Wave Accounting
Wave is free small business accounting software offering double-entry bookkeeping, invoicing, and tax reports in an intuitive dashboard, designed for freelancers and SMBs to simplify finances without accounting expertise.
Best for
- Freelancers and solopreneurs tracking income and expenses
- Small businesses needing free invoicing and basic tax reports
- Photographers and contractors using mobile receipt scanning
- Early-stage entrepreneurs managing cash flow in one dashboard
Not ideal for
- Transaction fees add up for payments (2.9% + $0.60)
- Advanced automation locked behind Pro paywall
- Reported issues with payroll and payment delays
- Limited functionality for complex business needs
- Cash flow risks for SMBs relying on large payments
Try Wave Accounting Free
Free plan available · 2 plans available
Visit Wave Accounting →Wave Accounting Overview
Wave Accounting vs Top Alternatives
| Software | Rating | Starting Price | Free Tier | |
|---|---|---|---|---|
| WaWave Accounting | 4.4 ★ | Free | Yes | |
| FBFreshBooks | 4.5 ★ | $21/mo | No | Compare → |
| XXero | 4.4 ★ | $25/mo | No | Compare → |
| QQuickBooks | 4.3 ★ | $38/mo | No | Compare → |
| ZBZoho Books | 4.3 ★ | Free | Yes | Compare → |
| NSOracle NetSuite | 4.2 ★ | $99/mo | No | Compare → |
Wave Accounting Features
Pros & Cons
Pros
- Completely free core accounting for unlimited use
- User-friendly interface for non-accountants
- Strong security with 256-bit encryption and PCI Level-1 compliance
- Tax-ready automation with instant reports
- All-in-one suite combining accounting, invoicing, and payments
- Accountant-friendly with double-entry books
- Mobile accessibility for on-the-go management
Cons
- Transaction fees add up for payments (2.9% + $0.60)
- Advanced automation locked behind Pro paywall
- Reported issues with payroll and payment delays
- Limited functionality for complex business needs
- Cash flow risks for SMBs relying on large payments
Pricing Plans
Free
- Unlimited estimates and invoices
- Basic bookkeeping
- Smart dashboard
- Tax reports
- Mobile app
Wave Pro
- Auto-import bank transactions
- Auto-categorize transactions
- Unlimited receipt capture
- Unlimited users
- Bank connections
Wave Accounting Integrations
Wave Accounting connects with 7 services to extend your workflow.
Who Should Use Wave Accounting?
Freelancers and Independent Contractors
Wave is designed for freelancers who need client invoicing, payment processing (including credit cards and ACH), and expense tracking. It's ideal for sole proprietors wanting to avoid manual entry and simplify their billing process.
RecommendedSmall Businesses and Startups (1-50 employees)
Suited for companies with revenues of $1M-$10M in early growth stages needing essential financial management. Works well for service-based businesses needing profit/loss reports and tax-ready exports, with 58% of users having under 50 employees.
RecommendedMicro-Businesses with Simple Needs
Perfect for businesses with around 30 monthly transactions and basic bookkeeping requirements. Users report saving over $1,200 compared to alternatives like QuickBooks for simple transaction management.
RecommendedGrowing Businesses Needing Advanced Features
Wave lacks essential capabilities for scaling businesses including no time tracking, project management, inventory management, or advanced reporting features. Customer support is also severely limited.
Not idealWhen to Consider Alternatives
Need reliable customer support
Free plan users cannot contact humans at all, and paid users report incredibly slow and ineffective support responses. Users describe catastrophic experiences with account closures and billing bugs going unresolved for months.
Consider QuickBooks instead →Require time tracking or project management
Wave has no time or project tracking capabilities, making it unsuitable for service-based businesses and freelancers who bill hourly or need to monitor project budgets.
Consider FreshBooks instead →Need payroll processing in most U.S. states
Wave only supports built-in payroll in 14 U.S. states, severely limiting its usefulness for businesses needing comprehensive payroll management across the country.
Consider Gusto instead →Manage inventory or product-based business
Wave has no inventory management features, making it completely unsuitable for businesses that sell physical products and need to track stock levels and costs.
Consider QuickBooks instead →Top Wave Accounting Alternatives
FreshBooks
FreshBooks is cloud-based accounting software tailored for small businesses and non-accountants, offering automated invoicing, expense tracking, double-entry bookkeeping, and tax-ready reports accessible via mobile and web. It emphasizes ease-of-use with features like bank reconciliation and accountant access to streamline financial management.
Xero
Cloud accounting software for small businesses with bank reconciliation and invoicing.
QuickBooks
Small business accounting software with invoicing, expense tracking, and reporting.
Zoho Books
Cloud-based accounting software designed for small businesses and accountants to manage invoicing, expenses, inventory, and financial reporting in one integrated platform. Offers automation, multi-currency support, and collaboration features with flexible pricing including a free tier.
Oracle NetSuite
Oracle NetSuite is the world's leading cloud-based business management software suite that integrates ERP, financials, CRM, and ecommerce capabilities. It serves as a unified platform providing visibility, control, and agility to fast-growing organizations.