Wave Accounting Review: Pros, Cons & Key Features 2025

If you use the free accounting and invoicing software only, you won’t get access to Wave’s customer support team. For small businesses who want access to extra features and are willing to pay for them, Wave can support your needs. It includes unlimited invoices, expense management and tracking, as well as double-entry accounting software. Wave’s ability to sync all transactions to its core accounting software makes it simple and efficient to use.

• But how easy is it to discover how much money you’ve spent on lattes, gas, or work clothes this month?
• Wave is cloud-based, so you can update your accounting software anywhere, anytime.
• You can also use Wise’s free invoice generator to create and send unlimited invoices.
• QuickBooks Online offers broader coverage in that area.

Can I import my data from other accounting apps like Quickbooks?

A beginner-friendly interface makes it easy to get used to managing the books. Wave makes it easy to track your organization’s cash flow. Spend more time on the cause, and less time on the books. Discover the best client onboarding software to streamline your process, enhance client experience, and boost efficiency. Get essential tips and steps for setting up your business finances. Discover the essential steps to set up your business finances.

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But it offers some features that Wave Starter doesn’t, such as automated payment reminders, bank reconciliation, mileage tracking, and sales receipts. It still supports most core accounting features, including bill management, customer payments, records (for customers, products, and vendors), sales forms (estimates, invoices, and statements), and reports. Offering both free and budget-friendly plans, Wave is a user-friendly, powerful, and mobile-ready accounting solution designed for small businesses and solo entrepreneurs.

Whether you’re using your phone, desktop, or email, all your receipts stay in-sync—giving you peace of mind with every upload. Organize and access your receipt data digitally, in one place, and avoid tax season nightmares. Keep track of business-related expenses from anywhere with the app, and use our filters to easily find past transactions.

Send invoices to clients, get paid, and manage your books, all in one convenient platform. See our step-by-step guide on how to invite collaborators to your Wave account. “Great app for writing estimates and invoices. Our invoicing process would be lost without it!

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The free Starter plan covers the essentials to include unlimited invoicing, estimates and bills, making it one of the few truly usable free accounting tools. I can link my business bank and credit card accounts and watch transactions import automatically without any extra setup. Wave packs in the core tools most freelancers and small businesses need to manage their accounting without paying for extras they’ll never use. Yup, our mobile receipt feature can be accessed in our Wave app, on iOS and Android. Wave’s receipts feature and Pro Plan include unlimited receipt scans.‍ Our smart receipts feature automatically extracts important details and organizes them for bookkeeping—meaning less manual data entry.

There is no way to set an invoice total and have Wave calculate the tax portion as a percentage. This makes Wave unable to handle taxes in countries like Australia where prices must be quoted inclusive of all taxes, such as GST. Accounting by Wave integrates with expense tracking software Shoeboxed and e-commerce website Etsy.citation needed On June 11, 2019, the company announced it was being acquired by tax preparation company, H&R Block, for $537 million. Wave acquired a company called Small Payroll in November 2011, which was later launched as a payroll product called Wave Payroll.

Pros

In eight years, we haven’t had a single unpaid invoice, thanks to how easy it is to create, send, and follow up. “Wave makes your life a whole lot easier and takes that worry off you. I’ve tried Quickbooks—it’s a bit more complicated and technical, and takes more time to set up.” Plus, view cash flow reports to keep an eye on income and expenses and make smart business decisions. Your business is unique, and every job is different—create custom categories for gas, equipment, rentals, uniforms, or whatever keeps your business running.

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• The new integration improved support for US employers by handling employer tax withholding and payments in all 50 US States.
• Xero offers hundreds of add-ons, but I prefer Wave’s options, which more closely relate to accounting.
• The receipts feature lets me scan receipts in-app, auto-populates the details, and syncs transactions instantly to my desktop.”
• Users will not need an accounting background to learn Wave, which features in-app contextual guidance to explain common financial processes.

