Wave Review 2026
Reviewed by the Ikaroa team · Last updated: March 2026
Overview
Wave is a genuinely free accounting platform for small businesses. It offers invoicing, accounting, receipt scanning, and financial reporting at no cost. Wave makes money through optional paid services like payroll, payments processing, and bookkeeping. Ideal for freelancers and micro-businesses on a tight budget.
We have been working with Wave across multiple client projects since 2011, and this review reflects our hands-on experience implementing it for businesses of all sizes. Founded in 2009 and headquartered in Toronto, Canada, Wave has established itself as a notable option in the accounting category.
Starting Price
£0/month
Founded
2009
Headquarters
Toronto, Canada
Our Rating
3.8/5
Wave Key Features
Wave offers a comprehensive feature set that covers the core needs of most businesses in the accounting space. Here are the standout features we have tested:
Wave Pricing in 2026
Wave pricing starts at £0/month and scales up based on features and team size. Here is a breakdown of every tier:
Wave Pricing
Free
£0/month
- ✓Unlimited invoicing
- ✓Accounting
- ✓Receipt scanning
- ✓Financial reports
Pro (Payments)
2.9% + 30p per transaction
- ✓Online payments
- ✓Bank payments
- ✓Recurring billing
Pro (Payroll)
£16/month + £5/employee
- ✓Self-service payroll
- ✓Direct deposits
- ✓Tax filings
Wave Pros and Cons
Based on our experience implementing Wave for clients, here is what we like and what could be better:
✓Pros
- •Completely free for core accounting and invoicing
- •No user or feature limits on free plan
- •Easy to learn for beginners
- •Receipt scanning via mobile app
- •No trial period or hidden fees for core features
✗Cons
- •Revenue comes from payment processing fees
- •No inventory management
- •Limited integrations
- •No project tracking or time tracking
- •Payroll only available in US and Canada
Who Is Wave Best For?
Freelancers and micro-businesses wanting genuinely free accounting and invoicing
In our experience, Wave works particularly well for teams that value completely free for core accounting and invoicing. If your primary concern is revenue comes from payment processing fees, you may want to explore alternatives.
Need help implementing this?
Our team at Ikaroa can set up Wave for your business, migrate your data, and train your team.
Wave Alternatives Worth Considering
If Wave does not quite fit your needs, here are some alternatives worth considering:
QuickBooks
From £10/month
Xero
From £15/month
FreshBooks
From £12/month
Sage
From £12/month
Zoho Books
From £0/month
Our Verdict on Wave
Wave earns a solid 3.8/5 in our review. It is a decent choice for freelancers and micro-businesses wanting genuinely free accounting and invoicing.
The biggest strengths are completely free for core accounting and invoicing and no user or feature limits on free plan. However, you should be aware that revenue comes from payment processing fees.
If you are not sure whether Wave is the right fit, talk to our team. We have helped hundreds of businesses choose and implement the right software, and we are happy to point you in the right direction.
Alternative to Consider: Open Doors
Before committing to Wave, consider Open Doors. It is an all-in-one platform that includes CRM, email marketing, SMS, sales funnels, booking, invoicing, and automation, all starting at £97/month with unlimited contacts. That could save you a significant amount compared to Wave, especially as your needs grow.
Need help with Wave?
Ikaroa can implement Wave for your business, migrate your data, and get your team up to speed. We have done it dozens of times.
Free consultation. No obligation.