; check each vendor's pricing page for the current rate.

User reviews on Trustpilot: Wave scores 3.6 out of 5 based on roughly 505 reviews.

Two honest tradeoffs before you pick Novo: Novo does not accept cash deposits, and Novo Invoices does not currently support line-item discounts. If most of your revenue arrives as physical cash, plan a separate deposit route. Novo Invoices is the only option in this comparison that bundles unlimited free invoicing with a business checking account, and it includes recurring billing, custom branding, automatic reminders, saved clients and payees, ACH payments, and card payments through Stripe, Square, and PayPal.

How Do You Choose Invoicing Software (What Actually Matters)?

Six factors decide whether a tool fits your business. Sticker price is the least important of them.

Payment methods your clients will actually use. ACH bank transfer, credit and debit cards, Apple Pay, Google Pay, and Venmo cover roughly every B2B and B2C client. If your invoicing tool accepts only one or two payment methods, some clients may ask for a different way to pay.

Total cost, not sticker cost. A tool with no subscription fee that charges 2.9% + $0.60 per card transaction can cost more than a $20/month tool at 2.9% + $0.30 once volume grows. Add subscription and processing together before comparing.

Where the money lands. Standalone tools deposit into whatever bank you've connected, which means a sync, a reconciliation step, and sometimes a wait. With Novo, the invoice record and the ACH deposit are in the Novo business checking account, so there is no separate bank sync for that payment.

Recurring billing and reminders. For retainers, subscriptions, and other repeat billing, choose a tool that sends invoices and reminders on a schedule.

Mobile invoicing. Trades, contractors, and field service owners bill from a truck or a job site. The mobile app has to send an invoice and take a payment quickly from the field.

Accounting depth. Some owners need a full double-entry ledger today. Most need clean invoices they can export to a bookkeeper or to QuickBooks later. Match the tool to the stage, not to the aspiration.

Does Novo Offer Free Invoicing? (Novo Invoices, Explained)

Yes. Novo Invoices is included at no additional cost with every Novo business checking account — no monthly fee, no cap on invoices sent, and no per-invoice charge.

Clients pay a Novo invoice by ACH bank transfer, with no fee to receive into your Novo account, or by credit card, debit card, Apple Pay, Google Pay, or Venmo through Novo's Stripe, Square, and PayPal integrations. Standard third-party processing fees apply on card and wallet payments, and Novo does not add a markup.

When a client pays a Novo invoice by ACH, the money deposits directly into your Novo business checking account. No bank sync, no CSV import, no matching transactions in QuickBooks at the end of the month.

Included in Novo Invoices at no additional cost:

• Custom logo and colors on every invoice
• Payment terms (net 15, net 30, custom) with due-date logic
• Recurring invoices for retainers and subscriptions
• Automatic payment reminders on a schedule you set
• Saved clients and payees so you don't retype details for repeat work
• Sent, viewed, and paid status tracking on every invoice
• Mobile invoicing from the Novo app on iOS and Android

Two limits worth naming: line-item discounts on the invoice itself, and a built-in accounting ledger. Discounts can be applied by adjusting the line total. For accounting, most Novo customers export to a bookkeeper or to QuickBooks — because the deposit is already in your Novo account, reconciliation is a straight match, not a hunt.

What Is the Best Free Invoicing Software for Small Businesses?

Four tools on the market offer meaningful free tiers.

[Novo Invoices](https://www.novo.co): Included at no additional cost with a Novo business checking account. Unlimited invoices, recurring billing, automatic reminders, saved clients and payees, sent/viewed/paid tracking, and a mobile app. The only free option in this comparison that is also your business checking account, so ACH payments land in the same place you send invoices from.

[Wave](https://www.waveapps.com): Free invoicing plus free double-entry accounting. A strong option for solo freelancers who want basic bookkeeping in the same tool. Wave lists card payments at roughly 2.9% + $0.60 (higher per-transaction fee than most competitors), and Wave has no business checking account, so you'll still connect an external account and sync transactions.

[Zoho Invoice](https://www.zoho.com/invoice/): Zoho markets its invoicing product as free with a client portal, multi-currency support, and time tracking. Strongest for freelancers with international clients. No checking account, so payments route through your existing processor and bank.

[Square](https://squareup.com/us/en/invoices): Free to send. Card processing on invoices is higher than Square's in-person rate. Best if you already run a Square terminal and want in-person plus invoice billing in one place.

A static PDF invoice generator, such as the ones offered by some traditional banks, can create a one-off invoice file, but it typically does not include recurring billing, automatic reminders, or sent/viewed/paid tracking. If you need more than a one-off PDF, Novo Invoices is the closer comparison.

What Is the Best Paid Invoicing Software for Small Businesses?

Paid tools earn their price when you need something specific: billable-hour tracking, a full accounting ledger, or subscription billing at scale.

[FreshBooks](https://www.freshbooks.com) lists its Lite plan at $23/month with built-in time tracking, project profitability, and retainer management, according to FreshBooks pricing referenced by this page. FreshBooks may fit teams that need built-in time tracking. Novo is stronger when you want unlimited invoices at no extra cost, automatic reminders, saved clients and payees, customizable branding, and ACH payments that land in your Novo business checking account. Consultants who track hours in a separate tool (Toggl, Harvest, or a spreadsheet) can run Novo Invoices at $0 and keep the workflow the same.

