Wave
Free accounting, invoicing, and payroll for small businesses and freelancers.
Executive Summary
Wave is a comprehensive, cloud-based finance and accounting platform designed specifically for freelancers, small businesses, and creators. It offers free core accounting, invoicing, and receipt tracking, enabling users to manage their finances, track income and expenses, and generate essential financial reports. Its key differentiators include its robust free offering, double-entry accounting system, and integrated payment and payroll services, simplifying financial management for over 5.9 million businesses globally.
Use Cases
- Sending professional invoices and tracking payments from clients.
- Connecting bank accounts to automatically track income and expenses.
- Scanning and organizing receipts for easy expense management and tax preparation.
- Generating financial reports like Profit & Loss and Balance Sheets for business insights.
- Managing payroll for employees and ensuring tax compliance.
- Collaborating with accountants or bookkeepers by granting them access to financial data.
Features
Visibility
- Real-time Cash Flow Tracking: Provides a clear, up-to-date view of money coming in and out of the business through connected bank accounts.
- Profit & Loss Statements: Generates detailed income and expense reports to show business profitability over selected periods.
- Bank Reconciliation: Automates the process of matching bank transactions with accounting records, ensuring accuracy and identifying discrepancies.
- Aged Receivables/Payables: Offers reports that categorize outstanding invoices and bills by their age, helping manage cash flow and collections.
Intelligence
- Automated Transaction Categorization: Intelligently suggests categories for imported bank and credit card transactions, reducing manual effort.
- Receipt Scanning & Data Extraction: Allows users to capture and digitize receipts, automatically extracting key information for expense tracking.
- Recurring Billing Automation: Enables setting up automated recurring invoices for regular clients, saving time and ensuring timely payments.
Support
- Online Help Center & Guides: Extensive self-service knowledge base with articles, videos, and tutorials for common questions and features.
- Community Forum: A platform for users to connect, ask questions, and share advice with other Wave users and experts.
- Email Support: Direct support via email for specific account issues or technical assistance.
Technical Specifications
- Architecture
- Cloud-native SaaS
- Deployment
- Cloud/SaaS
- Authentication
- Email/password with MFA
- API Available
- Yes
- MCP Server
- No
AI/ML Stack
- Machine Learning
- NLP
Integrations
- Bank Connections
- PayPal
- Stripe
- Zapier
Security & Compliance
Encryption: AES-256 at rest, TLS 1.3 in transit (up to 256-bit TLS encryption)
Pricing
- Model
- Freemium with add-ons
- Starting Price
- Free Starter plan; Pro plan $16/month; Payroll add-on $40/month + $6/employee (US). Payment processing fees apply.
- Target Customer
- Freelancers, Small Businesses (under $50K revenue)
- Contract Type
- Monthly
- Free Trial
- Yes, Free Starter plan available indefinitely (credit card required)
About wave
Wave provides cloud-based financial software for small businesses — offering free accounting, invoicing, payroll, and payments services to help entrepreneurs manage finances. Their platform targets small business owners and freelancers with integrated bookkeeping and payment processing tools.