Wave Accounting

Wave is a free cloud accounting application providing double-entry bookkeeping, invoicing, receipt capture, and financial reporting. The core accounting and invoicing features carry no subscription cost, with revenue coming from payment processing, payroll add-ons, and advisory services.

How accounting firms use it

Firms mostly encounter it rather than recommend it — freelancers, sole proprietors, and micro-businesses arrive already using it because the entry cost is nil. The practical question for the firm is usually whether the client’s books are reliable enough to work from and when the client should be moved.

Accountant access is available, so a firm can review and adjust the books directly rather than working from exports. There is no multi-client dashboard, so firms carrying several clients on the platform log into each account individually — a meaningful friction point once the number gets past a handful.

Key features

Unlimited income and expense tracking, bank connections, invoicing with recurring options, and standard financial statements including profit and loss, balance sheet, and cash flow. Invoicing is the strongest area, with payment acceptance built in so small clients can get paid by card or bank transfer directly from the invoice.

Payroll is a paid add-on, with full tax filing available in a subset of US states and self-service filing elsewhere — a distinction worth confirming before recommending it for a client with employees.

Who it’s best for

Micro-businesses with simple bookkeeping needs, few transactions, no inventory, and no job costing. For a sole trader invoicing a handful of clients a month, it covers the requirement without cost.

Clients that grow into inventory, project tracking, multi-currency, or heavier automation are normally migrated to QuickBooks or Xero. ZipBooks and Kashoo occupy similar ground at the entry level if a client wants an alternative at low cost.