Wave Accounting Review: Pricing, Features, Pros & Cons

Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates. Set up late payment reminders to automatically email your customers when payment is due (with Wave’s online payments feature or the Pro Plan). Starting October 01, 2025, these businesses must integrate their e-invoicing systems with the FATOORA platform. This integration is part of ZATCA’s ongoing efforts to enhance the efficiency and transparency of the tax system, ensuring real-time processing and validation of electronic invoices. Square Invoices allows you to send digital estimates and customized invoices.

Create professional invoices for free

For instance, Xero and FreshBooks’ native Gusto integrations ensure the accounting and payroll software sync with each other problem-free. Wave Accounting imposes fewer limits than most of its competitors on everything from users to vendors. For instance, Xero’s cheapest plan limits users to sending 20 invoices a month, while FreshBooks’ cheapest plan limits users to invoicing only five clients a month.

The platform’s design is intuitive, so it’s easy for anyone to set up and use. Create customized invoices and estimate templates that align with your brand and save information about clients and services so you don’t have to re-enter the same information over and over each time you invoice. Users are not able to assign estimates to projects or track income and expenses by project.

The platform offers enough features and add-ons to grow with your business, but it may be more complex than you need if you’re a one-person shop. When asked about its risk review process, Wave said that it evaluates a new customer’s business and industry to identify any red flags that point to a fraudulent setup as part of the application and approval process. However, some information isn’t available until payments have been received, which can delay the company’s ability to investigate a business further. Wave recently reduced its fund holding time from 120 days to 30 days. While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work.

• Wave’s invoices are easy to customize with your business’s logo, colors and contact information.
• Wave offers some of the strongest functionality of all the best invoicing services for small business.
• One of Wave’s competitors, FreshBooks, offers loads of features at very low pricing.
• We have a financial interest in their success, but all recommendations are based on our genuine belief in their value.
• Wave Accounting automatically matches your accounting records with your financial ones, such as bank and credit card statements, to ensure consistency and accuracy in financial reporting.
• 21 See EY Global Tax Alert, Saudi Arabia announces 21st wave of Phase 2 e-invoicing integration, dated 3 March 2025.

As a more modern platform, Wave has a simpler and easier-to-navigate user interface (UI) while QuickBooks offers an array of features and tools that require a significant learning curve to navigate. The fact that Wave lets users create and send unlimited invoices and receive payment straight from the invoices for free makes it perfect for freelancers. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories.

Wave Payments Review 2024: Pros, Cons, Alternatives

17 See EY Global Tax Alert, Saudi Arabia announces 17th wave of Phase 2 e-invoicing integration, dated 4 November 2024. 16 See EY Global Tax Alert, Saudi Arabia announces 16th wave of Phase 2 e-invoicing integration, dated 30 September 2024. 15 See EY Global Tax Alert, Saudi Arabia announces 15th wave of Phase 2 e-invoicing integration, dated 3 September 2024.

Wave Accounting Review: Features, Pricing & More

Wave Payments also connects with Wave Accounting for reporting features. Small businesses can view a breakdown of deposits as well as reports on paid and unpaid invoices, which payments are still processing, and more. In addition to its accounting software, Wave offers other paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching. With Wave’s web-based invoicing wave invoicing software, you can create and send invoices for your business in just a few clicks from your computer. If you’re on-the-go, you can also send invoices from your phone or other mobile device using the Wave app.

• In most cases, the businesses were unable to defend themselves and had to wait 120 days before any funds were transferred.
• Once you’ve created an invoice with our invoice generator, you’ll be able to download a PDF copy of the invoice or get the PDF emailed to you directly.
• Square’s basic invoicing options are free, but businesses can pay $20 a month for advanced features.
• If you need to manually edit, add or remove any transactions, you can do so on the Reconciliation or Transactions pages.
• The Wave app is the mobile companion to your desktop experience, helping you keep tabs on your biz— anytime, anywhere.

How does billing software work?

Accounting coaching, on the other hand, ensures you have the knowledge you need to use Wave Accounting to manage your books with confidence. Wave Accounting automatically matches your accounting records with your financial ones, such as bank and credit card statements, to ensure consistency and accuracy in financial reporting. Wave offers some of the strongest functionality of all the best invoicing services for small business.

Do you provide customer support?

Invoicing and billing software are used by businesses of all sizes, from freelancers to enterprises. Service-based businesses that need to accept payments online can significantly benefit from invoicing solutions that easily process digital payments. Many companies have complicated billing structures, such as accounting for hourly or project-based billing, which billing software helps to manage and automate.

Then, you can generate reports to gather valuable insights for better decision-making and to monitor your business finances. Wave includes a billing portal, so you can easily keep track of your revenue. The developer, Wave Financial Inc, indicated that the app’s privacy practices may include handling of data as described below. With this release, we’re waving bye to bugs and hello to stability improvements.

Unlike a majority of its competitors, Wave does not have a comprehensive mobile app. While it does offer a free iOS and Android app, the app is limited in the number of features and functions. Reviews often say customer service isn’t helpful, especially in working through disputed claims and chargebacks. Some customers have also complained that Wave freezes payments but won’t give a straight answer about why thousands of dollars in funds are being held up.

It can allow you to manage all your accounting processes without paying a dime. It’s also intuitive so you don’t need to be an accountant to use it successfully. QuickBooks offers a robust set of tools that far outweigh Wave’s capabilities—but that could be a drawback for small, simple businesses.

For micro businesses and self-employed entrepreneurs who just need the essentials, this free accounting software is a great option. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. With a Wave Pro subscription, you’ll have recurring billing and other automation features.

Wave Payments is an online payment processing and invoicing software that lets businesses accept online payments, bill customers through email and keep track of income records. Because it is free and only charges processing fees, it’s an affordable option for small businesses. It also integrates with other Wave software to create a solid product for businesses that are looking for a simple way to invoice customers and get paid. Wave Accounting is a cloud-based double-entry accounting software with a suite of tools and services that streamline bookkeeping and invoicing. It also allows users to accept online payments and easily manage payroll and taxes without having specialized knowledge. One of Wave’s most popular invoicing features is the ability to create user-friendly customizable templates.

Some customers who have used Wave’s payment features have complained that their accounts were canceled after an initial transaction due to being flagged as high-risk businesses. In most cases, the businesses were unable to defend themselves and had to wait 120 days before any funds were transferred. Wave Payments is an affordable option for small businesses to send digital invoices and let customers pay online. This app is super helpful, the main issue I have while using it is the lag.