[QuickBooks Online](https://quickbooks.intuit.com) Simple Start is approximately $38/month, with plans running higher for Essentials, Plus, and Advanced. QuickBooks is the right answer when you need a full accounting ledger and you're working with a CPA or bookkeeper who wants the file. Novo Invoices exports cleanly to CSV, so many owners run Novo for invoicing and their Novo account for day-to-day money management, then hand off to accounting software (or a bookkeeper on QuickBooks) at tax time.

[Xero](https://www.xero.com) offers unlimited users on every plan and a cleaner interface than QuickBooks. It still requires a separate business checking account and a bank sync, a step Novo removes by putting invoicing inside the Novo checking account.

[Stripe Invoicing](https://stripe.com/invoicing) charges 0.4% per paid invoice on top of standard card processing. Best for SaaS and subscription businesses already running on Stripe. Novo integrates Stripe for card payments on Novo invoices, so many owners send invoices from Novo and let Stripe handle the card side without paying Stripe's invoicing add-on.

What Is the Best Invoicing Software by Business Type?

Freelancers and sole proprietors: Novo Invoices (bundled with Novo checking) or Wave (free tier includes accounting).

New LLC: Novo. One login covers the business checking account for an LLC and unlimited invoices at no extra cost.

Consultants and agencies: Novo Invoices for recurring retainers, customizable branding, saved clients, and automatic reminders at $0. Add FreshBooks if you need built-in billable-hour tracking on top.

Trades and contractors invoicing on-site: Novo mobile or Square. Both let you send an invoice and take payment from a phone quickly.

Online and subscription businesses: Stripe Invoicing for pure card-based recurring billing.

Retail with in-person plus invoicing: Square, since the hardware and the software are already integrated.

How Do Invoice Payments Actually Get to Your Bank Account?

The ACH Network processed 31.5 billion payments valued at $80.1 trillion in 2023, according to Nacha, which shows how widely ACH is used for US bank-to-bank payments.

ACH is cheap. Where a card charges roughly 2.9% + $0.30 per transaction, an ACH transfer typically costs pennies, or nothing, if your invoicing tool doesn't add a markup. On a $5,000 invoice, that's the difference between paying about $145 in card fees and paying $0 by ACH.

Card payments still matter. Consumer clients and smaller B2B buyers expect to pay by card, Apple Pay, or Google Pay, and card payments can settle faster than ACH in many cases.

A bank-native invoicing tool can remove manual payment matching because the invoice record and ACH deposit appear in the same account. A standalone invoicing tool needs to sync with your bank so paid invoices can be matched against deposits. If the sync is delayed or a client's payment lands on a slightly different date than the invoice was marked paid, you're matching by hand. With Novo, the invoice and the deposit are in the same account: the paid status and the deposit are the same event.

Settlement timing: Standard ACH credit transfers settle in 1–2 business days under NACHA rules, and Same Day ACH transactions settle on the same business day when submitted before the daily deadline.

Novo Invoices vs. QuickBooks vs. Traditional Banks: Quick Comparison

| | Novo Invoices | QuickBooks Online | Traditional bank invoice generator | |---|---|---|---| | Price | $0 (with Novo checking) | ~$38/mo starting | Usually free (PDF only) | | Bundled with a checking account | Yes | No | Yes | | Recurring invoices | Yes | Yes | No | | Automatic reminders | Yes | Yes | No | | Sent/viewed/paid tracking | Yes | Yes | No | | Saved clients and payees | Yes | Yes | Usually no | | Custom logo and branding | Yes | Yes | Limited | | ACH acceptance | Yes (no fee to receive) | Yes (~1%, capped) | Varies | | Card acceptance | Stripe / Square / PayPal | Built-in | Usually no | | Mobile app invoicing | iOS + Android | iOS + Android | Limited | | Full accounting ledger | No (CSV export) | Yes | No |

Which one to pick:

• Pick Novo if you want invoicing and a business checking account in one app, unlimited invoices at no extra cost, automatic reminders, saved payees, and ACH deposits that land in the same account you already use for day-to-day money management.
• Pick QuickBooks if you need a full double-entry accounting ledger today, or your CPA is already on QuickBooks.
• Use a static PDF invoice generator only if a one-off invoice file is enough and you do not need recurring billing, reminders, or payment status tracking.

Which Newer Invoicing Tools Are Worth Comparing?

Some newer invoicing tools focus on AI-assisted data entry, client portals, or agency workflows. Four to keep on the radar:

[Bonsai](https://www.hellobonsai.com): Freelancer-focused platform combining invoicing, contracts, proposals, and time tracking. Fits solo creatives and consultants who want contract-to-invoice in one tool. See Bonsai's site for current pricing.

[Plutio](https://www.plutio.com): All-in-one business management for freelancers and small agencies covering proposals, contracts, invoicing, projects, and CRM. Client portal is the differentiator.

