Wave Accounting Reviews

Wave Accounting

4.4 (1,518)
Accounting, invoicing, and payroll management platform

Overall rating

4.4 /5
(1,518)
Value for Money
4.7/5
Features
4.3/5
Ease of Use
4.5/5
Customer Support
4.0/5

89%
recommended this app
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1518 Reviews

Kari
Kari
Overall rating
  • Industry: Human Resources
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

I LOVE Wave!

Reviewed on 09/05/2021

Overall, I highly recommend Wave if you are running a business and want low costs and an easy way...

Overall, I highly recommend Wave if you are running a business and want low costs and an easy way to manage your finances. My business is simple and Wave makes it so much easier for me to stay on top of things and know where I need to focus my energy.

Pros

I have been using Wave since around 2015 and my books were a mess when I first began because I was doing them (not my strength) and once I heard about Wave's bookkeeping services, I couldn't believe how affordable they were. It's super easy to set up and use, run reports and know about your financials. I tried switching to QB for about 1 month and hated it, so I switched back. Lesson learned and I'm sticking around!

Cons

One thing I had to get used to was because I had my bank account connected and until the month is reconciled, when a invoice is paid I mark it paid and then the 'payment' comes in again from banking. It was easy to catch and now my Wave bookkeeper keeps all that reconciled. Thank you!

Alternatives Considered

FreshBooks and Quickbooks Online

Reasons for Switching to Wave Accounting

I chose Wave because of a family recommendation and how easy it was for me to set up an account and get things moving. The others may have changed, but I still recommend Wave to anyone who is looking for an easy & affordable way to get their business going.
Dedre
Dedre
Overall rating
  • Industry: Luxury Goods & Jewelry
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Easy to use free invoicing app, but it has limitations

Reviewed on 08/06/2023

Overall, besides the minor cons, it is still my favourite app to use for invoicing since it is so...

Overall, besides the minor cons, it is still my favourite app to use for invoicing since it is so easy to use and straight-forward with a very slight learning curve.

Pros

We started using Wave for our small business as it was free to use, and extremely user-friendly. Setting up your database of products/services and adding customers are easy and makes sending invoices a breeze. Financial reporting is also easy with a variety of filters to use in order to produce the financially statements and/or reports based your chosen criteria. You can also send a monthly bill or statement to your customers.

Cons

Online payment gateways are limited to only 3 options, including PayPal, Stripe and Square. As a South African company, these options are not beneficial or even available in our country. So customers cannot pay invoices automatically upon receipt of the invoice. This is an inconvenience and we use a manual EFT workaround. Support and use of Wave Accounting in South Africa has been discontinued.

Celine
Overall rating
  • Industry: Marketing & Advertising
  • Company size: 2–10 Employees
  • Used Monthly for 2+ years
  • Review Source

Overall rating

  • Ease of Use
  • Customer Support
  • Likelihood to recommend 0.0 /10

Worst nightmare during the worst time

Reviewed on 26/11/2023

About 6 months into the business, we heard of wave. We are based on the west coast, and saw that...

About 6 months into the business, we heard of wave. We are based on the west coast, and saw that they were on the east coast in Canada, but we had clients in different time zones, so that was no issue. Starting out, we wanted to make a good impression, so we had 5 clients run through wave, our biggest one being my cousin's boyfriend, although that was never disclosed because it didn't have to be. Further along, readers will understand why I mentioned it. We had transactions that averages between $500-$2000, but he was the main client that we used with wave. Overall, he paid us $12,000 for all of his small businesses as he is an entrepreneur. They saw that he had made many payments within a span of 3 months, and froze our account altogether, saying that they could not release the funds until 6 months had passed, and even gave us the specific day the funds were to be released. We didn't know what to do, so we waited the entire 6 months. When we reached out to them, they told us to collect payment in another way, but they had already collected payment for us, and we can't double charge anyone. It makes no sense. [sensitive content hidden] (her boyfriend) was furious, and tried to call the company several times himself, but THERE IS NO ACTUAL PHONE LINE for them! So all that could be done were emails that were ignored. He had business up in Canada and somehow got ahold of someone, asking to refund his money so he could pay us directly, but again received no response. 6 months passed and we never received our money. My cousin would log on daily and we had our business account linked to it, so all was in order, but all it was was a copy of everything wells Fargo had. We tried for 2 years to get our money back, even after the company was dissolved, with no luck. They decided to close our account (we weren't using it for anything anyway) and gave us the reason that our company didn't have enough of a presence for them. After 3 years and the actual person that paid trying to contact them and no chargeback of any sort occuring, it's quite obvious that there is no fraudulent or suspicious activity whatsoever. My cousin spoke to a different person every day via live chat who never knew what was going on and would forget about our case. One day she finally got to the right person, who saw the mistake on their end, and we finally received our money over 3 years later.

