Wave
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About Wave
Wave is a free accounting and invoicing platform designed for freelancers, consultants, and micro-businesses that need professional financial tools without a monthly subscription. Founded in 2010 in Toronto and acquired by H&R Block in 2019, Wave offers truly free core accounting — general ledger, income and expense tracking, financial reports, and unlimited invoicing — funded by optional paid add-ons. Wave's invoicing is clean and professional, supporting recurring invoices, automatic payment reminders, and online payment acceptance via Stripe and PayPal (which carry standard processing fees). The free plan has no user limits, no transaction limits, and no feature tiers for accounting. Wave Payroll is a paid add-on at $20/month base plus $6/employee/month in self-service states. Wave Advisors offers access to bookkeeping and accounting professionals. In 2023, Wave launched Wave Money, a small business bank account with a debit card. The platform's primary limitation is that it lacks inventory management, time tracking, and project-based billing — features that FreshBooks and QuickBooks handle. It's also less suited for businesses with complex needs or multiple currencies.
Frequently Asked Questions
Is Wave accounting really free?
Yes, Wave's core accounting (income/expense tracking, financial reports, bank reconciliation) and invoicing (unlimited invoices, clients, and items) are completely free with no transaction limits or user caps. Wave earns revenue from payment processing fees (2.9% + $0.60 for credit cards) and optional paid products like Payroll.
Wave vs QuickBooks: which is better?
Wave is better for freelancers and micro-businesses with simple finances who want zero monthly cost. QuickBooks is better for businesses that need payroll integration, inventory management, time tracking, job costing, or have more complex accounting needs. As a business grows, most outgrow Wave's limitations.
Is Wave good for freelancers?
Wave is one of the best options for freelancers. It's free, professional-looking invoices are easy to create and send, automatic payment reminders save time, and online payment acceptance via credit card or bank transfer is built in. The main limitation is lack of time tracking — freelancers who bill hourly may prefer FreshBooks.
Top Alternatives to Wave
FreshBooks
Better for service businesses with time tracking and projects
QuickBooks
More features, inventory, payroll, better for growing businesses
Xero
Better for businesses needing full accounting with multiple users
Zoho Books
More features than Wave, competitive pricing
HoneyBook
Better for creative professionals with contracts and proposals
Bonsai
Combines contracts, invoicing, and time tracking for freelancers
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Wave vs QuickBooks
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