Once you sign up online, you can start using Wave’s features right away. All you have to do is share your business name, type, address and the currency you use. There’s no live support unless you pay for it so you’ll have to dig for the answers to your questions in the help center or cross your fingers that the automated chatbot will help you out.
- Pricing is transparent, there are a decent number of add-ons, and even the paid plan is pretty affordable.
- The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it.
- For example, QuickBooks Online doesn’t have a free plan, but offers four paid plans, each with additional features, making it a great choice for scalability.
- Before you commit to accounting software, it’s in your best interest to shop around and compare all your options.
- Open-source model encourages regular testing and improvement of the software.
Negative Wave Reviews & Complaints
Wave Accounting gives you free unlimited invoices, users, expense and income tracking, credit and bank account connections, and more. While Wave is free to use, it doesn’t offer multiple plans to increase its functionality. It lacks some of the useful features you may find in other accounting software, such as project management, time tracking and inventory management. In addition, Wave’s mobile app lets you send invoices and track payments on the go. The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it.
Organized and stress-free small business accounting
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 membership dues definition and meaning 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.
While you’re unlikely to find features like advanced reporting, job costing or mileage tracking, a handful of products still generate basic double-entry accounting reports and support unlimited invoicing. Wave was previously our top overall pick for free accounting software, but the platform has moved a number of features (including bank transaction imports and the ability to add users) to its paid plan. One thing that remains free is invoices, and if your business transacts mostly in that fashion, Wave makes it pretty easy. In addition to its free plan, Zoho Books has five paid plans — which is easily more than most of its competitors offer.
Project Management
Most accounting software is cloud-based, meaning it’s accessible anywhere there’s an internet connection. If this level of access is important to you, be sure to look for platforms that have robust mobile websites or accounting apps to help you manage your money from wherever you are. If you plan on only using your free accounting software from a single computer, though, a desktop-based option may work as well. While free accounting software can be sufficient for some microbusinesses, self-employed people and freelancers, don’t think of it as only a temporary solution. Consider your business’s growth trajectory before making a decision. Would more robust small-business accounting software better fit your needs down the road?
While you can check out articles on Wave’s knowledge base, you won’t be able to connect with a live person who can talk you through any accounting software problems. At no cost, users can send an unlimited number of invoices to an unlimited number of clients. In contrast, FreshBooks’ cheapest plan starts at $19 and limits you to billing just five clients a month.
Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business. QuickBooks Online’s detailed reporting and transaction tracking is ideal for growing businesses. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Ideally, free accounting software can scale to accommodate your business’s needs if they change. With the Pro Plan, automatically import, merge, and categorize your bank transactions. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Are you a service-based freelancer in need of a basic, user-friendly way to track your finances without spending money on features you don’t need? If that’s the case, Wave Accounting will likely live up to your expectations. Its invoicing and online payment acceptance features can help you get paid while its reporting and money management tools ensure you stay on track for tax season and future business growth. Wave Accounting is the best free accounting software solution for freelancers, solopreneurs, and small-business owners alike. While it doesn’t have as many features as paid competitors like QuickBooks Online, Wave’s unlimited expense tracking, free invoicing, and basic reporting make it an ideal solution for many freelancers. Free accounting software should come with most of the features you’re looking for, and if it doesn’t, it’s probably worth subscribing to a paid product instead.