Wave
A cash-basis ledger with free invoicing. Connect banks on Pro, collect on the invoice, and hand your CPA reports.
Best for
US freelancers and one-person shops who want unlimited invoices and a simple cash-basis file without a QuickBooks bill.
Not ideal if
Anyone whose CPA will only open QuickBooks Online, who sells inventory, who needs classes or a multi-entity close in one subscription, or who wants Wave to run payroll.
Standout
A real double-entry file with unlimited invoices at $0, and a $19 Pro step that adds the bank feed.
About Wave
Wave is the ledger. On Starter you enter income, expenses, invoices, and bills by hand. Those posts are the books. Profit and loss, the balance sheet, and cash flow come out of Wave. On Pro you connect banks and cards through Plaid; lines import (usually every 24 hours), Wave merges and categorizes them, and you review the misses. Snap or email receipts on Pro. Customers pay a Wave invoice by card, Apple Pay, or ACH, and that payment lands in the same file. Invite a bookkeeper or accountant as a collaborator on Pro.
It replaces QuickBooks Online and Xero. It does not sit on those files. Switching from QuickBooks is a trial-balance journal; Wave does not carry over transaction history. Kick is the other replacement ledger in this directory, newer and cash-first with a year-end package. FreshBooks is invoice-first. Zoho Books is another paid SMB ledger with more inventory and automation. Wave's job is a cheap cash-basis file plus unlimited invoices, with payroll and payments sold as add-ons.
People who stick are usually US freelancers and one-person shops who want invoicing and a simple file without a QuickBooks bill. They send invoices from the phone and hand a CPA reports (P&L, balance sheet, trial balance, recs) instead of a QuickBooks login. Owners on public forums keep recommending it for basic income and expense tracking. They warn others off Wave Payroll, and off treating card processing as free.
What people who used it say
What they tend to like
Free books that are good enough for a sole prop
Owners and a retired CPA on r/smallbusiness keep Wave for income, expenses, and invoices when there is no payroll and no inventory.
Invoices post in the same file
Send from the phone, collect on the invoice if you want, and the receivable lands in Wave instead of a second app.
Cheaper and lighter than QuickBooks
Compare pages and owner threads treat Wave as the $0 / $19 alternative when the shop does not need inventory, classes, or the Intuit accountant bench.
What they hesitate about
Stay off Wave Payroll
r/waveapps threads in 2025–2026 describe the Check Technologies migration: late or missing tax filings, failed deposits, and chat that does not close tickets.
The free bank feed moved to Pro
On 1 Jun 2026 leftover legacy accounts lost auto-import and extra collaborators unless they upgraded or already paid for payroll or another add-on.
Thin past a sole prop, thin on 1099s
Bookkeepers say Wave gets frustrating at any scale above a sole prop, and 1099 reports need bills marked paid plus a payroll subscription to e-file.
How it hits your books
- Replaces your ledger
- Yes
- QuickBooks Online
- No
- Xero
- No
- Multi-entity
- Partial
- Inventory
- No
- 1099s
- Partial
- Payroll
- Partial
Categorize the Pro bank feed (or the lines you typed or uploaded), match invoices and bills, attach receipts, then run P&L, balance sheet, and trial balance. Tags on Pro if you use them. Period lock was not confirmed on pages opened this pass.
Invite a collaborator on Pro (admin, editor, or viewer), or a Block Advisors tax pro on Starter. Export P&L, balance sheet, trial balance, general ledger, and recs. Wave does not e-file the income tax return. 1099-NEC e-file needs an active payroll subscription.
Images
Features
Enter lines by hand, or import the bank on Pro
Starter is manual books: unlimited income, expense, invoice, and bill records you type in. Pro connects banks and cards through Plaid. Imports usually land every 24 hours. Wave auto-merges and categorizes; you still review.
Send invoices and collect on the invoice
Unlimited invoices and estimates on Starter and Pro. Recurring invoices, late reminders, logo, and Wave branding removed sit on Pro. Customers pay by card, Apple Pay, or ACH once Payments is approved. Approval is a credit review, not automatic with Pro.
Receipts and expenses
Pro includes unlimited receipt capture (mobile, desktop, or email) with OCR into a bookkeeping record. Starter can buy the same add-on at $11/month or $96/year. Advisors bookkeeping does not include mobile receipts.
Reports, tags, and extra users
P&L, balance sheet, cash flow, and a dashboard are on both plans. Tags and the tag comparison report (up to 7 tags) are Pro. Admin, editor, and viewer seats are Pro. A payroll manager or Block Advisors tax pro can be invited on Starter.
Bills, vendors, and 1099s
Enter vendor bills on every plan. 1099-NEC contractors and year-end e-file need an active Wave Payroll subscription. Without payroll, file 1099s outside Wave. Wave does not e-file the income tax return.
Payroll add-on (US)
US payroll is $40/month plus $6 per active employee and $6 per contractor paid (new customers after 2 Apr 2025). 30-day trial after the first payroll. Journals post into the same Wave file. This is the add-on public forums warn people off.
Pricing
A one-person US shop on Starter pays $0 if they enter lines by hand and collect outside Wave. The same shop that wants bank feeds, receipt OCR, extra users, and live chat pays $19/month or $190/year for Pro. Pro is per business: three LLCs is 3 × $19. Card processing is 2.9% + $0.60 on Starter; Pro waives the $0.60 on the first 10 card payments each month, then the same rate. ACH is 1% ($1 minimum) on both. Receipts on Starter are $11/month or $96/year; included on Pro. US payroll for a 5-employee shop is $40 plus $30, or $70/month, on top of Pro if they also want feeds. Advisors bookkeeping starts at $149/month USD (volume quote). The $9.50-for-3-months paint on the pricing page is an expired 2 Dec 2025–6 Jan 2026 offer.
Starter
Solo owner who will enter lines by hand and invoice. No auto bank import. No extra admin, editor, or viewer seats.
- Unlimited estimates, invoices, bills, and bookkeeping records
- Invoice from the iOS and Android app
- Option to accept online payments at Starter rates
- Dashboard, profit and loss, balance sheet, cash flow
- Manual books
Pro
The usual pick once you want bank feeds, receipt OCR, extra users, or branded invoices. Per business, not per owner.
- Plaid auto-import, auto-merge, and categorize
- Unlimited receipt capture
- Late reminders, logo, attachments, message templates
- Tags and extra admin, editor, or viewer seats
- Live chat and email support (Mon–Fri 9:00–4:45 Eastern)
- First 10 card payments each month at 2.9% + $0 (then Starter rates)
Wave Advisors
Outsource the books to an in-house Wave bookkeeper. Includes Pro. Receipts not included.
- Assigned North America bookkeeper
- Categorization, reconciliation, monthly review calls
- Business upgraded to Pro
- Mobile receipts not included
Integrations
Platforms
Audience
Pick something else instead of Wave
Kick
Pick Kick instead if you want a newer US replacement ledger with AI categorization, multi-entity in one workspace, and a year-end tax package. Wave is cheaper and simpler; Kick is the leave-Wave path once the weekly review needs more than a cash file.
QuickBooks Online
Stay in QuickBooks Online if your CPA will only open that file, you sell inventory, you need classes or projects, or you want the Intuit accountant ecosystem. Wave replaces the file; it does not sit next to it.
FreshBooks
Pick FreshBooks instead if invoicing and time are the job and you want a paid invoice-first product, not a $0 cash-basis file with a $19 bank-feed step.
Zoho Books
Pick Zoho Books instead if you already live in Zoho and need a paid SMB ledger with more inventory and automation than Wave's journals and tags.