Wave Accounting
Free accounting software for professional service businesses
Overview
Wave is a free invoicing and accounting platform built specifically for small, service-based businesses. For solo professionals — bankruptcy petition preparers, notaries, credit consultants, and mobile tax pros — Wave handles the core financial operations without a monthly subscription. It's not the most powerful accounting software on the market, but for a professional in year one who needs to invoice clients, track expenses, and understand their cash flow, Wave does the job at no cost.
Key Features
- Free invoicing with professional templates
- Income and expense tracking
- Bank and credit card connections (automatic transaction import)
- Basic payroll (paid add-on, $20–$35/month)
- Receipt scanning via mobile app
- Financial reports: profit & loss, balance sheet, cash flow
- Multiple business accounts in one login
Pricing
Free (payroll add-on $20–$35/month)
Wave's core features — invoicing, accounting, and expense tracking — are completely free forever. The only paid features are payroll ($20/month for self-service, $35/month for full-service) and payment processing (2.9% + 60¢ for credit card payments, 1% for bank payments).
Pros & Cons
✓ Pros
- Completely free for invoicing, accounting, and expense tracking
- Clean, easy-to-use interface — no accounting background needed
- Perfect for year-one solo practices with no software budget
- Multiple businesses on one account (useful for diversified professionals)
- Mobile app for receipt scanning and basic tracking
✕ Cons
- Limited integrations compared to QuickBooks
- No project management or time tracking
- Basic reporting — not suitable for complex financial needs
- Customer support is slow for the free tier
- Not ideal once you have employees or complex payroll needs
Our Verdict
Wave is the right choice for professionals in year one who need basic accounting without a monthly expense. If you're a solo BPP, notary, or credit consultant just starting out, Wave handles everything you need. As your volume grows and your accounting needs become more complex — especially once you're tracking 1099s, multiple income streams, or want better reporting — upgrade to QuickBooks Simple Start.
Implementation Guide™
Setting Up Wave Accounting in Your Practice
Initial Configuration
Create your business account. Configure your chart of accounts for a service-based business (no inventory).
Revenue Tracking
Create a product/service line for each service you offer. Invoice clients directly through Wave. Connect your bank account for automatic transaction import.
Expense Organization
Categorize all business expenses: software subscriptions, professional development, office supplies, marketing. Maintain clean categories from the start.
Month-End Habits
Reconcile your bank account monthly. Export income/expense reports quarterly. Provide your accountant with Wave access during tax season.
Who Uses This
SecureServe Academy™ reviews are editorial assessments. We are not affiliated with these software providers. Pricing and features may change — verify with the provider before purchasing.
Career Pathways
Identify Your Career Path
Software selection is one component of practice setup. The Professional Pathway Guide™ covers the full picture — profession comparison, compliance requirements, and launch sequencing.
Take the Career Path Finder™