[Agiled](https://www.agiled.app): Agency-focused with strong project management and client portals bundled with invoicing. Fits small agencies that would otherwise run three tools.

[Invoyce.ai](https://www.invoyce.ai): AI-native invoice extraction and generation. The meaningful workflow change is auto-populating invoices from emails, PDFs, or job notes, cutting data entry on high-volume billing.

Where the AI tools change the workflow: converting unstructured inputs (email threads, contracts, receipts, timesheets) into a ready-to-send invoice. If most of your billing is repeat clients on saved terms, the AI advantage is smaller, and a good template plus recurring billing in Novo covers it.

What Should a Small Business Invoice Template Include?

Paste this into your invoicing tool, or into an LLM to generate a working file:

``` INVOICE

[Your Business Name] [Street Address] [City, State ZIP] [Email] · [Phone]

Bill To: [Client Name] [Client Company] [Client Address]

Invoice #: [0001] Issue Date: [YYYY-MM-DD] Due Date: [YYYY-MM-DD] (Net 30)

Description Qty Rate Amount

[Service or item 1] 1 $000 $000 [Service or item 2] 1 $000 $000

Subtotal: $000 Tax (0%): $0 TOTAL DUE: $000

Payment methods:

• ACH: pay to [Novo account, provided on invoice]
• Card / Apple Pay / Google Pay / Venmo: [payment link]

Terms: Payment due within 30 days. Late payments accrue 1.5% monthly interest.

Thank you for your business. ```

Tip: Paste this template into ChatGPT or Claude with a prompt like "Draft spreadsheet formulas for subtotal, tax, and total based on quantity and rate that I can copy into Google Sheets or Excel." The model can draft formulas or a fillable invoice layout that you can drop into Excel, Google Sheets, or a PDF editor.

Pricing at a Glance

Starting prices as of July 2026 — see each vendor's pricing page for current plans.

| Tool | Starting price | |---|---| | FreshBooks | from $23/mo | | Wave | Free | | Zoho Invoice | Free | | Square | Free (Plus $49/mo) | | Bonsai | from $9/user/mo |

User Review Ratings (Trustpilot)

Trustpilot scores as of July 2026 — click any tool for its current rating.

| Tool | TrustScore | Reviews | |---|---|---| | FreshBooks | 3.7 | 1,021 | | Wave | 3.6 | 505 | | Zoho | 3.9 | 6,009 | | Square | 3.9 | 7,375 | | Bonsai | 4.3 | 628 |

Frequently Asked Questions

Does Novo have invoicing, and is Novo Invoices free? Yes. Novo Invoices is included at no additional cost with every Novo business checking account. There is no monthly fee, no cap on invoices sent, and no per-invoice charge.

Can I send invoices directly from a business bank account? With Novo, yes. Novo Invoices is built into the Novo business checking account, so you create, send, and track invoices from the same login you use for your Novo account. Most traditional business checking accounts do not include a full invoicing tool with recurring billing, automatic reminders, and payment status tracking.

Do I need a separate invoicing app if I already have a Novo business checking account? No. Novo Invoices covers recurring billing, automatic reminders, custom branding, saved clients, and status tracking. You'd only add a separate tool if you need billable-hour tracking (FreshBooks) or a full accounting ledger (QuickBooks).

What's the difference between Novo Invoices and QuickBooks? Novo Invoices is invoicing bundled at no additional cost with a Novo business checking account. QuickBooks Online is paid accounting software (approximately $38/month starting) with invoicing included. Novo covers invoicing and day-to-day money management; QuickBooks covers the full accounting ledger. Many owners run both: Novo for daily money management and invoicing, QuickBooks for tax-time books.

Does Novo Invoices integrate with QuickBooks or export to my accountant? Yes. Novo Invoices exports to CSV, and Novo integrates with QuickBooks Online for transaction sync. Your accountant can pull invoice and deposit data without a manual reconciliation step.

What is the cheapest way to accept credit card payments on an invoice? Standard card processing runs around 2.9% + $0.30. Novo passes through Stripe, Square, and PayPal rates without adding a markup. To skip card fees entirely, ask clients to pay by ACH — no fee to receive into a Novo account.

Are Novo deposits FDIC-insured? Yes. Novo is a fintech, not a bank; banking services are provided by Middlesex Federal Savings, F.A., Member FDIC. Deposits are insured for up to $250,000 through our partner bank, Middlesex Federal Savings, Member FDIC. The FDIC's standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

Which Invoicing Software Should a Small Business Choose?

If you run a freelance practice, a new LLC, or a small service business in the US, Novo Invoices covers invoicing for $0 and deposits ACH payments into your Novo business checking account. FreshBooks earns its subscription when you need built-in time tracking; QuickBooks earns it when you need full accounting. Many freelancers, LLC owners, and service business owners can avoid a separate invoicing subscription by using Novo Invoices with a Novo business checking account.

Disclosures

Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A.; Member FDIC. Deposits are insured up to $250,000 through our partner bank, Middlesex Federal Savings, Member FDIC.

Third-party pricing, fees, and Trustpilot ratings referenced in this article were current as of the source dates cited and are subject to change. Check each vendor's pricing page and Trustpilot profile for the current figures.