Wave Accounting
Truly free accounting software for freelancers and micro-businesses
How it works
Wave Accounting is a free cloud-based accounting platform for freelancers, sole proprietors, and micro-businesses with fewer than 10 employees. The free Starter plan includes unlimited invoicing with customizable templates, income and expense tracking, basic financial reports (P&L, balance sheet, cash flow, sales tax), estimates, bill management, and double-entry accounting. The Pro plan ($19/mo) adds automatic bank transaction imports with auto-categorization, unlimited receipt scanning on mobile, unlimited users, and live chat/email support. Optional paid add-ons include payment processing (2.9% + $0.60 per card transaction), payroll ($20-40/mo + $6/person), and bookkeeping support (from $149/mo). Wave is a subsidiary of H&R Block (acquired in 2019) and is available in the US and Canada only.
Is it right for you?
Consider if you
- Freelancers and sole proprietors wanting free, no-strings-attached accounting
- Service-based micro-businesses with simple income/expense tracking and invoicing needs
- New business owners not ready to pay for QuickBooks or Xero but who need double-entry accounting
Skip if you
- Businesses needing inventory management, purchase orders, or project profitability tracking
- Growing businesses that will need extensive integrations (most require Zapier at additional cost)
- Anyone needing phone customer support (email/chat only, even on paid Pro plan)
Your money and data
Wave uses 256-bit SSL encryption for data transmission and PCI Level-1 certified infrastructure for payment processing. Bank connections are read-only, meaning Wave can view transactions but cannot move money. Data is stored on secure servers with regular backups and role-based access controls. Wave states it does not sell customer data. As a subsidiary of H&R Block (NYSE: HRB), a publicly traded company since 1962, Wave benefits from the parent company's governance and compliance infrastructure. For Pro subscribers, human support is available via live chat and email.
Pros & Cons
Pros
- Truly free core accounting: unlimited invoicing, expense tracking, and financial reports (P&L, balance sheet, cash flow)
- Double-entry accounting included even on the free Starter plan (no upgrade required for proper bookkeeping)
- Clean, beginner-friendly interface with minimal learning curve and excellent mobile invoicing
Cons
- Automatic bank transaction imports require the Pro plan ($19/mo); free plan requires manual import
- No inventory management, time tracking, project management, or purchase orders
- Very limited native integrations; most third-party connections require Zapier (separate subscription)
Pricing details
Starter: $0 (free forever, no time limit). Includes unlimited invoicing, expense tracking, basic reports, estimates, bill management, double-entry accounting. Pro: $19/mo or ~$170-190/yr (adds auto bank imports with categorization, unlimited receipt scanning, unlimited users, live chat/email support). Optional add-ons: Wave Payments (2.9% + $0.60 per card transaction, 1% ACH min $1), Wave Payroll ($20-40/mo base + $6/person), Mobile Receipts on Starter plan ($8/mo), Wave Advisors bookkeeping (from $149/mo).
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