Pros

The only positive thing that I can say about them, is that after THREE years and having to lose the company that my cousins and I started together, we did finally get our money, or rather most of it.

Cons

I will just tell you our story with it. My 2 cousins and I decided to go into business together before COVID happened. We all have degrees in different categories and wanted to join forces. One had a degree in computer engineering, one in graphic design, and I had a business degree although at the time I had a huge following on social media and was working as an influencer. We wanted to help small businesses get their names out, and started a business advertising for them. I used my presence on social media to advertise by word of mouth, while my cousins would design web sites, and create custom logos and business cards for our clients. We began with just friends to test, so we didn't have a set price for anyone. It was also a side gig so we let people set their prices. Thankfully wave was not the only company that we used. I will describe our experience in the next question.

Michael
Overall rating
  • Industry: Entertainment
  • Company size: 11–50 Employees
  • Used Weekly for 6-12 months
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Made for small businesses and entrepreneurs

Reviewed on 30/11/2023

I would definitely recommend Wave to any other small business owner. It even works with other...

I would definitely recommend Wave to any other small business owner. It even works with other currency if you need that feature. It's worked great for us and it didn't take me long to figure out how to use it.

Pros

The best thing about Wave is that a lot of things it does are free. What you do have to pay for is a good price and well worth it.
The dashboard on Wave is great, easy to acess and use. You also get a very thorough invoice and transaction management feature. Wave is double entry and comes with payroll too. There's live support and training available.

Cons

I wish I could change the invoices more but you're pretty much limited to whats there. I also thought it was weird that you have to pay to upload receipts. Ive never had to do that before.

Alternatives Considered

Zoho Books

Switched From

FreshBooks
Paul
Overall rating
  • Industry: Construction
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Definitely the best invoicing app I've ever used!

Reviewed on 06/10/2023

My favorite invoicing app, hands down.The invoices that are generated are super professional and...

My favorite invoicing app, hands down.The invoices that are generated are super professional and detailed, the reminders are very helpful, and it is a sharp looking app with an amazing interface, just hoping for the ability to use our swipe keyboard and predictive texts in the fields that it's most useful, such as item descriptions and such.. For the first few years that I used this app on my android, it was no problem, and we were able to use Swype keyboard, predictive text and speech to text in all fields, and in one of the recent updates, this feature was removed, making it a painstaking process to have to hammer out every single character one at a time, but myself and all the other business owners that use and love this app are holding out hope that this changes like very soon! Hopefully on one of these next updates somebody cares about our feedback!

Pros

The phone app is so amazing to use, so easy and so complete..It's very easily customizable with your logo and information, and the invoices look sharp, clean & professional, with multiple options to send the invoices- PDF, links, etc.This app has become absolutely indispensable to my business.

Cons

The ONLY thing (but a major thing) that I've seen that's frustrated not only myself, but many many others that are part of a small business owner's forum, is the following-and I hope someone does something about it ASAP-In the phone app, we used to be able to use the Swype keyboard, speech to text & predictive text, making it a breeze to fill out or alter item descriptions and such.After one of these recent updates a few months ago, this capability was removed from those fields, obligating us to type one character at a time.This really killed the ease of use of this app, and while I still give it a glowing review, the truth is that if this doesn't get resolved in the near future, by next year I'll have to move on to an app that allows me to use my keyboard & speech to text to fill out these item descriptions.The only reason myself and many others have not switched is bc we've complained about it and we are all really hoping that the development team takes the 5 minutes it would take to switch this back to the way it was, and because of the fact that we all have developed a thorough item list that would be hard to start from scratch, but we are holding out hope bc it's our favorite!Please, Wave Dev team, please revert this function to it's original capabilities!

Alternatives Considered

Quickbooks Online

Reasons for Switching to Wave Accounting

I actually have QuickBooks and can use it for everything that I use wave for, but wave is just so ridiculously easy to use right off my phone, unfortunately like I mentioned above, if the capability of using swipe keyboard, speech to text, and predictive text in the item description fields is not restored in the next few updates, I might have to use my Quickbooks for more than just the accounting!
Felix
Felix
Overall rating
  • Industry: Accounting
  • Company size: 5,001–10,000 Employees
  • Used Daily for 6-12 months
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 7.0 /10

A Solid Free Small Business Accounting Software

Reviewed on 02/09/2019

It’s been a solid piece of cloud accounting software, albeit limited. It’s hard to beat the price...

It’s been a solid piece of cloud accounting software, albeit limited. It’s hard to beat the price of it, and I have yet to find a similar but more fully featured one at the price of FREE!

