Wave

Wave Accounting

Simplify small business invoicing, expense tracking, financial reporting, and payroll management.

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

Wave Accounting Overview

  • Updated August 13, 2025

Wave Accounting is a cloud-based financial management tool designed for small businesses and freelancers. It offers user-friendly features like invoicing, expense tracking, and financial reporting to streamline bookkeeping tasks.

With automated bank transaction imports, payroll integration, and customizable invoicing, Wave helps users manage cash flow efficiently.

Its free core accounting features, affordable add-ons, and mobile accessibility make it a popular choice for simplifying business finances without complex software.

Key Features

  • Invoicing: Create and send professional, customizable invoices with branding, automate recurring billing, and track payment statuses for efficient cash flow management.
  • Accounting: Double-entry accounting system tracks income, expenses, accounts receivable, and payable, which ensures accurate financial records and compliance.
  • Expense Tracking: Connect bank accounts and credit cards for automatic transaction imports, categorize expenses, and attach receipts for streamlined bookkeeping.
  • Financial Reporting: Generate reports like profit and loss, balance sheets, and cash flow statements to gain insights into business financial health.
  • Receipt Scanning: Scan unlimited receipts via mobile app, with automatic data extraction syncing to accounting for quick expense management.
  • Payroll Management: Paid add-on for calculating wages, managing deductions, and filing taxes in supported regions, with guidance for others.
  • Online Payments: Accept credit cards, bank transfers, and Apple Pay through Wave Payments, with transaction fee discounts on Pro Plan.
  • Bank Account Integration: Syncs with bank accounts for real-time transaction tracking, reducing manual entry and improving accuracy.
  • Multi-Business Management: Manage finances for multiple businesses under one account, suitable for entrepreneurs with diverse ventures.
  • Collaborator Access: Invite accountants or bookkeepers with customized permissions to review or manage financial data securely.
  • Tax Preparation Support: Export financial data or use Wave’s tax services for simplified tax filing and compliance.
  • Third-Party Integrations: Connects with platforms like PayPal, Shopify, and Stripe to streamline e-commerce and payment processing.
  • Mobile App: Access invoicing, receipt scanning, and financial data on-the-go via iOS and Android apps for flexible management.
  • Secure Data Management: Uses 256-bit SSL encryption and cloud backups to protect financial data and ensure accessibility.
  • User-Friendly Interface: Intuitive design with clear navigation and tooltips, making financial management accessible for non-accountants.

Price

Plan / Add-On U.S. Pricing Key Benefits
Starter Plan Free Basic invoicing, accounting, pay-per-use payments
Pro Plan $19/mo or $190/year All Starter features + bank sync, receipts, reminders, discounted processing
Promo Rate $16/mo (first 3 mo) Discounted Pro pricing through August 20
Receipts Scan (Add-On) $8/mo or $72/year Receipt scanning—if not using Pro
Payroll (Add-On) $40 base + $6/worker Run payroll and tax filings globally
Advisors Services $149/mo bookkeeping / $229 one-time coaching Professional support for bookkeeping or training

 

Check pricing details: https://www.waveapps.com/pricing

Pros

Competitor

Pros of Wave Accounting
QuickBooks Online Wave’s free Starter Plan offers unlimited invoicing, accounting, and receipt scanning, so it it highly cost-effective for freelancers compared to QuickBooks’ $10.50-$35/month plans. Its intuitive interface and mobile app simplify bookkeeping with automated bank imports and double-entry accounting.

Unlimited collaborator access allows seamless accountant integration at no cost, unlike QuickBooks’ paid user limits.
FreshBooks Wave’s free Starter Plan provides unlimited invoicing and accounting, ideal for freelancers, compared to FreshBooks’ $6.30-$21/month plans. Customizable invoices with branding and automated reminders match FreshBooks’ invoicing strengths at no cost.

Receipt scanning and expense syncing streamline bookkeeping, and cloud-based access ensures flexibility for small operations without subscription fees.
Xero Wave’s free plan includes unlimited income and expense tracking, rivaling Xero’s $2-$20/month plans. Its user-friendly design and automatic bank reconciliation simplify financial management for non-accountants.

The mobile app supports invoicing and receipt scanning, offering similar flexibility to Xero, but Wave’s zero-cost model makes it more accessible for startups and freelancers.
Zoho Books Wave’s free accounting software offers unlimited invoicing and expense tracking, competing with Zoho Books’ $15/month plans. Its straightforward interface and mobile app enable easy financial management, while auto-imports and double-entry accounting ensure accuracy.

Wave’s free collaborator access outshines Zoho’s paid user additions, making it a cost-effective choice for small businesses.
Sage 50 Wave’s free plan delivers essential accounting, invoicing, and receipt scanning without Sage 50’s high costs ($12/month minimum). Its cloud-based platform and mobile app offer flexibility for small businesses, unlike Sage’s desktop focus for midsize firms.

Wave’s unlimited users and simple setup make it ideal for freelancers and startups needing affordable tools.

Cons

Competitor

Cons of Wave Accounting
QuickBooks Online Wave lacks advanced features like inventory management, time tracking, and detailed profitability reports offered by QuickBooks Online.

Its customer support is limited, with no live assistance for free plan users and only email/chat for paid users (9 AM-4:45 PM ET), compared to QuickBooks’ robust support. Payroll is restricted to 14 U.S. states, limiting scalability for growing businesses.
FreshBooks Wave misses project management and time-tracking features that FreshBooks provides, making it less suitable for service-based businesses needing detailed tracking.

Customer support is weak, with no live help for free users and slow responses for paid plans, unlike FreshBooks’ responsive support. Wave’s reporting lacks customization, and its integrations are less extensive.
Xero Wave falls short in budgeting, inventory management, and customizable reporting, which Xero offers for growing businesses. Its customer support is limited, with no phone support and slow email responses for free users, unlike Xero’s direct channels.

Payroll is only available in select U.S. states and Canada, restricting its use for businesses with broader needs.
Zoho Books Wave lacks budgeting tools, advanced automation, and extensive integrations offered by Zoho Books, limiting its suitability for complex financial management.

Customer support is minimal, with no live help for free users and delayed responses for paid plans, compared to Zoho’s robust support. Payroll limitations and less customizable reporting hinder scalability for complex tax structures.
Sage 50 Wave’s limited feature set, lacking inventory management and advanced reporting, makes it less suitable for midsize businesses compared to Sage 50.

Customer support is a drawback, with no live assistance for free users and slow responses for paid plans, unlike Sage’s enterprise-grade support. Payroll’s geographic restrictions and lack of scalability limit its use for larger operations.

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