Review · Plans and prices checked on Wave’s official pages, 19 October 2026
Wave Review 2026: Is the Free Accounting Plan Enough?
Disclosure: We don’t have an affiliate relationship with Wave, so the Wave links in this review go straight to Wave’s site. Other products mentioned may have partner links. Learn more.
Our take
Wave is the simplest way for a US or Canadian sole proprietor to invoice and keep books for $0. The Starter plan has unlimited invoices, estimates, bills and bookkeeping records. The paid Pro plan ($19 a month, or $190 a year) adds the feature most people end up wanting, automatic bank imports. The limits are just as clear: Wave is only for businesses in the US and Canada, it doesn’t have inventory, projects or multi-currency plans, and card payments cost 2.9% + $0.60 a transaction once you’re past Pro’s 10 discounted ones each month.
How this review works: every price, fee and feature comes from Wave’s official pricing and payroll pages, FAQ and help centre, read on 19 October 2026. We haven’t run a hands-on test, so there’s no star rating here. See how Wave compares with paid small business accounting software.
Wave at a glance
| Best for | US and Canadian sole proprietors and freelancers who mainly need invoicing and simple books |
|---|---|
| Price | Starter $0 · Pro $19/month or $190/year (CA$25/month or CA$250/year in Canada) |
| Billing unit | Per business: each business profile on Pro is a separate subscription |
| Free plan | Yes, Starter, with unlimited estimates, invoices, bills and bookkeeping records |
| Trial | No trial listed; Wave suggests starting on Starter and upgrading |
| Availability | Businesses in the United States and Canada only |
| Add-ons | Payroll from $40/month (US), receipts $8/month on Starter, Wave Advisors bookkeeping from $149/month |
Starter vs Pro
Starter ($0) covers the basics properly: unlimited estimates, invoices, bills and bookkeeping records; a dashboard for cash flow and customers; reports; invoicing from the mobile app; and the option to take online payments.
Pro ($19/month or $190/year) adds:
- automatic bank transaction imports through Plaid (Wave notes not every bank is supported), plus auto-merge and categorisation
- unlimited digital receipt capture
- automated late-payment reminders
- removal of Wave branding from invoice footers, and attachments on invoices and estimates
- extra users on the account
- the first 10 card transactions each month at no fixed fee (see below)
Annual billing saves $38 a year in the US ($190 instead of $228). Wave says you can cancel any time, and cancelling takes effect at the end of the billing period.
Our view: if you reconcile from bank statements once a month, Starter is enough. If you’d rather transactions flow in on their own, Pro at under $16 a month (billed annually) is still one of the cheapest ways to get bank feeds. Prices for other tools are in our free accounting software guide.
Payment fees: the real cost of “free”
Wave makes money when your clients pay you online. US card rates from the pricing page:
| Plan | Visa, Mastercard, Discover | Amex |
|---|---|---|
| Starter | 2.9% + $0.60 | 3.4% + $0.60 |
| Pro: first 10 transactions a month | 2.9% + $0 | 3.4% + $0 |
| Pro: after 10 transactions | 2.9% + $0.60 | 3.4% + $0.60 |
Worked example from those rates: 10 card-paid invoices of $500 a month cost $151 in fees on Starter (10 × ($14.50 + $0.60)) and $145 on Pro. Pro’s fee saving ($6 a month) doesn’t cover its $19 price on its own, so pay for Pro for the bank feeds, not the card discount. Online payments also need approval, which includes identity verification and a credit review.
Payroll, receipts and bookkeeping add-ons
- Payroll (US): $40 base fee + $6 per active employee + $6 per independent contractor paid. It includes payroll tax payments and filings with the IRS and your state (Wave excludes 1099 filings from the tax service), direct deposit, and W-2s. Wave notes the base price has changed in some US states.
- Payroll (Canada): CA$25 base fee + $6 per active employee + $6 per contractor paid, with automatic remittances to the CRA and T4/T4A slips. It’s available in every province and territory except Quebec.
- Receipts on Starter: $8 a month or $72 a year (CA$11 or CA$96); included with Pro.
- Wave Advisors: from $149 a month for a dedicated bookkeeper and monthly financial statements, with Pro features included (except mobile receipts).
- Support: on Starter, live chat and email support come with a paid add-on.
Who can use Wave
Wave’s help centre says it’s only available to businesses in the United States and Canada (see our Canada guide for how it compares there). If you’re in the UK, Australia or anywhere else, look at Zoho Books, which has a free plan in many countries, or a local option from our UK and Australia guides.
Pros and cons
Pros
- Free Starter plan with unlimited invoices and records
- Pro is cheap: $190 a year, per business
- Payroll with tax filing at a low base fee
- Optional done-for-you bookkeeping (Wave Advisors)
- Simple: two plans, clear pricing
Cons
- US and Canada only
- No bank feeds on the free plan
- Card fees add up ($0.60 fixed fee per transaction)
- No inventory, projects or time tracking
- Support on Starter needs a paid add-on
Who should use Wave (and who shouldn’t)
Good fit: US and Canadian freelancers, sole proprietors and side businesses that send invoices and want clean books for tax time without a monthly bill. See our freelancer guide.
Probably not: businesses outside North America, product sellers that need inventory (see the ecommerce guide), service businesses that bill by the hour, and anyone who needs multi-currency or project tracking.
See Wave pricing on Wave’s site (opens in a new tab)
Wave alternatives
- Zoho Books: a free plan with bank reconciliation in many countries; see Zoho Books vs Wave and our Zoho Books review.
- QuickBooks Online: QuickBooks Free in the US (2 invoices a month), and paid plans that scale; see our QuickBooks Online review.
- FreshBooks: time tracking and proposals for client work; see our FreshBooks review.
- Xero: no per-user fees as you grow; see our Xero review.
FAQ
Is Wave really free?
Yes. Wave’s Starter plan costs $0 and includes unlimited estimates, invoices, bills and bookkeeping records. You pay only if you accept online payments (from 2.9% + $0.60 per card transaction) or add Pro, payroll, receipts or bookkeeping.
How much is Wave Pro?
Wave Pro is $19 a month or $190 a year in the US, and CA$25 a month or CA$250 a year in Canada. It’s priced per business, so three businesses on Pro means three subscriptions.
Can I use Wave outside the US and Canada?
No. Wave says it’s only available to businesses in the United States and Canada.
How much does Wave Payroll cost?
In the US, Wave Payroll is a $40 monthly base fee plus $6 per active employee and $6 per contractor paid. In Canada it’s a CA$25 base fee plus $6 per employee and per contractor, and it isn’t available in Quebec.