Pros

I use Wave to keep track of my personal finances, from income to spending. In that lens, Wave performs quite well, allowing you to tag transactions that are automatically imported from your bank. It also lets you generate some simple reports such as your income statement, balance sheet, and cash flow. The interface is simple to use and understand, and I was able to pick it up (coming from an accounting background) in under a few minutes, without having gone through a walkthrough. The included ability to reconcile statements is also quite handy and allows me to verify that all transactions are posted appropriately. The inclusion of receipt tracking and tagging is also quite handy!

The best part about Wave is the price! If you don’t need features such as invoicing and payroll (some SMB’s may find these handy. From a personal perspective, I did not), the accounting software is completely free.

Cons

Wave still appears to be in its infancy, although the product has been there for a while. The user interface will frequently be updated (the reconciliation flow changed 3 times since I signed up about 6 months ago), and new features will constantly be added without any notification, often shifting often things around from where you expect them to be.

The reports from Wave are also very limited, so don’t expect any customizable reports as of 08/2019. You get about 12 reports total, some or all of which may not be very relevant to you, depending on your end goal. These reports are completely canned, system generated, and you do not have the ability to create new reports. This may change in the future, but as it stands, this is the current state of affairs.

The receipt tracking feature is definitely handy to have. While Wave will OCR your receipts and tag them to a category, it will actually post an entire transaction to the ledger when you save it down. For those of us with a bank account and credit card linked to auto import transactions, you’ll get a duplicate: one from the CC, and one from the receipt. It would be nice if Wave included some intelligence to automatically match the receipt and transaction together, but for now, you need to manually merge each.

Finally, as a small point, Wave does not obtain any service assurance through SOC1 or SOC2 reports, an issue that most people wouldn’t ever care about.

Alternatives Considered

Xero

Reasons for Switching to Wave Accounting

I mostly chose Wave over Xero for the price. As I’m using this for personal finance tracking, and not a small business, I didn’t want to have to pay Xero’s rather pricy monthly subscription.
Andre
Andre
Overall rating
  • Industry: Information Technology & Services
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Likelihood to recommend 7.0 /10

Was the best free accounting software

Reviewed on 01/08/2022

Pros

I loved Wave Accounting. There was seldom any problems and they had some great ideas on how to do things like bank recons, which are much easier than other accounting software.
And all for free. Can't beat that.

Cons

They were taken over by H&R Block and then it was downhill from there!

Alternatives Considered

Xero

Reasons for Choosing Wave Accounting

Wave Accounting was free and worked very well with new features coming out on a regular basis

Switched From

Quickbooks Online

Reasons for Switching to Wave Accounting

Because it was free and had most of what I needed at the time for my small business
Royce
Overall rating
  • Industry: Media Production
  • Company size: Self Employed
  • Used Weekly for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Likelihood to recommend 10.0 /10

Great for US and Canada Market

Reviewed on 18/04/2023

They were grateful what I needed at the time which was a small sole trader, freelancer business....

They were grateful what I needed at the time which was a small sole trader, freelancer business. Since then it has grown a bit more and I needed a bit more integration with other applications. When they were available to the New Zealand market it was my go to accounting software I would recommend to all of my clients.

Pros

When I originally got this product it was free and you could use it in New Zealand. However they removed the international client base for new signups and focused more on the US and Canada market. But since I got an early I was able to use it for many years in my freelance career.The expense tracking was really good and it really saved me having to hire an accountant as it did most of the work for me.

Cons

This isn't really a con for wave accounting but more of a observation. I did have to learn a bit about Accounting in order to make sure that I was fulfilling my tax obligations.I was looking for more third-party integrations that I wasn't able to get with Wave.

Alternatives Considered

Xero

Reasons for Switching to Wave Accounting

The cost was the most appealing thing for me as I didn't make much money then.
Michael
Overall rating
  • Industry: Computer & Network Security
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Love WaveApps

Reviewed on 28/07/2023

Love it. Used for years and doubt i will ever move elsewhere

Love it. Used for years and doubt i will ever move elsewhere

Pros

Great reaccuring invoicing. Easy to setup and use invoice and quotation system. Realtime creation of users, invoices, quotes, items, clients. And once invoice or quote is created, or client, it is easy to edit if needed. Also can reassign quotes or invoices to other clients. Multiple email sending.

Cons

No credit feature. Doesnt support South Qfrican card services. Cant customise invoice and quote templates.

Alternatives Considered

QuickBooks Desktop Enterprise and Microsoft Excel

Reasons for Switching to Wave Accounting

Easier to use. All in one solution and doesnt cost anything.
Clay
Overall rating
  • Industry: Hospitality
  • Company size: 2–10 Employees
  • Used Weekly for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Exactly what I want in a small business accounting software

Reviewed on 05/08/2019

Very stress free. For a free app, you expect the quality to not be as high, but overall Wave has...