Adding customer payments, payroll capabilities, or seeking help from a bookkeeper (starting at $149 per month) incurs additional costs. If you pay for any add-on, such as receipt scanning ($8 per month) or payroll (starting at $40 per month), you receive live chat and email support. Significant improvements have been made since our last review, affecting account reconciliation, payroll, performance, and security. I am responsible for content in the AI, financial, graphic design, operating system, photo and video editing, productivity, and small business categories, among others.

You can also get 9 major currency account details for a one-off fee to receive overseas invoice payments like a local. This enables you to pay for the things you what is carrying cost need only, rather than have an expensive suite of features you barely use. If you’re unsure, Xero offers a 30-day free trial before you have to commit to a paid plan.¹⁶

What does Wave’s mobile receipt feature do, exactly?

QuickBooks also integrates with a wide range of partner apps and software, making it very flexible to your specific needs. This stands in contrast to Wave, which offers unlimited users free of charge. The number of users is restricted to a maximum of 25 on the Advanced plan, 5 with Plus, 3 with Essentials and only 1 with the Simple Start plan. The number of users you can add and customers you can invoice is limited depending on which plan what are dilutive securities you select.

Xero offers hundreds of add-ons, but I prefer Wave’s options, which more closely relate to accounting. Its Standard edition ($20 per month) offers more features overall than Wave Pro. The $19-per-month Pro plan adds bank-feed automation, recurring billing and receipt capture. That said, Wave is not the platform for you if your business depends on features like mileage tracking or inventory-linked expenses.

Wave displays invoicing, payroll, and payments data updates, along with dashboards for cash balances. Wave is simple and easy to use for anyone—no accounting experience needed. “My fav tool for invoicing and accounting is Wave. Easy-to-use. And I love the interface!” Learn how to open a business bank account in Switzerland. Learn how to open a business bank account in Finland with this guide. If your business works regularly with international clients, a Wise Business account could save you time and money while doing so.

I am an ambassador of you guys – I always share your platform to my clients – be it business people or general people – I love your work and I am very very very glad that I came across Wave! It allocated them as COGS directly which means I need a JE every time I sell any of my goods. WAVE will cause immediate debiting the WAVE client’s account. Nevertheless, WAVE will expect the merchant (the business) to reimburse them, immediately. Should you need to upgrade to a more advanced solution, Wave makes it easy to migrate your data into another system.

An Action column appears at the end of the row with options that allow you to, for example, edit the transaction and upload a receipt you scanned. To set up these connections, you need to provide your login credentials and occasionally answer security questions (depending on the financial institution). This system also makes it easier to find duplicate, incorrect, and missing transactions. You also get tables of invoices payable to you and bills you owe, as well as a table that shows your net income. Cash Flow and Profit and Loss graphs, as well as an expense chart, provide critical overviews of your current financial status. Its colorful, professional design looks attractive, and smart navigation tools make it easy to understand and use.

If you use Wave’s mobile apps (available for Android and iOS), you can snap a photo of a receipt. You can choose between sending a list of their outstanding invoices or their complete account activity. Most accounting applications guess at the correct category and allow you to change it. You can add customers and vendors, append a sales tax, specify a type (deposit or withdrawal), split the transaction among categories, upload a receipt, and write a note. It helps automate account reconciliation—which benefits from enhancements and simplifications compared with last year—so you can square away your balance in Wave with your bank and credit card statements.

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Wave’s tools are web-based, so you just need an Internet connection and browser—no installation is necessary for our online software! You don’t need to be an Excel wiz to understand your organization’s financials. Over time, Wave will reveal valuable money-saving opportunities. Manage accounts payable, categorize expenses, and find out where most of your nonprofit’s money is going. You need to have capital to keep giving back, but you don’t have to sacrifice your cause to run your nonprofit like a cash flow positive business.

If you need a payment processor or you need a software edit and manage your invoice template fillable pdf file online that will handle all of your financials, I recommend this one. The business (WAVE’s client) cannot pursue the chargeback as the WAVE Merchant Processing’s bank was the one that is the bank on record where the original payment was sent. Additionally, it’s limited in integrations, so it does not provide the scalability for more popular financial software like QuickBooks.