Free Accounting Software for Small Business Wave

Wave is free accounting software for small business that you can use right now – no credit card required. Our quick sign-up means you can get started in minutes and there are no monthly fees.

Wave is free accounting software for small business (5-50 employees). Wave is cloud-based and available on your desktop and mobile devices. Automatically track sales in the field, receive live data updates, schedule time off and even print checks. With new and enhanced features, Wave makes it easier to manage your business.

Wave

Best value accounting software for small business use

TODAY’S BEST DEALSVISIT SITE

REASONS TO BUY

+Hugely popular service+Nicely designed and put together

REASONS TO AVOID

-Will be too basic for medium-sized firms-Paid for tech supportAdvertisement

With more than two million users, Wave is one of the most successful online accounting services – and it’s completely free for accounting, invoicing and receipts, although if you want personal technical support you’ll need to pay for it. Payroll isn’t included in the free service either, and you do get the occasional advert – just as you do with pretty much any free online service.

It’s a very well designed and carefully thought out application, and while it’s probably a little basic for medium-sized businesses it’s a good option for sole traders, freelancers and small firms.

However, note that while Wave is free to use, you still pay per transaction. For start-ups and businesses with low sales volume this may not matter, but for businesses with significant sales volume they may be able to find a more competitive pricing model.

Wave is an ideal accounting software platform for a service-based small business that sends simple invoices and doesn’t need to track inventory or run payroll. For many freelancers or service-based businesses, Wave’s free features will cover all of their accounting needs and is the best free software in our review. At year-end, accountants can pull the necessary reports from Wave to prepare a business’ tax return.Pros

  • Free accounting, invoicing, and receipt scanning
  • No transaction or billing limits
  • Run multiple businesses in one account
  • Unlimited number of users
  • Mobile app

Cons

  • Limited third-party app integrations
  • Higher fees for credit cards and ACH payments
  • Full-service payroll is limited to only 14 states
  • No inventory management

Wave was founded in 2010 and is based in Toronto. The company has over 250 employees and was purchased by H&R Block in 2019. The foundational accounting features that most small businesses need, such as income and expense tracking, financial reporting, invoicing, and scanning receipts, are all included with this free software. These features can be accessed online or on the mobile app. Customer payment processing and payroll are considered premium services that cost extra, but all of the bookkeeping, invoicing, and reporting features are completely free.

Wave makes its money on its payment gateway. To process payment from a customer, Wave charges 2.9% plus 30¢ per transaction for Visa, Mastercard, and Discover, and 3.4% plus 30¢ per transaction for American Express. These fees are slightly higher than other accounting software. Additionally, to process an ACH payment, rather than a credit card, Wave charges 1% per transaction with a $1 minimum fee. This is unique to Wave, as the majority of accounting software does not charge a fee for ACH payment processing. 

Wave offers two payroll plans as an add-on service. The first plan is $20 per month plus $6 per employee or contractor. In this plan, Wave will process payroll and prepare payroll tax calculations, but the user is responsible for manually completing payroll tax forms and submitting tax payments. The second plan is $35 per month plus $6 per employee or contractor. In this plan, payroll is full-service, which means that all tax filings and payments are completely managed by Wave. This full-service payroll option is only available in 14 states.

Wave Accounting is one of the more tested, reliable options listed here. It’s an accessible, intuitive program that doesn’t require much — if any — training to understand.

Its entire suite of accounting features is available for free — including unlimited income and expense tracking, the ability to run multiple businesses from a single account, and unlimited bank and credit card connections.

Most of Wave’s issues are relatively nit-picky. For one, it doesn’t allow users to track accounts payable. It also doesn’t have a comprehensive mobile application for its accounting features.

Still, the program is one of the sounder, more robust free accounting applications available, and it’s scalable enough to accommodate everyone from independent contractors to sole proprietors to small business owners. 

Wave’s Key Benefits

  • Accessible setup and interface
  • Unlimited bank and credit card connections
  • Unlimited income and expense tracking
  • Exportable accounting reports

Wave’s Key Drawbacks

  • Can’t track accounts payable
  • No comprehensive mobile application

Best overall software for small businesses that want a forever-free plan with loads of great features.

Pros

  • Strong security features
  • Easy to use
  • Excellent feature set
  • No limitations on features

Cons

  • Poor customer support
  • Limited integrations
  • It doesn’t support multiple users

Wave is the free accounting software choice of over 3.5 million users. It stands out from the competition for its forever-free plan, which doesn’t have the limitations of other free programs. Additionally, this cloud-based software is easy to use and has a robust feature set that’s on par with many paid software options.

When using Wave, you’ll have access to customizable invoices and estimates, expense tracking, and bank reconciliation. You’ll also have access to journal entries, inventory lists, and a customizable chart of accounts. Despite a few shortcomings, Wave has received overall positive reviews from its users.

free accounting software

Wave Features

Unlike many other options you’ll find, Wave is truly forever free. You also won’t be held back with limitations on the number of invoices you receive or have to upgrade to access basic features. Wave offers one plan, which doesn’t have any setup fees, monthly fees, or hidden charges. With this free plan, you’ll receive:

  • Unlimited, customizable invoices
  • Unlimited estimates
  • Recurring invoices and automatic payments
  • Unlimited bank and credit card connections
  • Expense tracking
  • Bank reconciliation
  • 12 reports

Wave Pricing

Although Wave is free to use, some of its paid add-ons may benefit your business. That includes credit card processing, which starts at 2.9% plus $0.30 per transaction. ACH bank payments are 1% per transaction. Wave also offers payroll services starting at $20/month plus $6/month per employee.

Additionally, you can sign up for Wave Advisors services for your tax and bookkeeping needs. Bookkeeping and payroll support start at $149/month, tax services start at $899/year, and you can purchase accounting and payroll coaching for a one-time fee of $229.

Conclusion

PostBooks Wave makes accounting easy for small businesses, household or families. This free accounting software for small business includes Wave’s unique moving average charting feature and a free subscription to optional Forms Central — an online repository of professionally designed business documents.

Leave a Comment