Very stress free. For a free app, you expect the quality to not be as high, but overall Wave has been very reliable. I didn't really want to pay $30+ a mo for Quickbooks when all I need is for my transactions to be categorized. Wave does this well, so glad it is free. I did use the chat once and had very good experience, although I think I saw they were disabling chat except for people that have paid for support or something, so that's a bummer. But I understand, they have to get paid somehow so I'm not complaining.

Pros

I love the simplicity. We are just a small business, so the primary purpose of using this app is to categorize all my expenses, so once tax time rolls around, I just have to send the tax lady a breakdown of my income and expenses. Once a week or so, I'll log in to check all the transactions it imported from my bank account. It auto categorizes most of them which is awesome, I just have to click the check mark button to verify it was categorized correctly. Then once tax season rolls around, I just run the income statement report and send it to the tax office. I even have created a review account for the tax lady to be able to log in and see my business finances. We are just a simple business so we probably don't use some of the more advanced features, but it does what I want and best of all, it's F-R-E-E. I do also like the payroll and invoicing options if we need that in the future, although that is unlikely for our business.

Cons

For some reason, they disabled the ability for deposits to be auto categorized. This is my most common type of bank transactions, since all credit card payments are deposited into my account a few days after they process, so I have tons of transactions I have to go manually mark as the 'Sales' category. I did talk to customer support over chat about this though, and the lady agreed this would be extremely useful so they are looking into this.

Alternatives Considered

QuickBooks Desktop Enterprise and ZipBooks

Reasons for Choosing Wave Accounting

I just tried out Zipbooks, and although I was impressed, Wave just offered more for the price of free. Zipbooks only offered like 2 reports on the free plan, and I really needed the income statement report to show my categorized expenses.

Switched From

ZipBooks

Reasons for Switching to Wave Accounting

Quickbooks because they are the de-facto standard, and because I would trust their reliablility. However, I just didn't like their price. They have the deal to start off with for the first x months, but it always doubles in price after that period. If Wave didn't exist, i'd probably have gone with quickbooks or paid for Zipbooks.
Cheikh
Overall rating
  • Industry: Computer Software
  • Company size: Self Employed
  • Used Daily for 6-12 months
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Good accounting software

Reviewed on 12/01/2021

The speed with which the credit cards were processed automatically saved me a lot of time.

The speed with which the credit cards were processed automatically saved me a lot of time.

Pros

This is a very complete software that allows you to build quotes and convert them into invoices in a fraction of a second without much effort.

Wave is excellent especially when it comes to credit card processing which is done automatically with a very low 1% fee.

It is very easy to set up and use and the cost is low or even free. Personally, I recommend buying this package because it comes with support: from setting up your account to the specific categories for your company .

The other advantage of Wave is the presence of a number of applications to send invoices when you are away from your workplace.

So even when you're away from home you can download them. In this case, all you have to do is take the photo on the spot.

Cons

The problem on the Wave software is not so numerous, but we notice that it is impossible to close a period correctly.

All members who are able to make transactions have the possibility to change or add entries from the previous year.

For me an administrator must have the ability to close a period so that no changes are made. User growth is also very limited.

The lack of audit trails for transaction entries is also a case of imperfection at Wave . Admittedly, it is possible to generate transactions, then generate reports, then cancel the transactions, etc.

But there is no proof that these changes are made yes or no, because the software is unable to remember its categorizations.

The keyword search function is absent from Wave in the transactions section and sometimes it makes us lose a lot of time.

Alternatives Considered

Zoho Books

Reasons for Choosing Wave Accounting

To test another software

Switched From

Quickbooks Online

Reasons for Switching to Wave Accounting

Because Wave is free and easy to use accounting software
Jonathan
Overall rating
  • Industry: Marketing & Advertising
  • Company size: 11–50 Employees
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

It’s free, but better than any paid accounting software.

Reviewed on 11/08/2022

We’ve been using wave since beta. We tried Quickbooks and a few other accounting platforms after a...

We’ve been using wave since beta. We tried Quickbooks and a few other accounting platforms after a consultant suggested we review other platforms. Ultimately, we never left wave and will not in the foreseeable future.

Pros

Wave is free, but it’s powerful. Wave is suitable for any small to medium business. Wave handles all our accounting needs.

Cons

Wave has two major areas of improvement. 1. Their customer service is difficult, especially if you have an urgent matter. Their chargeback dispute process is not easy and confusing. Again, customer support regarding chargebacks is difficult considering you have a few days to submit a dispute package.

