Wave Accounting

Overview

Wave Accounting is a completely free cloud-based accounting and invoicing software designed specifically for small businesses, freelancers, and entrepreneurs. Wave stands out in the market by offering core accounting features at no cost, making it an ideal solution for budget-conscious businesses.

Features

Free Core Features

• Unlimited Invoicing: Create and send professional invoices with no limits
• Income & Expense Tracking: Track all financial transactions automatically
• Receipt Scanning: Mobile app for capturing and organizing receipts
• Financial Reporting: Generate profit and loss statements, balance sheets, and other reports
• Bank Connections: Auto-import bank transactions for reconciliation
• Dashboard: Real-time view of business financial health

Wave Pro Plan ($16/month)

• Auto-import bank transactions
• Advanced receipt scanning
• Priority customer support
• Enhanced reporting features

Optional Paid Services

• Wave Payments: Accept credit cards and bank payments (transaction fees apply)
• Wave Payroll: Run payroll for employees (state-dependent pricing)

Time Tracking & Project Management

• Basic time tracking for billable hours
• Project-based expense tracking
• Convert tracked time to invoices
• Client and project organization

Invoicing Capabilities

• Professional invoice templates
• Customizable branding and logos
• Recurring invoices for regular clients
• Payment reminders and late fee automation
• Multi-currency support
• Online payment acceptance integration

Pricing

Software

• Core Accounting & Invoicing: 100% FREE
• Wave Pro: $16/month (additional features)

Payment Processing

• Credit card processing: 2.9% + $0.60 per transaction
• Bank payments (ACH): 1% per transaction ($1 minimum)

Payroll

• Self-service payroll available in select states
• Pricing varies by state and number of employees

Best For

• Freelancers needing basic invoicing without monthly fees
• Small businesses with simple accounting needs
• Startups looking to minimize software costs
• Service-based businesses focused on invoicing
• Entrepreneurs who prioritize core accounting features over advanced inventory or project management

Limitations

• Limited inventory management features compared to paid alternatives
• No advanced project management tools
• Customer support primarily through help center (not live chat on free plan)
• Fewer integrations compared to enterprise accounting software

Integration Capabilities

Wave integrates with various third-party applications for enhanced functionality, though the integration ecosystem is more limited than platforms like QuickBooks or Xero.