About Wave

Online accounting software that provides features including invoicing, billing, payment tracking, payroll management, finance management, credit card processing, and receipt scanning. Wave Accounting is designed to help businesses streamline bookkeeping processes. With Wave's bank reconciliation tools, businesses can manage all bank account and credit card information in real-time to improve bookkeeping efficiency and accuracy. Businesses can also generate reports that include various data such as sales tax, balance sheet, cash flow, profit/loss, plus more. Wave's dashboard includes an invoicing tool that collects invoice payments. A small business owner can choose customizable invoicing templates based on unique business needs. Invoices can be sent via email and the software's credit card processing feature allows users to collect payments online. Recurring invoices and automatic payment features are available for regular customers.
What is Wave Accounting?

Wave Accounting, part of Wave’s suite of financial products, is a web-based accounting platform designed to help small businesses manage income, expenses, payments, and invoices.


How do you use Wave Accounting?

Wave Accounting requires no downloads and is accessible from web-connected devices. Data can be imported from other apps, such as Quickbooks. From an online interface, users can access visual dashboards, reporting, invoicing tools, and more.


Who uses Wave Accounting?

Wave Accounting is used by small business owners, freelancers, accountants, bookkeepers, and tax preparers.


How much does Wave Accounting cost?

Wave Accounting is free. Upgraded plans with more features are available for other Wave products.


Does Wave Accounting have an app?

Yes, the Wave Invoicing app (for iOS and Android) provides on-the-go access to invoices.


Wave Software - Wave dashboard
Wave Software - Wave payments
Wave Software - Wave invoice schedule
Wave Software - Wave invoice list
Wave Software - Wave invoice creation
Wave Software - Wave bank transactions
Wave video
Wave Software - Wave dashboard - thumbnail
Wave Software - Wave payments - thumbnail
Wave Software - Wave invoice schedule - thumbnail
Wave Software - Wave invoice list - thumbnail
Wave Software - Wave invoice creation - thumbnail

Wave pricing

Wave has a free version and offers a free trial. Wave paid version starts at US$20.00/year.

Starting Price:
US$20.00/year
Free Version:
Yes
Free trial:
Yes

Alternatives to Wave

Wave Reviews

Feature rating

Value for Money
4.6
Functionality
4.2
Ease of Use
4.4
Customer Support
4.0
5 reviews of 1,584 View all reviews
Kari
Kari
  • Industry: Human Resources
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 9/5/2021

I LOVE Wave!

Overall, I highly recommend Wave if you are running a business and want low costs and an easy way to manage your finances. My business is simple and Wave makes it so much easier for me to stay on top of things and know where I need to focus my energy.

Pros

I have been using Wave since around 2015 and my books were a mess when I first began because I was doing them (not my strength) and once I heard about Wave's bookkeeping services, I couldn't believe how affordable they were. It's super easy to set up and use, run reports and know about your financials. I tried switching to QB for about 1 month and hated it, so I switched back. Lesson learned and I'm sticking around!

Cons

One thing I had to get used to was because I had my bank account connected and until the month is reconciled, when a invoice is paid I mark it paid and then the 'payment' comes in again from banking. It was easy to catch and now my Wave bookkeeper keeps all that reconciled. Thank you!

Alternatives Considered

FreshBooks and QuickBooks Online

Reasons for Switching to Wave

I chose Wave because of a family recommendation and how easy it was for me to set up an account and get things moving. The others may have changed, but I still recommend Wave to anyone who is looking for an easy & affordable way to get their business going.
Felix
Felix
  • Industry: Accounting
  • Company size: 5,001–10,000 Employees
  • Used Daily for 6-12 months
  • Review Source
Value for Money
5
Features
4
Ease of Use
4
Customer Support
5

4
Reviewed on 2/9/2019

A Solid Free Small Business Accounting Software

It’s been a solid piece of cloud accounting software, albeit limited. It’s hard to beat the price of it, and I have yet to find a similar but more fully featured one at the price of FREE!

Pros

I use Wave to keep track of my personal finances, from income to spending. In that lens, Wave performs quite well, allowing you to tag transactions that are automatically imported from your bank. It also lets you generate some simple reports such as your income statement, balance sheet, and cash flow. The interface is simple to use and understand, and I was able to pick it up (coming from an accounting background) in under a few minutes, without having gone through a walkthrough. The included ability to reconcile statements is also quite handy and allows me to verify that all transactions are posted appropriately. The inclusion of receipt tracking and tagging is also quite handy!

The best part about Wave is the price! If you don’t need features such as invoicing and payroll (some SMB’s may find these handy. From a personal perspective, I did not), the accounting software is completely free.

Cons

Wave still appears to be in its infancy, although the product has been there for a while. The user interface will frequently be updated (the reconciliation flow changed 3 times since I signed up about 6 months ago), and new features will constantly be added without any notification, often shifting often things around from where you expect them to be.

The reports from Wave are also very limited, so don’t expect any customizable reports as of 08/2019. You get about 12 reports total, some or all of which may not be very relevant to you, depending on your end goal. These reports are completely canned, system generated, and you do not have the ability to create new reports. This may change in the future, but as it stands, this is the current state of affairs.

The receipt tracking feature is definitely handy to have. While Wave will OCR your receipts and tag them to a category, it will actually post an entire transaction to the ledger when you save it down. For those of us with a bank account and credit card linked to auto import transactions, you’ll get a duplicate: one from the CC, and one from the receipt. It would be nice if Wave included some intelligence to automatically match the receipt and transaction together, but for now, you need to manually merge each.

Finally, as a small point, Wave does not obtain any service assurance through SOC1 or SOC2 reports, an issue that most people wouldn’t ever care about.

Alternatives Considered

Xero

Reasons for Switching to Wave

I mostly chose Wave over Xero for the price. As I’m using this for personal finance tracking, and not a small business, I didn’t want to have to pay Xero’s rather pricy monthly subscription.
Luiza
  • Industry: Newspapers
  • Company size: 2–10 Employees
  • Used Daily for 1+ year
  • Review Source
Value for Money
4
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 27/3/2024

Accounting done wright

Great software, everything worked as it should be, support is fast and really helps you.

Pros

Perfect accounting software for a small business and someone with less to none accounting knowledge. Creating unlimited estimates and invoices even on the free plan is the greatest feature.

Cons

No cons here, worked flawless for me and my small business.

Kevin
  • Industry: Marketing & Advertising
  • Company size: 2–10 Employees
  • Used Weekly for 2+ years
  • Review Source
Value for Money
4
Features
3
Ease of Use
3
Customer Support
3

3
Reviewed on 8/5/2024

Our business runs on Wave

Pros

Free to use most features.
Professional looking branded invoices.

Cons

Lack of support on the free tier.
confusing to set up for non accountants.

Robert
  • Industry: Marketing & Advertising
  • Company size: 2–10 Employees
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
4
Ease of Use
5
Customer Support
4

5
Reviewed on 18/2/2024

Wave Apps Rocks

Our experience from start to finish was really good.

Pros

Wave Apps was easy to use and easy to setup. It makes our business much easier to run.

Cons

There was really nothing to not like. The product is amazing.

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