Alternatives Considered

Quickbooks Online

Reasons for Choosing Wave Accounting

At first it was because Wave is free. But then we discovered how powerful Wave is, it’s perfect for our business.

Switched From

QuickBooks Desktop Pro

Reasons for Switching to Wave Accounting

It was free.
Andrew
Overall rating
  • Industry: Accounting
  • Company size: 11–50 Employees
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Wave Accounting

Reviewed on 21/12/2022

My overall experience with Wave was excellent and I had no issues with this software. If it was not...

My overall experience with Wave was excellent and I had no issues with this software. If it was not for a change in business practice, I would still be using Wave now.

Pros

The best thing about this software is that it is free and offer just as much if not more features than some of its paid competitors. You can also access it online from any PC.

Cons

They don't have a robust support line but considering you are not paying for the software, you can't blame them. Plus there really isn't any reason for you to need support as everything is user-friendly and there is adequate help features in the software.

Alternatives Considered

QuickBooks Desktop Pro

Reasons for Choosing Wave Accounting

Wave was free and offer the same functions and services.

Reasons for Switching to Wave Accounting

Price
Verified Reviewer
Overall rating
  • Industry: Civil Engineering
  • Company size: 2–10 Employees
  • Used Daily for 1+ year
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 0.0 /10

Wave Accounting

Reviewed on 31/03/2022

I was able to quickly send professional estimates and invoices on go and I didn't have to keep a...

I was able to quickly send professional estimates and invoices on go and I didn't have to keep a lot of envelopes with receipts any more, I could just scan receipts and attach them to a bank transaction. Before I even get an accountant, I would easily see the performance of the business from the cash flow graphs and profit and loss graphs.

Pros

Setting reminders to be sent to clients for payment is the most important feature from wave in my opinion. Also being able to create recurring invoices you you don't have to do the same thing every week or every month. My other favorite is customer statements. Pulling out customer statements and sending to your clients gives you points in terms of professionalism. I also appreciate that when Wave stopped operating in South Africa they recommended Zoho and gave us a year of free use of Zoho. Even though I did not like changing, this was a very thoughtful move by wave.

Cons

For some reason wave starting giving limited access to its South African customers and partnered with Zoho for customers to migrate. Even though the apps are similar, they're not the same and it took a little bit of time to now learn Zoho a new app.

Alternatives Considered

QuickBooks Online Accountant

Reasons for Switching to Wave Accounting

Wave Accounting came highly recommended by friends. In addition when I first opened wave, the dashboard look simple and it was easy for me to follow.
Michael
Overall rating
  • Industry: Music
  • Company size: Self Employed
  • Used Daily for 1+ year
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 8.0 /10

Wave Was/Is My Go To From QB Online

Reviewed on 20/11/2020

My overall experience has been great! I have to do some thinking/remembering at tax time to...

My overall experience has been great! I have to do some thinking/remembering at tax time to separate the double entries of income. I show an invoice paid by check WAVE shows that income on my account. I go to the bank and deposit, there is that check again. For the total amount of money saved, around $450-500, I will put up with it.

Pros

It is FREE in the cloud, works on ALL platforms Windows 7,10, Android, iphones. Accepts all credit cards including Amex for 2.9% I am saving $420+ yearly by not having QB, I don't have to print invoices. Since WAVE is in the cloud I email my invoices and receipts.

Cons

I wish it had more storage of customer service that has been performed in the past but I suspect that would require some expense. It only had 3 invoice templates and there wasn't much customization on those. You can't compound taxes on your invoices, let me rephrase, you can compound 1 tax but no more. Since my only taxes are State and County I found it best to compound none for fear of forgetting which one I had compounded

Verified Reviewer
Overall rating
  • Industry: Leisure, Travel & Tourism
  • Company size: 51–200 Employees
  • Used Weekly for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Likelihood to recommend 9.0 /10

Great Software. Super Affordable.

Reviewed on 17/11/2021

Pros

For a small business, or probably even a larger one, it's a really great software with all of the accounting and billing basics needed, and it's basically free. The online payment system works really well for getting payments from clients. They can either pay with a credit card or ACH, which is great. You can turn off credit card payments too if you don't want to have a fee taken from your payments, which I also find as a nice feature. The invoices look very professional, can be white-labeled, so it just has your branded information on it. The invoices are also really easy to make. We had been trying to use Excel as an accounting system when we first started our small business, and found Wave soon after. It was a huge upgrade, and not very expensive. The reports are great, and it's easy to track expenses and monies brought in. It solved all of our accounting needs as a small website building business.

