Our verdict · 7.7/10 Good
Hard to beat on price for freelancers and micro-businesses. Outgrown quickly if you need multiple users, inventory or advanced reporting.
Key takeaways
- Best for: Freelancers and sole traders.
- Strongest area: Value for money (9.4/10). Weakest: Integrations & ecosystem (6.4/10).
- Price: Free; Pro around $16 / month — free plan available.
- Watch out for: Limited integrations.
What is Wave?
Wave offers free invoicing and bookkeeping for small businesses in North America, earning money from payment processing, payroll and a Pro plan. It is simple to use and covers the basics well, but it lacks inventory, projects and the depth growing businesses eventually need.
Wave is made by Wave Financial and is reviewed here as a accounting tool. It is priced on a freemium basis, and our editorial score is 7.7 out of 10, calculated from six weighted criteria.
Who it’s for — and who should skip it
Choose Wave if
- Freelancers and sole traders
- Micro-businesses on tight budgets
- Simple invoicing needs
Not for you if
- Businesses with inventory
- Teams needing many integrations
Key features
Custom invoices, recurring billing and reminders.
Automatic transaction import on Pro.
Scan and store receipts.
Card and bank payments for a fee.
- Stripe (via payments)
- Zapier
- PayPal
Pros & cons
What we like
- Free core accounting and invoicing
- Simple, friendly interface
- Unlimited invoices
- Receipt scanning on Pro
Watch out for
- Limited integrations
- No inventory or projects
- Support limited on free plan
Pricing & true cost
| Plan | Indicative price | Notes |
|---|---|---|
| Starter | Free | Core invoicing and accounting |
| Pro | ≈ $16 / mo | Billed monthly |
Pricing watch-out: Payment processing fees apply; payroll in selected regions.
Contract questions to ask before you sign
- Does the plan auto-renew, and how many days’ notice do you need to cancel?
- Is the advertised price for annual billing? What is the month-to-month price?
- Is the first-year price a promotion? What will renewal cost, and is it capped?
- Is there a minimum number of seats, or a charge for inactive users?
- Are onboarding, implementation or premium-support fees extra?
- How do we export all our data if we leave, and in what format?
General questions for any vendor — not findings about this product. Build a full checklist with our requirements builder.
Indicative USD pricing, last checked October 31, 2026. Vendors change prices and promotions often — always confirm on their website. Model your own numbers with our SaaS TCO calculator.
Score breakdown
| Criterion | Weight | Score | Points | |
|---|---|---|---|---|
| Features & fit | 25% | 6.8 | 1.70 | |
| Ease of use | 20% | 8.6 | 1.70 | |
| Value for money | 20% | 9.4 | 1.90 | |
| Support & reliability | 10% | 6.8 | 0.70 | |
| Security & privacy | 10% | 8.0 | 0.80 | |
| Integrations & ecosystem | 15% | 6.4 | 1.00 | |
| Overall | 100% | Weighted for business software products | 7.7 | |
Security & compliance facts
| Item | Status | Question to ask Wave Financial |
|---|---|---|
| Multi-factor authenticationStops most account takeovers from reused or phished passwords. | Not verified by us | Can admins enforce MFA for every user, on every plan? |
| Single sign-on (SAML/OIDC)Lets you remove a leaver’s access everywhere from one place. | Not verified by us | Is SSO included on the plan we are buying, or only on enterprise tiers? |
| SOC 2 Type II reportIndependent audit of the vendor’s security controls — often required by larger customers. | Not verified by us | Can we see your current SOC 2 Type II report (under NDA if needed)? |
| ISO/IEC 27001 certificationInternational standard for running an information-security programme. | Not verified by us | Which legal entity and services does your ISO 27001 certificate cover? |
| GDPR data processing agreementNeeded if you handle personal data of people in the EU/UK. | Not verified by us | Do you offer a signed DPA and list your sub-processors? |
| HIPAA business associate agreementRequired before US healthcare businesses store protected health information. | Not verified by us | Will you sign a BAA, and on which plans? |
We have not yet verified these items for Wave against a primary source, so we don’t claim them either way. Check Wave Financial’s trust or security page and ask for documents in writing.
Before you buy any accounting tool
Check Wave against the same list we use for every accounting tool — and confirm each point on the plan you intend to buy, not the top tier.
- Supported bank feeds for your accounts
- Invoicing with online payments
- Sales tax / VAT handling for your regions
- Accountant or bookkeeper access
- Reports: P&L, balance sheet, cash flow
See every ranked option in Accounting Software.
Wave alternatives
Pick an alternative by what matters to you
- Better integrations
QuickBooks OnlineIntegrations score 9.4 vs 6.4 - Higher overall scoreQuickBooks OnlineOverall 8.5 vs 7.7
Computed from our published scores and indicative pricing for tools in the same category as Wave. Scores are editorial; see the methodology.
Editor’s picks
The accounting platform most US accountants already know.
Invoicing-first accounting for freelancers and service businesses.
Feature-rich, affordable accounting that plugs into the wider Zoho suite.
Head-to-head comparisons
Featured in: Best Accounting Software for Small Business, Best Accounting Software for Freelancers, QuickBooks vs Xero vs FreshBooks vs Wave
Review history
- Scored under methodology v2.0 (six weighted criteria, computed overall score).
Wave FAQ
Is Wave really free?
The Starter plan is free. Wave earns from payment processing, payroll and the Pro plan.
Is Wave available outside the US?
Wave focuses on the US and Canada; check availability for other countries.
Does Wave have a free plan?
Yes. Wave offers a free plan. Paid plans start at Pro around $16 / month (indicative — check the vendor for current pricing).
Who is Wave best for?
Wave is best for: freelancers and sole traders; micro-businesses on tight budgets; simple invoicing needs.
How is the Wave score calculated?
The 7.7/10 overall score is a weighted average of six sub-scores — features & fit, ease of use, value, support & reliability, security & privacy, and integrations — using the published weights for software products. Affiliate relationships have no input. See our methodology page for the full rubric.
What are the best alternatives to Wave?
Popular alternatives include QuickBooks Online, FreshBooks, Zoho Books. See our comparisons for side-by-side verdicts.