Close this search box.

No reviews yet


Wave Accounting Review (2024): Pricing, Pros & Cons

Wave Accounting is a cloud-based financial management software for small businesses that includes invoicing, expense tracking, receipt scanning, and financial reporting.

Ease of Use
Value For Money
Customer Support

What is Wave Accounting?

Wave Accounting is a comprehensive financial management solution designed to empower current and aspiring small business owners. Launched in 2010 by co-founders Kirk Simpson and James Lochrie, Wave provides an all-in-one platform for managing finances with ease. Its key offerings include unlimited invoicing, financial transaction processing, and free bookkeeping services. Aimed at small to medium sized businesses with limited budgets, Wave aims to reduce the complexity of financial management, enabling businesses to start, survive and thrive independently through its basic accounting features.

What is Wave Accounting Good for?

Wave Accounting excels at simplifying financial management for small and medium-sized businesses with its dashboard and easy-to-use features, making it comparable to alternatives like QuickBooks Online. Its main use cases include creating unlimited invoices, processing financial transactions, and managing accounting tasks without the need for additional software. This platform is especially beneficial for those looking to streamline their financial operations, track their financial health, and make informed decisions based on accurate financial data, all within a budget-friendly framework.

Who Should Use Wave Accounting?

Wave Accounting is ideal for small to medium-sized business owners who are looking for a cost-effective solution to manage their finances. This includes entrepreneurs just starting out, as well as established businesses looking to streamline their financial processes with easy-to-use platforms like Wave or QuickBooks. Wave also offers resources designed to enhance the financial management capabilities of these businesses. Professionals who want to manage their accounting, invoicing, and financial transactions in one integrated platform will find the platform particularly useful. Its user-friendly interface and comprehensive financial tools are designed to meet the needs of businesses with limited financial resources, ensuring that they can manage their finances fearlessly and in line with the principles of easy-to-use accounting software.

Wave Accounting Company Details

Wave Financial Inc., the company behind Wave Accounting, was launched in 2010 by co-founders Kirk Simpson and James Lochrie in a shared workspace with an initial team of eight, marking the beginning of a revolutionary, easy-to-use accounting software. Since its inception, Wave’s mission has been to empower current and aspiring small business owners to fearlessly manage their finances with the goal of helping these businesses start, survive, and thrive. Focusing primarily on the needs of small and medium-sized businesses with limited financial management budgets, Wave Financial has positioned itself as an essential provider of a comprehensive, all-in-one financial management solution. Over the years, Wave has grown significantly, continually expanding its platform to include features such as unlimited invoices and free accounting management, emphasizing the ease of managing money without hassle for its target demographic.

Company Name: Wave Financials Inc.

CEO Name: Zahir Khoja

Est Year: 2009

Employees: 251-500

HQ Location: Toronto, Canada

Zahir Khoja CEO Wave
Zahir Khoja

Wave Accounting Demo & Media

Wave Accounting Top Features


Wave's billing software saves businesses time, gets customers paid, and makes managing customer information stress-free.


The Online Payments feature allows users to get paid quickly via bank deposit, credit card, and Apple Pay.


Wave Accounting users can button-up their accounting by keeping books organized and accurate so tax time sucks less.

Mobile Receipts

Wave Accounting's Mobile Receipts uses OCR technology to scan receipts and import data in seconds. It also allows them to back up their receipts to the cloud for extra peace of mind. Finally, they can also scan unlimited receipts and bulk import up to 10 receipts at a time.


Wave Accounting's payroll software makes it easy for small business owners to pay employees, contractors, and themselves.

Tax Payments Made Easy

Payroll tax services are provided by Wave so that users can automatically pay and file their state and federal payroll taxes.


Users enjoy VIP treatment from Wave Accounting's in-house accounting and payroll coaches and bookkeepers.

Real-Time Tracking

Real-time monitoring and tracking of finances is possible using this software.


Wavers can easily make payments in foreign currencies as this software supports multi-currencies.


It has a user-friendly dashboard from which users can handle their finances in a fast and easy way.

Pros of Wave Accounting

  • User-Friendly software
  • Unlimited Users
  • Multi-Currency support
  • Free accounting and invoicing
  • Payroll management
  • Unlimited invoicing and expense tracking

Cons of Wave Accounting

  • No audit trails provided
  • No third-party integration

Wave Accounting Pricing

Wave Accounting offers two main pricing plans, each with either a monthly or annual billing option. Both plans come with different features that help users keep their financial plans current. Let’s examine the details of each plan below.
  • Create unlimited quotes, invoices, bills, and accounting records
  • Ability to accept online payments
  • Billing on the go with the Wave app
  • Manage cash flow and clients in one dashboard
PRO Plan

Everything in Starter, plus

  • Ability to accept online payments at a discounted rate
  • Automatic import of bank transactions
  • Automatically merge and categorize bank transactions
  • Digitally capture unlimited receipts and track expenses
  • Automate late payment reminders
  • And much more!

