Wave

Wave simplifies small business accounting, invoicing, expense tracking, and financial reporting.

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  • Overview
  • Features
  • Pricing
  • Pros
  • Cons
  • Reviews

Wave Overview

  • Updated December 18, 2025

Wave is a cloud-based accounting software designed for small businesses, freelancers, and entrepreneurs. It offers tools for invoicing, expense tracking, financial reporting, and payroll management. With an intuitive interface, Wave simplifies bookkeeping tasks, automates payment reminders, and integrates with payment platforms for seamless transactions.

It’s ideal for managing finances efficiently, providing real-time insights, and ensuring compliance, all while being cost-effective and accessible on multiple devices.

Key Features

  • Invoicing: Create professional, customizable invoices in minutes with automatic tax calculations and recurring billing options. Supports online payments via credit cards, bank transfers, or Apple Pay.
  • Expense Tracking: Automatically categorize and track expenses by connecting bank accounts and credit cards, or upload receipts via mobile app for seamless record-keeping.
  • Financial Reporting: Generate essential reports like profit and loss, balance sheets, and cash flow statements to monitor business health and support tax preparation.
  • Payroll Management: Automate payroll calculations, tax filings (in 14 US states), and direct deposits for employees and contractors, with guidance for manual filings in other states.
  • Online Payments: Accept credit card and bank payments through integration with Stripe, with automated payment reminders to ensure faster client payments.
  • Receipt Scanning: Use Optical Character Recognition (OCR) to scan and convert unlimited receipts into bookkeeping records via mobile app, desktop, or email.
  • Bank Account Integration: Connect business bank accounts and credit cards to automate transaction imports, reducing manual data entry and ensuring accurate bookkeeping.
  • Multi-Currency Support: Manage transactions in multiple currencies with real-time exchange rates, ideal for businesses with international clients.
  • Double-Entry Accounting: Follows double-entry accounting principles to ensure accurate financial records, tracking income, expenses, assets, liabilities, and equity.
  • User-Friendly Interface: Intuitive dashboard and simple navigation designed for non-accountants, with in-app guidance to streamline financial tasks.
  • Third-Party Integrations: Sync with platforms like Shopify, PayPal, and Stripe for seamless financial data management across systems.
  • Collaborator Access: Grant access to accountants, bookkeepers, or partners as admins, editors, or viewers to collaborate on financial tasks.
  • Mobile App: Manage invoices, payments, and expenses on the go with iOS and Android apps, including receipt scanning and payment tracking.
  • Security Features: Uses 256-bit SSL encryption, two-factor authentication, and regular updates to protect financial data from unauthorized access.
  • Bookkeeping and Tax Support: Offers optional Wave Advisors for personalized bookkeeping, payroll coaching, or tax services to ensure compliance and accuracy.

Price

Plan / Service US Price (Monthly) US Price (Annual) Canada Price (Monthly) Canada Price (Annual) Key Features / Notes
Starter Plan $0 N/A $0 N/A Free invoicing, estimates, bills, bookkeeping; mobile app invoicing; transaction fees apply (2.9% + $0.60 / Amex 3.4% + $0.60).
Pro Plan $19 (promo $13.30 for 3 mo) $190/year (~$15.83/mo) CA$25 (promo CA$17.50 for 3 mo) CA$250/year (~CA$20.83/mo) Auto-import/merge bank transactions, unlimited receipts, expense tracking, fee waivers, automations, reminders.
Receipts Add-On (if not on Pro) $8 $72/year (~$6/mo) CA$11 CA$96/year (~CA$8/mo) Digital receipt capture and expense tracking. Included in Pro plan.
Payroll Service $40 base + $6/employee/contractor N/A CA$25 base + CA$6/employee/contractor N/A Direct deposit, tax forms (W-2, 1099), automatic tax filings (where supported).
Payment Processing 2.9% + $0.60 (credit) / 3.4% + $0.60 (Amex) N/A Same in CA (in CAD) N/A Applies to Starter and Pro; Pro includes first 10 payments fee-waived each month.
Bank (ACH) Payments 1% per transaction (min $1) N/A Same in CA N/A For invoice payments.
Advisory / Bookkeeping Coaching Varies Varies Varies Varies Optional add-on service with custom pricing.

Pricing link: https://www.waveapps.com/pricing

Pros

Competitor Pros of Wave
QuickBooks Online Wave offers a truly free accounting system that can lower costs for very small businesses. It also bundles accounting with payroll at a simpler, more affordable pricing that blends bookkeeping with payments.
Xero Wave provides free core features so you can cover invoicing, expense tracking, and basic reports without paying. It lets you test and use its tools without subscription stress.
FreshBooks Wave delivers professional invoicing and receipt tools at no charge. It gives you payment processing and bookkeeping tools without adding confusing fees.
Zoho Books Wave removes barriers to getting started. You get real double-entry accounting, bank feeds, and basic financial tools for free. It’s a cost-effective way to get just what you need—nothing more.
Sage 50 Accounting Wave keeps everything in the cloud and free. You don’t have to buy or install desktop software, or worry about updates. All you need is a browser.

Cons

Competitor Cons of Wave
QuickBooks Online Wave lacks the depth of features that QuickBooks supplies. QuickBooks scales more smoothly, has far more report types, and supports growing teams and businesses more fully.
Xero Wave falls short when it comes to reporting and reconciliation strength. Users often find Xero has stronger, easier bank connections and more robust syncing.
FreshBooks Wave lacks the modern design, advanced search, and feature polish that FreshBooks has built over time. FreshBooks also adds new tools steadily, though at a higher cost.
Zoho Books Wave does not offer the automation, workflows, CRM parts, or scalability that Zoho Books provides. It’s not ideal if you aim to grow into a larger system later or need tight workflows.
Sage 50 Accounting If you need inventory tracking, job costing, or industry-specific reporting, Wave cannot match Sage 50. Wave keeps things basic; Sage delivers more advanced accounting tools for structured businesses.

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