Cons

The one thing we really think can be improved are the recurring invoices. It doesn't make the invoice numbers in order based on that client's invoices, so they're oddly out of order. It's not a huge deal, but would be much better if it kept the invoice numbers specific to each set of clients.

Jennifer
Jennifer
Overall rating
  • Industry: E-Learning
  • Company size: Self Employed
  • Used Weekly for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Free invoicing, billing, and accounting software with paid upgrade features

Reviewed on 09/06/2021

I like that I can do my own bookkeeping and light accounting and this keeps me relatively sane come...

I like that I can do my own bookkeeping and light accounting and this keeps me relatively sane come tax time. I highly recommend Wave to anyone who's willing to learn at least a bit about accounting! With Wave Payments and Wave Payroll, the software works well for self-employed folks just getting started and will grow with them as they add to their team.

Pros

The cost is compelling -- free! -- but beyond that I find the software is advanced enough to do what I need without being utterly overwhelming like other options. I'm not accountant and there's only so much geeking out I want to do. I can send invoices, get paid, track all my expenses and payments, handle business AND personal finances from the same account, and it all works really well with my bank and integrates decently with Stripe via Zapier.

Cons

I'd love Wave Payments to allow for payments in more than one currency. I can invoice in USD and CAD (my main), but I can only accept online payments via Wave in CAD. No biggie.

Verified Reviewer
Overall rating
  • Industry: Management Consulting
  • Company size: 11–50 Employees
  • Used Daily for 1+ year
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 8.0 /10

Great Free Accounting Tool

Reviewed on 11/01/2020

We use it for multiple businesses and a non-profit as we are a small cluster of social enterprises...

We use it for multiple businesses and a non-profit as we are a small cluster of social enterprises that work hand in hand with each other. We are really enjoying working with this software and it has helped us tremedously, all while not costing us a penny!

Pros

On the positive side, this software's functionality is almost up to par with other options that cost a lot of money. Wave is free and for that price what they offer is unbeatable. It is a fully featured accouting software, as it is a web app, it means multiple people can use it simultaniously and it also works great for a virtual team. I like that it is made with non-accountants in mind. For example, when entering transactions there are "Accounts" - but these are only Accounts as a nun-accountant will understand: Cash, Bank, Owners Investment etc. - everything else is called "Categories". This makes it easier for someone not too versed in finances to understand - but behind the scenes Categories are Accounts, just like they always were (e.g. Office Supply Expense Account) - small and simple changes like this make it very easy to use even for a financial analphabet. Two mobile apps compliment the accounting software, one for writing invoices on the go, the other for scanning and (auto)recording expense receipts.

Cons

On the downside, and this can be a big one, you are not able to properly close a period. This means anyone with permission to enter transactions can go and change entries from last year, or add some. This can make things really messy and I hope they add a function where an administrator can close a period such as a month, so that no more changes can be made. Further, you can add other users, but the type of users are quite limited. I wish this could be controlled on a more granular level, e.g. there is the option to add a 'viewer' who cannot edit anything. The next level is somoene who can enter all types of transactions (you can turn of access to bank entries and writing invoices) but it would be nice if there was one where I can let someone add receipts with the mobile app but not do anything else.

Spencer
Overall rating
  • Industry: Photography
  • Company size: Self Employed
  • Used Monthly for 1+ year
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Likelihood to recommend 10.0 /10

Very powerful free features with the option to purchase high-quality premium services!

Reviewed on 31/08/2021

I am very impressed with Wave Accounting. Their free products aren't skimpy or limiting, but are...

I am very impressed with Wave Accounting. Their free products aren't skimpy or limiting, but are actually very full and would likely not be free from another service provider! Wave's premium offerings are extensive as well. Overall, I've found that Wave Accounting is perfect for a wide target audience including small businesses, sole proprietors, independent contractors and freelancers, or people looking to take their invoicing, accounting, payment collecting, etc. to anything beyond their basic capacity and limitations. Highly recommend to a broad audience needing such services.

Pros

Wave Apps software features not only very beautiful interfaces for their products' dashboard, but the platform is at once very feature-heavy and thoughtfully well designed. The aesthetically-pleasing graphics for content such as cash flow, profit and loss, and expense breakdowns on the primary dashboard are sharp and clean in addition to being so helpfully data-driven, and all that is just on the landing page. As you navigate through categories of sales, purchases, accounting, banking, you experience how well-constructions the pages are for options within each section including sales, purchases, accounting, etc. I love just how many of the feature-heavy options are completely *FREE.* Wave Apps offers select premium services, such as Wave Advisors and bookkeeping, even business insurance with "NEXT," while offering things such as accounting, invoicing , etc. free of charge. It's an excellent product for anyone looking for a beautiful interface, but also wanting lots of features without needing to immediately spend money for quality products.

