Wave
#6 in Accounting Software · Rated 4.3
Free core accounting for small businesses and freelancers
Wave is a Canadian cloud accounting platform offering a free core accounting product with double‑entry books, invoicing, expense tracking, and basic reporting. It pioneered a 100% free accounting approach for microbusinesses and remains popular among freelancers and very small teams. Wave’s monetization comes from payments processing and payroll add‑ons. While it excels at simplicity and zero upfront costs, it lacks the depth of advanced payroll, inventory, and automation found in paid competitors. Wave remains a practical choice for freelancers or micro‑businesses that mainly need invoicing and simple books, with optional paid features for payments and payroll when needed.
Features
- Invoicing and expense tracking
- Double-entry accounting and basic reports
- Bank feeds and receipts capture
- Payments processing (Stripe/WePay variants)
- Mobile apps for on‑the‑go invoicing
Pros
- Zero cost core accounting
- Simple onboarding and clean UI
- Good for freelancers and very small teams
Cons
- Limited advanced reporting and inventory features
- Payroll and some payments features add cost and may be region‑locked