Wave Accounting Price Comparison

Compare price of Wave Accounting With some of the top competitors.
iSpring Learn
png-clipart-ispring-suite-datafisher-oy-computer-software-microsoft-powerpoint-flashspring-learning-goods-miscellaneous-rectangle (1)
Sage 50Cloud
Sage HR Logo
Bonsai Logo
CloudBooks Logo
Tally Logo
FreshBooks Logo
Xero Logo

Wave Accounting Alternatives



BeginDot Score | 94%
Visor is a leading spreadsheet platform renowned for...
png-clipart-ispring-suite-datafisher-oy-computer-software-microsoft-powerpoint-flashspring-learning-goods-miscellaneous-rectangle (1)

iSpring Learn

BeginDot Score | 93.75%
iSpring Learn is a comprehensive Learning Management System...


BeginDot Score | 92.5%
Quickbooks is a cloud-based accounting software launched by...

User Reviews

0.0 out of 5 stars (based on 0 reviews)

There are no reviews yet. Be the first one to write one.

What Kind of Support Wave Accounting Offers?

Wave offers a variety of resources to help users get the help they need. The platform’s Help Center and automated support chatbot, Mave, are available 24/7 to all Wave customers. In addition, customers are also eligible for help from the support team if they process an online payment with Wave within a rolling 60 calendar day period, subscribe to Payroll (including limited access), subscribe to Wave’s Pro Plan, subscribe to Receipt Scanning, or have coaching or accounting with a Wave Advisor. The support team is available Monday through Friday from 9 a.m. to 4:45 p.m. Eastern and can be reached via email and live chat.
Email Support
Live Chat
Forum & Ticket
Tutorial Videos & Documentation

Wave Accounting FAQs

It is a legitimate financial management solution launched in 2010 by co-founders Kirk Simpson and James Lochrie. It targets small to medium-sized businesses and offers services such as unlimited payments, invoicing and financial information processing for free, positioning itself as a strong competitor to QuickBooks Online for those seeking free accounting software.
Wave offers significant value through its free features, making it an exceptional choice for small businesses with limited budgets looking for a comprehensive accounting platform. Its value comes from its comprehensive suite of payment management tools that can facilitate the operation and growth of small to medium sized businesses at no cost.
Wave offers various integrations to streamline business operations and financial management, underscoring its position as a versatile tool in the accounting software landscape. These integrations help to enhance functionality, although specific software integration details require direct consultation with Wave’s current offerings.
Yes, Wave allows users to connect their bank accounts and credit cards directly to the platform. This feature simplifies the process of tracking financial transactions and managing accounts in real time, facilitating efficient financial oversight and management using cloud-based accounting software.
Reports generated by Wave are designed to be customizable, allowing users to tailor information and data points to their specific business needs. This level of customization supports accurate and relevant financial analysis and decision making, making it one of the best accounting software options available.
Wave supports multi-currency transactions, allowing companies with international operations to manage finances in multiple currencies. This feature simplifies financial processes for businesses that deal with international customers or suppliers by making currency conversion and management easy.
Yes, Wave offers payroll services as part of its financial management solutions, allowing companies to efficiently manage employee payments through Wave Payroll and improve cash flow management. This service includes tax calculations and direct deposit capabilities, streamlining payroll processes and providing a complete accounting and invoicing solution.
Wave has a mobile app that allows users to manage their finances on the go. This app is easy to use and provides convenient access to financial management tools, including invoicing and receipt scanning, directly from a smartphone or tablet.
Wave employs robust security measures to protect user data, including encryption and a secure server infrastructure, reinforcing its reputation as a secure accounting platform. The platform prioritizes data security to protect financial information from unauthorized access, a critical feature for any top-tier accounting software.
Wave assists with tax preparation by organizing financial transactions and providing relevant reports. While Wave payments helps streamline the tax filing process, users should consult a tax professional for specific compliance and consulting services, particularly with respect to sales tax.

Platforms Supported

Review Method

At BeginDot, we go through each product in detail so that we can prove the most authentic information to our audience. We try the products, go through documentation, do research in user sentiments before adding our final recommendation. 

Affiliate Disclosure: BeginDot is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Did You Find ThisWave Accounting review Helpful?

Don’t forget to write a review.

Join Software Buyers & Sellers

Get top software information and best deals right on your inbox.

Wave Accounting Begindot Awards

No Award Available Yet
Related Products
94% (BeginDot Score)
png-clipart-ispring-suite-datafisher-oy-computer-software-microsoft-powerpoint-flashspring-learning-goods-miscellaneous-rectangle (1)
iSpring Learn
93.75% (BeginDot Score)
92.5% (BeginDot Score)
Popular on BeginDot
Salesforce CRM is a cloud-based...
Rippling is an advanced human...
OysterHR is a global hiring... is a comprehensive project...