Cons

So many elements within Wave are intuitively navigable and to use with simple data entry. One area that was a little more challenging for me to set up with the chart of accounts section in the accounting area of the interface. It's so nice that it's deeply customizable, but the challenge was that it took me a little extra time to understand and knowledgeably input the data of my assets, liabilities/credits, income, expenses, equity. This is something that would be challenging for anyone not familiar with basic accounting on any software, so I probably would've benefitted from a few "help" pop-ups/set-up assistance here than perhaps some other areas. Where my limitations with setup start is however where Wave's premium products with bookkeeping and accounting are so valuable to the user. There are many great pop-up notices throughout the platform that inform you about new features of ways to most effectively use Wave Apps features, which is great, and of course, they're complete with beautiful graphics.

Nweke
Nweke
Overall rating
  • Industry: Design
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Likelihood to recommend 10.0 /10

A good start for small businesses to easily manage their billing and invoicing

Reviewed on 11/04/2023

It made my startup process easy and saved my business a lot of expenses. I also learnt a lot as a...

It made my startup process easy and saved my business a lot of expenses. I also learnt a lot as a novice with basic financial knowledge.

Pros

First of all, it is completely FREE part from other optional extra services that have recently been added at a cost. Very easy-to-use in creating invoices and billing customers. I was able to integrate with my startup business processes and it improved our professionalism. I loved the app because I could easily manage my business finances from my mobile phone, follow up on due payments, track payments, monitor cashflow, and also customize all correspondence with my brand colors and logo.

Cons

I was sad when most features were limited to US residents and I also couldn't access the mobile app in the app store for my region. Users outside the USA might have some limitations especially with connecting banks or credit cards and no access to the mobile app

Alternatives Considered

Sage Accounting and Zoho Invoice

Reasons for Switching to Wave Accounting

It was free and easy-to-use
Chris
Overall rating
  • Industry: Consumer Goods
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Likelihood to recommend 10.0 /10

Great alternative to Quickbooks for small biz users

Reviewed on 03/11/2018

I have two small e-commerce business, and needed a way to track my inventory purchases, sales,...

I have two small e-commerce business, and needed a way to track my inventory purchases, sales, shipping expenses, etc. I also had two independent contractor businesses, needing to track expenses such as mileage, supplies, etc. With Wave, I have each venture as a separate company, I can customize the chart of accounts for each one, create invoices for my independent contractor gigs, track invoice status so I don't overlook if something doesn't get paid on time, and review my income and expenses each month. I sometimes do consignment sales for clients in my e-commerce business, and Wave helps me keep track of those sales and settle up with clients each month. Truly a lot of great features offered, and I don't even use all of them (like Banking & Payroll). So glad I found Wave, and I have recommended it to many others.

Pros

Wave offers a lot of the basic accounting functions needed for small business users, and the best part is that it's FREE TO USE! Woo hoo! I used QuickBooks in my previous career, and liked the detail it provided, but once I started my own small e-commerce business, I didn't want to spend hundreds of dollars on software, or get locked into a recurring monthly subscription. I was thrilled to find Wave and amazed that it was FREE!

Cons

I wish there was a keyword search function in the Transactions section. Sometimes I need to look for a specific transaction but don't remember the exact date it occurred, so have to scroll through several pages to find what I'm seeking. A workaround is to export an Income Statement, then search or sort in Excel, but obviously that takes several extra steps and time. But since it's not costing me anything, this is a minor inconvenience.

Dane
Overall rating
  • Industry: Accounting
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Wave is a Great Accounting Suite - and it's FREE!

Reviewed on 05/07/2019

Pros

Wave is a great piece of accounting software that rivals Quickbooks and Xero. The biggest winner, which it obvious to anyone who has researched Wave as an accounting platform for their small business: it’s FREE! Both Quickbooks and Xero have fairly low-cost pricing models for small businesses that range all the way to fairly high-cost for larger businesses. Wave, on the other hand, is specifically tailored to the small business, and offers only features popular with those businesses. But, because of this, their base accounting software is completely free. Their only products you would be billed for would be payroll or credit card processing, both of which are priced competitively to Quickbooks/Intuit’s and Xero’s offerings as well.

Wave also offers a lot of the same features, including automatic bank and credit card feeds, customized charts of accounts, multiple businesses on one account, smart expense categorization (software learns over time), and more.

Cons

Wave does have its limitations and is more basic than Quickbooks or Xero, especially to us accountants who can see the glaring differences. However, even as an accountant and bookkeeper, I recommend Wave to a lot of my smaller clients whose biggest consideration is cost, simply because you can’t beat free. Plus, a lot of the additional features that offerings like Quickbooks or Xero feature, smaller businesses will not always utilize anyway, so Wave fits them perfectly. All-in-all, there are no large drawbacks.

