Wave
Unlimited invoicing and bookkeeping for nothing, with the money made on payment processing. For a freelancer with light expenses it is difficult to beat.
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| Best for | Freelancers who need real invoicing and basic books at no fixed cost, and whose expenses are simple enough to categorise by hand. |
|---|---|
| Not ideal for | Anyone taking a high volume of card payments, where processing fees outweigh a subscription elsewhere. |
| Pricing model | Free plan, Pro at $19/month |
| Platforms | Web, iOS, Android |
Vendor list prices in USD, checked on 25 August 2026. Payment processing fees are charged separately on both plans. Confirm current pricing and regional availability on the vendor site.
On this page
Wave is the answer to a question a lot of freelancers ask and few vendors answer honestly: is there something that does invoicing and basic books properly without a monthly bill. There is, and this is it - with the caveat that the money has to come from somewhere, and with Wave it comes from payment processing.
What is actually free
The Starter plan includes unlimited estimates, invoices, bills and bookkeeping records, mobile apps for invoicing and expenses, a dashboard covering cash flow and customers, and the ability to accept online payments. That is not a trial and not a stripped teaser - it is a working invoicing and bookkeeping setup at no fixed cost.
For a freelancer, the significance of "no fixed cost" is larger than it looks. Freelance income is uneven, and a subscription that made sense in a good quarter is an irritation in a quiet one. A free tier does not have that failure mode.
Where the money is made
Two places, and both are worth understanding before you commit.
Payment processing. On the free plan, card payments cost 2.9% + $0.60 per transaction, and Amex 3.4% + $0.60. That is broadly in line with the rest of the industry, but it is charged on money you have already earned, so it is worth doing the arithmetic against your own invoice sizes. On a $200 invoice it is about $6.40. On twenty of those a month it is $128 - considerably more than any subscription discussed on this page.
The Pro plan. $19 a month, or $190 a year. It adds automatic bank transaction import, automatic merging and categorising of those transactions, unlimited receipt capture, automated late payment reminders and more branding control. It also waives the fixed $0.60 on the first ten card transactions each month.
Wave also sells Wave Advisors, a bookkeeping service starting at $149 a month, which is a different product to the software and priced accordingly.
Free or Pro?
The dividing line is automatic bank import, and it is a genuine one.
Without it, bookkeeping means entering and categorising transactions by hand. That is perfectly manageable when your business spending is four subscriptions and the occasional piece of equipment. It stops being manageable at a few dozen transactions a month, at which point you are spending an evening doing what the Pro plan does while you sleep - and an evening a month is worth considerably more than $19 to most freelancers.
So: light expenses, stay free. Real transaction volume, the upgrade pays for itself in time, not features.
Who it suits
Freelancers and very small businesses who want invoicing and bookkeeping in one place and cannot justify a subscription - particularly early on, and particularly where income is irregular. It is also a sensible default for anyone whose clients pay by bank transfer, since the processing fees that fund Wave then largely do not apply to them.
Who it does not
If most of your clients pay by card and your invoices are small and frequent, the processing fees will quietly exceed what a paid competitor costs. Run your own numbers rather than assuming free is cheaper.
If you need to bill for tracked time, contracts or proposals, Wave is not that product - Bonsai covers that chain and Harvest covers time-to-invoice specifically.
Before you commit
- Estimate a year of card processing at 2.9% + $0.60 against your real invoice sizes, and compare that to a subscription elsewhere.
- Count your monthly business transactions. Past a few dozen, price Pro rather than the free plan.
- Check regional availability and which payment methods are supported where you and your clients are.
Head to head with the obvious paid alternative: FreshBooks vs Wave. Or see where both sit in the best invoicing software for freelancers.
Strengths and trade-offs
What Wave does well
- The free plan covers unlimited invoices, estimates, bills and bookkeeping records - not a trial or a feature-starved teaser.
- No fixed cost means it stays viable through quiet months, which matters for irregular freelance income.
- Invoicing and bookkeeping in one place, at a price point where competitors offer invoicing alone.
Where Wave falls short
- Automatic bank import, receipt capture and automated payment reminders are on the $19/month Pro plan, not the free one.
- Card processing at 2.9% + $0.60 is charged on both plans, so "free" applies to the software rather than the money movement.
- Manual transaction entry on the free plan is the real cost - paid in your time rather than in dollars.
How Wave compares
Alternatives worth a look
Zoho Invoice
Freelancers whose requirement genuinely stops at invoicing, quotes and getting paid.
FreshBooks
Service freelancers and small agencies who want invoicing and bookkeeping in one place and bill a manageable number of…
Bonsai
Freelancers who send proposals and contracts as well as invoices, and would otherwise pay for three separate tools.
Questions people ask
Is Wave really free?
The Starter plan is free and includes unlimited estimates, invoices, bills and bookkeeping records, with no time limit. Wave makes its money when a client pays you by card, and on the Pro subscription. So the software is free; moving money is not.
What does Wave Pro add for $19 a month?
The published differences are automatic bank transaction import, automatic merging and categorising of those transactions, unlimited digital receipt capture, automated late payment reminders and additional branding control. Pro also waives the per-transaction fee on the first ten card payments each month.
What are Wave's payment processing fees?
On the free plan, 2.9% plus $0.60 per credit card transaction and 3.4% plus $0.60 for Amex. On Pro, the fixed $0.60 is waived for the first ten transactions a month, after which the standard rates apply.
Where this information comes from
Product details change often. Each item below links to the primary source we checked, so you can confirm anything that matters to your decision.