Is Wave Accounting really free?
Yes — Wave is genuinely free for accounting, invoicing, and expense tracking. There are no monthly fees, no per-invoice charges, and no cap on the number of invoices or clients. You only pay for optional add-ons: payment processing (2.9%+$0.60 per credit card in the US, 2.9%+$0.30 in Canada) and Wave Payroll ($20+/month) in supported regions. UK and Australian freelancers get free accounting; payment processing and payroll availability varies.
Last verified May 2026 · feebite Editorial · Not affiliated with Wave
Independent review of Wave Accounting. For the official platform, go to waveapps.com. This page explains what's free, what costs extra, and how Wave compares for UK, Canadian and Australian freelancers.
Quick Verdict
Rating: 4.2/5 — ★★★★☆
Best for: Sole traders and early-stage freelancers in Canada and the US who want professional invoicing and accounting without paying a monthly fee.
Not ideal for: UK freelancers needing Making Tax Digital compliance (use Xero or FreshBooks); Australian freelancers needing payroll (Wave Payroll not available in AU); or growing agencies that need multi-user access and advanced reporting (QuickBooks Online is better).
What's Free vs What Costs Extra
| Feature | Cost |
|---|---|
| Accounting & bookkeeping | Free |
| Invoicing (unlimited) | Free |
| Expense tracking | Free |
| Receipt scanning (mobile) | Free |
| Financial reports (P&L, balance sheet) | Free |
| Bank connections (auto-import) | Free (US/CA banks widely supported; UK/AU limited) |
| Multi-currency invoicing | Free |
| Credit card payments | 2.9% + $0.60/transaction (US) · 2.9% + $0.30 (CA) |
| Bank transfer (ACH) | 1% (min $1) (US only) |
| Wave Payroll | $20/month + $6/employee (US/CA) |
| Wave Advisor (bookkeeping support) | $149+/month |
Key Facts
| Category | Free accounting / invoicing software |
| Monthly fee | Free (core features) |
| Payment processing (US) | 2.9% + $0.60/transaction |
| Payment processing (CA) | 2.9% + $0.30/transaction |
| Payroll | $20/month base + $6/employee (US/CA only) |
| Bank feeds (UK) | Limited (manual import available) |
| Bank feeds (AU) | Limited (manual import available) |
| MTD compatible (UK) | ❌ |
| GST/HST tracking (CA) | ✅ |
| Founded | 2010 |
| HQ | Toronto, Canada (acquired by H&R Block, 2019) |
Country Availability
| UK 🇬🇧 | Canada 🇨🇦 | Australia 🇦🇺 |
|---|---|---|
| ⚠️ Limited | ✅ Strong | ⚠️ Limited |
UK: Wave is fully functional for invoicing and accounting in GBP, but UK bank feed connections are limited (may require manual CSV import from your bank). No MTD integration. For UK VAT, manual calculation and HMRC submission required.
Canada: Wave's strongest market. CAD invoicing, GST/HST auto-calculation, CRA-ready reports, and bank connections to all major Canadian banks. Wave Payroll fully supported.
Australia: AUD invoicing supported. Wave Payroll not available. GST tracking is manual. For Australian freelancers needing a simple free option, Wave works for invoicing but Rounded or Hnry may serve AUS-specific tax requirements better.
Features
| Feature | Wave (free) |
|---|---|
| Unlimited invoices | ✅ |
| Unlimited clients | ✅ |
| Expense tracking | ✅ |
| Bank import (manual CSV) | ✅ |
| Bank feeds (auto) | ✅ (US/CA) · ⚠️ (UK/AU) |
| Multi-currency | ✅ |
| Profit & loss report | ✅ |
| Balance sheet | ✅ |
| Sales tax tracking | ✅ |
| Client management | ✅ |
| Mobile app | ✅ (iOS/Android) |
| Time tracking | ❌ |
| Proposals | ❌ |
| Project management | ❌ |
| Payroll | Paid add-on (US/CA) |
| Accountant access | ✅ |
Pros
- Completely free for core accounting and invoicing — no trial period, no upgrade nags for basic features
- Strong Canadian integration: GST/HST, CRA-ready reports, major bank feeds
- Clean, professional invoice templates; clients can pay directly from email
- Mobile receipt scanning for expenses on the go
- H&R Block acquisition gives it financial stability — unlikely to disappear
Cons
- No MTD integration for UK freelancers — cannot file VAT directly to HMRC
- UK and Australian bank feed connections are limited; often requires manual CSV import
- No time tracking — hourly freelancers must use a separate tool (Toggl, Harvest, etc.) and manually transfer hours to Wave invoices
- No contract or proposal tools — purely an accounting/invoicing product
- Wave Advisor (bookkeeping support) is expensive at $149+/month if you need human help
Wave vs Alternatives
| Wave | FreshBooks Lite | Bonsai Starter | Xero Starter | QuickBooks Simple Start | |
|---|---|---|---|---|---|
| Monthly cost | Free | £13.50 | £16 | £15 | £14 |
| UK MTD | ❌ | ✅ | ❌ | ✅ | ✅ |
| Canadian GST/HST | ✅ | ✅ | ❌ | ✅ | ✅ |
| Time tracking | ❌ | ✅ | ✅ | ❌ | ❌ |
| Proposals | ❌ | ❌ (Plus) | ✅ | ❌ | ❌ |
| Bank feeds (UK) | ⚠️ | ✅ | ❌ | ✅ | ✅ |
| Bank feeds (CA) | ✅ | ✅ | ❌ | ✅ | ✅ |
Who Should Use Wave
Perfect for: Canadian freelancers, sole traders, and small business owners who need professional invoicing, expense tracking, and GST/HST reporting without paying a monthly fee. Also good for US-based freelancers before they need payroll.
Skip it if: You're a UK freelancer who needs MTD compliance (use FreshBooks or Xero); you need time tracking integrated with invoicing (use FreshBooks or Bonsai); you need contracts and client onboarding (use Bonsai); or you're in Australia needing payroll (Wave Payroll unavailable).
How to Get Started
- Sign up free at waveapps.com — no credit card required
- Set up your business profile: business name, address, currency (GBP, CAD, or AUD)
- Create your first invoice: add your client, services, and payment due date
- Connect your bank (if supported in your country) or import transactions via CSV
- Enable Wave Payments (optional) to let clients pay by card directly from the invoice
Frequently Asked Questions
Can I use Wave Accounting with a UK Wise multi-currency account? Yes — you can import transactions from Wise by downloading a CSV from your Wise account and uploading it to Wave. This is the recommended workaround for UK and Australian freelancers who want to use Wise for international payments alongside Wave for accounting.
Does Wave support multiple businesses on one account? Yes — Wave allows you to manage multiple separate business accounts under one login at no extra cost. This is useful for freelancers who run several business names or projects.
This review was last updated 2026-05-10. Wave's features and availability may change — check waveapps.com for current information.
feebite does not have an affiliate relationship with Wave. Our reviews are editorially independent.