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Sarah Chen
Editor-in-Chief
Sarah Chen, Editor-in-Chief
We rate Wave 4/5. Core features completely free, making it especially useful for solopreneurs and creators. The main tradeoff: payment processing costs extra. The free tier softens this considerably.
About Wave
Wave is a free accounting software for small businesses, offering invoicing, accounting, and receipt scanning at no cost. It's the best zero-cost option for solopreneurs who need basic financial management.
Accounting, invoicing, and receipt scanning are 100% free. Wave Payroll costs $20/month base + $6/employee (tax-filing states) or $40/month + $6/employee (self-service states). Payment processing: 2.9% + $0.60 for credit cards.
Wave provides double-entry accounting, bank connections, financial reports, and unlimited invoicing — all free. The interface is cleaner than QuickBooks for basic needs. Receipt scanning uses AI to extract data from photos.
For solo founders on a budget, Wave eliminates accounting software costs entirely. Track income and expenses, send professional invoices, and generate reports for tax time — all at $0.
Limitations: limited integrations (no Zapier connection), no inventory management, no project tracking, and customer support is limited on the free plan. As businesses grow, the limitations become apparent.
Pros & Cons
Pros
- +Core features completely free
- +Unlimited invoicing
- +Good for basic bookkeeping
- +Receipt scanning included
Cons
- -Payment processing costs extra
- -Limited integrations
- -Less powerful than QuickBooks
- -US and Canada focused
Best For
- ▶Free small business accounting
- ▶Invoice creation and online payments
- ▶Expense tracking and categorization
- ▶Financial reporting for tax preparation
- ▶Receipt scanning and organization
Key Features
Alternatives to Wave
Accounting software for small businesses and solopreneurs.
Invoicing and accounting built for self-employed professionals.
Compare Wave
How We Evaluate Tools
Our editorial team tests and reviews each tool based on features, pricing, ease of use, integration ecosystem, and real user feedback. Ratings reflect our independent assessment and are not influenced by affiliate partnerships. Learn more about our process.
Frequently Asked Questions
Is Wave free?
Yes, Wave is completely free to use. Accounting and Invoicing: free. Payroll: $20-40/month base + $6/employee. Payments: 2.9% + $0.60 (credit card), 1% ($1 min) for bank payments.
What are the best alternatives to Wave?
The best alternatives to Wave include QuickBooks, FreshBooks. Each offers similar functionality with different strengths in features, pricing, and ease of use. Visit our alternatives page for detailed comparisons.
What is Wave used for?
Free accounting and invoicing for solopreneurs and freelancers. Common use cases include: Free small business accounting, Invoice creation and online payments, Expense tracking and categorization, Financial reporting for tax preparation, Receipt scanning and organization.