Wave Review - Features, Pricing & Deals
Wave is a financial management platform built for small businesses and freelancers. It combines accounting, invoicing, and payment processing tools in one accessible package. The software helps users handle daily financial tasks like creating invoices, tracking expenses, and managing payroll.
The platform offers both free and paid options to suit different business needs. The free version includes essential features like unlimited invoicing, basic bookkeeping, and expense tracking. For more advanced needs, paid plans add features such as automated bank transaction imports and receipt scanning.
Small business owners can use Wave to accept various payment types, including credit cards and bank transfers. The software also helps with tax preparation by generating financial reports and handling payroll tax calculations in supported states. While the platform works well for small operations, it might not suit larger businesses that need complex financial forecasting or inventory management tools.
Wave's simple interface makes it easy for users without accounting experience to manage their business finances. The mobile app lets users handle tasks on the go, from sending invoices to capturing receipts. Though customer support is limited for free users, the platform provides helpful resources through its automated help center.
Who is Wave for?
Wave is perfect for small business owners and freelancers who need simple financial management without complicated accounting knowledge. The platform combines essential financial tools in one accessible package, helping users save time on invoicing, expense tracking, and basic bookkeeping tasks.
- Solopreneurs and freelancers who need a free solution to create professional invoices and track business expenses without a monthly subscription fee
- Small business owners with limited accounting experience who want an intuitive platform to manage day-to-day finances and accept various payment types
- Service-based businesses looking for streamlined invoicing with payment reminders and the ability to process credit cards and bank transfers
- Self-employed professionals who need basic bookkeeping and tax preparation support without hiring an accountant
- Startup founders who want to keep overhead costs low while maintaining professional financial operations
- Side-hustle entrepreneurs who need to separate personal and business finances with minimal effort
Wave is commonly used across various service industries, including creative freelancers, consultants, contractors, local retail shops, and small professional service firms with fewer than 10 employees.
Online Reviews (Last 6 Months Summarised)
Wave offers small businesses and freelancers a professional invoicing and accounting solution that streamlines financial tasks. Users praise its ease of use, time-saving automation, and organized reporting features that make tax preparation smoother. The platform helps professionals look more polished without breaking the bank.
While specific recent critiques are limited, potential drawbacks might include payment processing fees and occasional customer support challenges. Overall, the app seems to provide solid value for entrepreneurs seeking an affordable and straightforward financial management tool. Reddit discussions suggest mixed but generally positive experiences with the software.
Features
- Unlimited Invoicing and Payments: Create and send unlimited professional invoices with multi-currency support, customizable templates, and automated payment reminders.
- Robust Accounting System: Leverage double-entry bookkeeping with automated transaction reconciliation, financial reporting, and seamless bank account integration.
- Smart Expense Management: Capture digital receipts, track business expenses efficiently, and manage spending with mobile-friendly receipt scanning.
- Streamlined Payroll Processing: Handle employee and contractor payroll with automated tax form generation and state-specific tax filing support.
- Real-Time Cash Flow Insights: Monitor pending and completed payments, track customer interactions, and gain comprehensive financial visibility.
- Business Productivity Features: Enjoy task management, invoice tracking, cloud backup, and integrated financial tools designed for small business efficiency.
Pricing
- Free version offers unlimited invoices, bookkeeping, and expense management without monthly fees, with standard transaction fees for online payments.
- Pro Plan costs $16 per month, providing auto-importing bank transactions, reduced transaction fees for first 10 monthly transactions, and unlimited receipt scanning.
- Transaction fees for online payments: 2.9% + $0.60 per transaction for Visa/Mastercard/Discover, 3.4% + $0.60 for American Express, and ACH bank payments at $1 or 1% per transaction.
- Optional add-ons include Receipt Scanning at $8 monthly for Starter users, and Payroll services starting at $40 per month plus $6 per active employee or contractor in supported states.
Frequently Asked Questions
Wave offers a truly free plan that includes unlimited invoicing, bookkeeping, and expense tracking. There are no monthly fees for these core features. You'll only pay when you use optional services like payment processing (2.9% + $0.60 per credit card transaction), payroll ($20-$40/month plus $6 per employee), or if you upgrade to the Pro Plan ($16/month) for features like automatic bank imports and unlimited receipt scanning.
How does Wave compare to QuickBooks or FreshBooks?Wave is more budget-friendly than QuickBooks or FreshBooks since its core features are free. QuickBooks and FreshBooks offer more advanced features like inventory management, time tracking, and project profitability tools. Wave works well for freelancers and small service businesses who need basic accounting and invoicing. If you need advanced reporting, better third-party integrations, or industry-specific features, you might outgrow Wave as your business expands.
Is Wave secure for my financial data?Yes, Wave takes security seriously. They use bank-level 256-bit encryption for your data, maintain PCI Level-1 certification for handling payment information, and create read-only connections to your bank accounts. Your financial information is stored on servers with multiple layers of security and regular backups. Wave also offers two-factor authentication to add an extra layer of protection to your account.
Can I accept payments from clients through Wave?Yes, you can accept credit card and bank payments directly through Wave invoices. Your clients can pay you online with Visa, Mastercard, Discover, American Express, or ACH bank transfers. Wave charges 2.9% + $0.60 per credit card transaction (3.4% + $0.60 for American Express) and 1% (minimum $1) for bank payments. Pro Plan users get reduced fees on their first 10 monthly transactions. Funds typically reach your bank account in 2-7 business days.
Does Wave work for businesses outside the United States?Wave works for businesses in many countries, with full functionality in the US, Canada, UK, and Australia. You can create invoices in almost any currency and the system handles currency conversion. However, some features like payroll are only available in the US and Canada. Bank connections also vary by country, with the strongest support for North American financial institutions. Tax settings can be adjusted for different regions, but you should check if it meets your local tax requirements.