Andrew
Andrew
Overall rating
  • Industry: E-Learning
  • Company size: 2–10 Employees
  • Used Weekly for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Wave Accounting: Could Be Perfect.

Reviewed on 16/02/2021

I am really happy having moved over from Zoho Books and before than from Xero.
I love that you can...

I am really happy having moved over from Zoho Books and before than from Xero.
I love that you can toggle between personal and business sides easily. Delegation is well thought out.
Personally, I love having my books in the cloud because I can hire a bookeeper who can get to know my workflow. (Wave also has bookeepers you can hire internally.)

It's perfect for people that are small entrepreneurs who need to have a business set of books.

Pros

Wave Accounting is a really great idea. Simple bookeeping for people that don't have "accountant-minds." It gets into a space where programs like Xero and Zoho Books are a little too complicated for non-accountants and creators.

It's got a fantastic UI.

Easy to use.

Fairly easy to setup.

Way more intuitive than competitors like Zoho Books and Xero Accounting.

Cons

Support is really slow. I get that it's a free service, and therefore you have paid support working for free customers. But support takes days to get back to you. So once you're setup, it's fine. But if you have a question or two doing setup, like I did, it takes an extraordinarily long time.

Granted, most people using this might not have to deal with multi-currency and Paypal in particular, but it's something to keep in mind.

Also, the bank connections sometimes fail. Although this is a problem with all of these services who use Plaid to get bank data.

Verified Reviewer
Overall rating
  • Used Daily for 2+ years
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 9.0 /10

Easy to use and helpful

Reviewed on 20/11/2017

Easy, almost fully automated bookkeeping. The invoicing and payment features automatically updates...

Easy, almost fully automated bookkeeping. The invoicing and payment features automatically updates my books when I get paid, the bank connection means that I only have to reconcile my account to make sure everything is ok.

Pros

This is great for the very new or very small business. It's easy to use and has all of the basic features that you will need for an unbeatable price.

It's very easy to use and the documentation and support have been very helpful. There is no phone option but live chat is available and I have never had to wait more than a day for an e-mail response.

It is truly free to use for accounting. You have the options of accepting credit card and bank payments for a very competitive rate. The only other cost is for payroll if you were to use that feature.

The software is in active development and since I started using it they have added great features such as Invoicing app, recurring payments, and bank payments and it keeps getting better.

Cons

Limited reporting, you get all of the basics that you will need to measure your financial health, receivables, etc but there are no custom reports. While you can very easily reconcile your bank account, you can't print a reconciliation report.

There is no class/job tracking feature and while it looks like many users have requested it, it doesn't look like the developers are planning on implementing it anytime soon. So if your business needs this feature, this is not the right option for you.

Ashley
Overall rating
  • Industry: Automotive
  • Company size: 2–10 Employees
  • Used Daily for 1+ year
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Likelihood to recommend 9.0 /10

Accounting without a Cost

Reviewed on 21/02/2024

I loved this software/app so much that I actually decided to open a personal account and use it for...

I loved this software/app so much that I actually decided to open a personal account and use it for mine and my husbands personal finances! I had been using the good ole trusty excel for this. But this makes everything so much nicer. It imports all my husbands charges and then I can code them and see just where our money is going.

Not to mention, it has help the business I work for be more successful in bringing in a bigger profit!

If you are trying to decided between software's and don't know where to start, try Wave for your business accounting needs.

Pros

The first greatest thing about Wave is that is FREE!!! If you are just starting out, or a small business where overhead and expense need to be kept to a minimum, I recommend this app. It has all basic functions you need like, quotes, invoicing, statements, entering bills, receipts, reconciling bank statements, etc. All of these services including reporting are included in the free software! It has payroll functions for an additional charge, which we have opted out of for the time being. You can even link your bank account to it and it will import all the your debits and credits for reconciling.

Also, this software is super user friendly and you do not need to be a tech expert to understand it. It will set you up with preloaded items it thinks you need for your business and then you can change them or delete them. You can also add new ones super easy while doing this or after the fact. I really love that its cloud base and can be accessed anywhere. This makes it key for me when traveling for work.

Cons

Honestly Wave is pretty awesome that it was hard to find cons with it. The only drawback for me is the reporting. I wish I was able to customize them and select certain data to analyze. The reports are basic and standard, they just don't quite cover what I am looking for in my reporting.

Alternatives Considered

QuickBooks Desktop Enterprise

Reasons for Switching to Wave Accounting

I choose Wave due to pricing, that its also stored on the cloud so it can be accessed anywhere at anytime. Also the setup was super easy and done in a day.