Wave Features

Wave Features Explained (2026)

The only accounting tool (software for tracking your business income, expenses, and profit) that is genuinely free for invoicing and bookkeeping, but the ability to collect payments on your invoices only works in the US and Canada. No technical knowledge needed. Setup takes Under 10 min.

7 features documented 🟢 No-code 📱 Web, iOS, Android ✓ Independent review

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Quick answer

Wave is a free accounting platform (a tool for tracking your business income, expenses, and profit) that handles invoicing (sending bills to clients), expense tracking, financial reports, and bank reconciliation (matching your bank statements to your records) with no credit card required and no monthly fee. The core accounting product has no paid tier: it is free without usage limits. Payroll (the feature that pays your employees automatically on a schedule) is a paid add-on available only in the US and Canada.

Wave key features — what each one means for your business

7 features — each explained as a specific business outcome, not a technical specification.

Invoicing

Create and send professional invoices (bills) with your logo and brand colours in minutes. Set automatic payment reminders (follow-up emails to clients who have not paid) and see exactly when a client opens your invoice.

Bank Connection and Transaction Import

Connect your business bank account and Wave pulls in every transaction automatically. You categorise (label) each one with a single click instead of typing everything manually.

Financial Reports

Profit and loss (income vs expenses), balance sheet (what you own vs what you owe), cash flow statement (money in vs money out), and sales tax reports are all generated in real time with one click.

Expense Tracking

Log business expenses by category (like Travel, Software, or Equipment) and attach photos of receipts. See at any moment exactly where your money is going.

Recurring Invoices

Set any invoice to send automatically on a schedule: weekly, monthly, or quarterly. Retainer clients get invoiced on time every month without you doing anything.

Multi-Currency Support

Invoice international clients in their local currency while your books stay in your home currency. Exchange rates are applied automatically so your reporting is always accurate.

Accountant Access

Invite your accountant by email and they get read access to your full books. No file exports, no emailed spreadsheets, no risk of sending the wrong version.

These features in practice

12 real workflows Wave users run using these features. Users report saving 4 hours/week on average.

✓ Send a branded invoice to a client in 3 minutes and have the system automatically follow up by email if payment is not received within 7 days

✓ Connect your business bank account and have Wave categorise (label) every transaction automatically, ready for month-end review

✓ Generate a profit and loss report (income versus expenses summary) in one click before a meeting with your accountant or before filing taxes

✓ Set up recurring invoices for monthly retainer clients so the invoice sends itself on the 1st of every month without you doing anything

✓ Log a lunch receipt instantly by taking a photo on the Wave mobile app so it is recorded in your books before you leave the restaurant

✓ Bill international clients in USD while tracking your local-currency expenses in the same dashboard, with exchange rates updated automatically

✓ Give your accountant read-only access to your Wave books so tax preparation needs no file exports and no chasing

✓ Check at a glance which clients owe you money and how many days each invoice has been outstanding

✓ Run a cash flow report (a view of money coming in versus money going out) at month end to see whether your business is growing or overspending

✓ Create expense categories (labels like Travel, Software, Client Meals) for each project to track which jobs are actually profitable

✓ Export a full transaction history for any date range as a CSV file when your accountant needs the raw data

✓ Use Wave estimates (a quote you send before the job starts) to agree on a price with a client, then convert the approved estimate to an invoice in one click

See all 12 Wave use cases View all →

Features Wave does NOT have

Knowing what Wave cannot do is as important as knowing what it can. If you need any of these, a different tool may be the better fit.

! Businesses outside the US and Canada that need clients to pay invoices by card online: use Paystack or Flutterwave for payment collection alongside Wave

! Companies needing payroll (automated employee pay) outside North America, Wave payroll is US and Canada only

! Businesses with inventory (physical stock that needs tracking), QuickBooks or Zoho Books handle stock levels natively

! Multi-entity businesses (holding companies with multiple subsidiaries) needing consolidated accounts across companies, Xero handles this better

! Large teams needing audit trails (a record of every change made to financial data), advanced user permissions, or multi-accountant collaboration at scale

Which Wave plan includes these features?

Wave has 4 plans. Not every feature below is available on every tier — here is exactly what each plan unlocks.

Wave Accounting

$0/mo forever

Unlimited invoices, unlimited expense tracking, bank connections (automatic transaction import from your bank), profit and loss reports, balance sheet, tax summary reports, multi-currency invoicing

Best for: Any freelancer or small business that needs professional accounting and invoicing without paying a monthly fee

Wave Payments (US and Canada only)

2.9% + $0.60 per credit card transaction; 1% per bank transfer (minimum $1)

Accept card payments directly on invoices, instant payment notifications, automatic invoice reconciliation (payment matched to the correct invoice automatically)

Best for: US and Canada-based businesses that want clients to pay invoices online by card or bank transfer

Wave Payroll (US and Canada only)

From $20/mo + $6 per active employee per month

Automated payroll runs (paying your employees on schedule), direct deposit to bank accounts, tax filing (in supported US states), employee self-service portal

Best for: US and Canada-based small businesses with employees who need payroll handled automatically and connected to their Wave accounting records

Wave Advisor

From $149/mo

A dedicated human bookkeeper who manages your Wave account for you, monthly financial reviews, tax preparation support

Best for: Business owners who want bookkeeping completely removed from their to-do list and handled by a professional

Full Wave pricing breakdown — every plan, every limit, every hidden cost Full breakdown →

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