Wave Accounting
Totally free accounting and invoicing for small businesses
Our Verdict
Wave is the only truly free accounting software for small businesses. Invoicing, accounting, receipt scanning, and financial reporting are all completely free with no user limits. Unlike competitors who restrict free plans to a handful of invoices, Wave lets you create unlimited invoices and track unlimited income and expenses. The catch is that Wave makes money from payment processing and payroll add-ons. But if you don't need those, you get real accounting software at zero cost.
About Wave Accounting
Wave offers completely free accounting, invoicing, and receipt scanning for small businesses and freelancers. There are no trials, no feature limits, and no monthly fees for the core product. You get unlimited invoicing, financial reporting, receipt scanning, and bank connections — making it a lifesaver for bootstrapped businesses.
Pros
- +Invoicing, accounting, and receipt scanning are completely free — no limits
- +Unlimited invoices, transactions, and users
- +Double-entry accounting with automatic bank transaction imports
- +Professional invoice templates with custom branding
- +Financial reports (profit & loss, balance sheet, etc.) included free
- +Receipt scanning via mobile app with OCR
Cons
- −Payment processing is paid (2.9% + $0.60 per credit card transaction)
- −Payroll add-on is paid ($20-35/month + per-employee fees)
- −No inventory management features
- −Limited integrations compared to QuickBooks or Xero
- −No project tracking or time tracking built in
- −Customer support is limited on free plan
Key Features
- ✓Unlimited invoicing
- ✓Financial reports
- ✓Receipt scanning
- ✓Bank connections
- ✓Multi-currency
Use Cases
- •Small business accounting
- •Freelance invoicing
- •Expense tracking
- •Tax preparation
Best For
Freelancers and small business owners (under 10 employees) who need invoicing and basic accounting without paying for QuickBooks or FreshBooks.
Alternatives to Wave Accounting
Open-source desktop accounting software with more advanced features but a steeper learning curve
Simple free accounting alternative with basic invoicing and bookkeeping
Industry-standard small business accounting with deeper features and tax preparation
Frequently Asked Questions
- How does Wave make money if it's free?
- Wave's accounting, invoicing, and receipt scanning are free. They make money from paid add-ons: payment processing (2.9% + $0.60 per transaction when customers pay invoices via credit card), payroll services ($20-35/month), and financial coaching. The free features aren't limited to push you to upgrade — they're genuinely complete.
- Can Wave replace QuickBooks?
- For small businesses with straightforward needs (invoicing, expense tracking, basic reports), yes. Wave lacks inventory management, advanced reporting, and the deep integration ecosystem that QuickBooks offers. If you have inventory, complex multi-currency needs, or need payroll built into accounting, QuickBooks is still more capable.