Wave’s online payments feature lets you accept bank payments, quickly and easily. Approval is subject to eligibility criteria, including identity verification and credit review. Payments are a pay-per-use feature; no monthly fees here! Your deposit times may vary based on your financial institution. All payments are subject to a risk review and periodic credit risk assessments are done on business owners because we need to cover our butts (and yours).

Wave helps freelancers, consultants, and small businesses simplify their finances.

Wave’s setup process can be quick or time-consuming, depending on whether you create all of your contact and product or service records up front. If someone other than you needs access, you can choose among multiple roles that limit a user’s ability to view, edit, enter, and delete information. That said, QuickBooks provides deeper, more granular user permissions.

Priced right for small businesses

Wave accelerated depreciation for business tax savings has 14 reports, about half of which relate to Wave payroll (the company supplies full-service payroll to 14 states currently; the rest require self-filing of payroll taxes). You shouldn’t expect much more given the scope of the site, but it does offer the standard financial reports that accountants like to run and analyze, like Balance Sheet and Cash Flow. Reports aren’t very customizable, but you can export them as CSV and PDF files. Xero Early is a dollar cheaper (starting at $15 per month), but it places a limit on invoices. You can get full-featured accounting with no limits through Patriot Software Accounting ($20 to $30 per month).

See all Wave app features

We provide different levels of support for customers who use different features and services from Wave. Full details on how Wave support works are available here. Wave was designed specifically for small business owners like you – no CPA required.

1. See invoice summaries, tap into business reports, receive payment notifications and more using our highly-rated, free mobile app, available on iOS and Android.
2. It’s always available, and it’s backed up for extra peace of mind.
3. Its colorful design looks attractive and is very easy to understand.
4. Enable invoice payments through credit card, bank and Apple Pay.
5. It helps automate account reconciliation so you can square away your balance in Wave with your bank and credit card statements.
6. Set up invoice reminders to automatically email your customers when payment is due.

Wave is also PCI Level-1 certified for handling credit card and bank account information. Multi-factor authentication is a requirement for bank connections through Plaid, too. With Wave’s web-based 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.

Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. You can accept credit cards and bank payments for as little as 1%2 per transaction. With Wave’s Pro Plan, you can set up recurring invoices and automatic credit card payments for your repeat customers.

QuickBooks Online is the most expensive service I reviewed; it starts at $99 per month but goes well beyond the capabilities of Wave. The rate that you charge for your freelancing services can vary, so it’s important to get a grasp of market trends before sending your clients an invoice or quoting a price. Freelance rates can differ depending on experience level and industry. For example, the rate a freelance web developer charges may be different than that of a freelance graphic designer, because each freelancer specializes in a different area. A common issue when invoicing in Microsoft Word, Excel, or other DIY solutions is making calculation errors.