Wave is accounting software designed for freelancers, solo business owners, and very small businesses. Its free Starter plan includes unlimited invoicing, estimates, double-entry bookkeeping, and core financial reports, which is rare among accounting tools.
Wave makes most of its money from optional services rather than subscriptions. Businesses can accept card and bank payments on invoices, add payroll, and upgrade to the Pro plan for automatic bank imports, receipt scanning, and team access. Wave also offers paid bookkeeping help for owners who want a professional involved.
Wave is a strong fit for freelancers, side businesses, and service providers who need solid books without a monthly bill. It’s less suited to product businesses, since it doesn’t offer inventory management.
The free plan requires importing bank transactions manually, which takes discipline. Card payments on invoices carry processing fees that can add up, and Wave has fewer integrations than larger platforms. Growing businesses often move to QuickBooks or Xero eventually.
For Long Island residents launching a side business or going freelance, Wave is an easy way to keep clean records from day one without adding another monthly expense.