Full double-entry accounting with invoicing, expense tracking, and reports at no cost.
W
Wave
waveapps.com Free tierWave offers free accounting with unlimited invoicing and expense tracking, plus a $19/month Pro plan for automatic bank imports and OCR receipts.
The verdict
Wave is the best free accounting option for agents who need basic invoicing and expense tracking, with the catch that bank auto-import now costs $19/month on the Pro plan. Wave Starter is unbeatable at $0 for manual entry, and even the Pro plan undercuts FreshBooks and QuickBooks.
01 — Overview
What Wave is, and isn't.
Wave is an accounting platform with a genuinely free Starter tier that provides unlimited invoicing, expense tracking, and financial reporting without a subscription fee. For budget-conscious agents or those just starting out, it removes the barrier of monthly software costs while providing legitimate bookkeeping functionality.
However, Wave's pricing model has changed significantly. The free Starter plan no longer includes automatic bank transaction imports -- that feature is now locked behind the $19/month Pro plan, which also adds auto-categorization, OCR receipt scanning, late payment reminders, and priority support. This is a notable shift from Wave's previous "everything free" approach.
Wave is now a subsidiary of H&R Block (acquired for $405M in 2019), which adds financial stability but hasn't yet resulted in deep tax filing integration. The business model combines the freemium accounting tier with payment processing (2.9% + $0.60 per transaction) and payroll services ($25/month + $6/employee). For agents who only need manual expense entry and invoicing, the free tier remains valuable. For those who want bank auto-import, the Pro plan at $19/month is still cheaper than most alternatives.
02 — Features ◆ standout
10 features, scored.
The 4 marked ◆ are why we rate Wave a 4.2 overall.
Create and send unlimited professional invoices for free on all plans.
Automatically import and categorize bank transactions via Plaid (Pro plan only).
Profit/loss, balance sheet, and cash flow reports included free.
Digitally capture and extract data from receipts using OCR technology.
Schedule automatic reminders at 3, 7, and 14 days after invoice due date.
Handle transactions in multiple currencies.
Add accountants or bookkeepers as additional users on Pro plan.
Accept online payments with automatic reconciliation to invoices.
Automate regular billing for retainer clients.
03 — Verdict at a glance
What we like — and where it falls short.
Pros
- +Free Starter tier includes unlimited invoicing and expense tracking
- +Full double-entry accounting (not simplified cash basis only)
- +Pro plan at $19/month is still cheaper than most paid alternatives
- +Backed by H&R Block ($405M acquisition) for long-term stability
- +Good enough for many agents' basic bookkeeping needs
Cons
- −Bank auto-import now requires $19/month Pro plan (was free)
- −No mileage tracking feature on any plan
- −Limited integrations compared to FreshBooks or Xero
- −Support quality varies; priority support only on Pro
04 — Pricing
4 tiers. Most teams land on the middle one.
Prices below are as listed publicly Feb 2026. Verify on the official pricing page before committing — vendor pages change more often than our quarterly re-checks.
Starter (Free)
Custom
- Unlimited invoicing, estimates, and bills
- Manual expense entry and tracking
- Mobile app access
- Unlimited receipt scanning
- Basic accounting and financial reports
Pro
$19 / mo
$15.83/mo billed annually
- Auto-import bank transactions
- Auto-merge and auto-categorize transactions
- Unlimited receipt OCR technology
- Automated late payment reminders (3, 7, 14 days)
- Multiple user accounts
- Priority customer support
- First 10 payment transactions fee-free per month
Payments Most pick this
Custom
- Credit cards: 2.9% + $0.60 per transaction
- Bank payments: 1% ($1 minimum)
- Payments link directly to invoices
- Automatic payment reconciliation
- No monthly fees
Payroll
$25 / mo
- Full payroll service with tax filing
- Direct deposit
- $6 per employee per month additional
- Employee self-service portal
05 — Integrations
What it talks to, out of the box.
Direct integrations marked first; Zapier and Make cover the long tail.
PayPal
Shoeboxed
Zapier: yes Make: yes
06 — Top alternative
If Wave isn't the right shape.
F
FreshBooks
FreshBooks is the best choice for agents who prioritize professional invoicing and ease of use. The 2026 Kick integration adds automated bookkeeping that closes the gap with more complex platforms, while the intuitive interface and automatic reminders make it worth the subscription cost for agents who invoice regularly.
07 — Frequently asked
Questions every Wave shopper asks.
Is Wave really still free in 2026?
The Starter plan is free and includes unlimited invoicing, manual expense tracking, receipt scanning, and financial reports. However, automatic bank transaction import now requires the $19/month Pro plan. This is a change from previous years when bank import was free.
What changed with Wave's pricing?
Wave added a Pro plan, now $19/month, that locks auto-import bank transactions, auto-categorization, OCR receipts, late payment reminders, and multi-user access behind a paywall. Payroll starts at $25/month base plus $6 per employee. The free Starter plan still exists but with manual entry only.
Is Wave good for real estate agents?
Yes, for basic bookkeeping. Wave handles invoicing, expense tracking, and financial reports well. The main gaps are no mileage tracking and no real estate-specific features like commission split tracking. For commission-focused accounting, consider RealtyZam.
Who owns Wave now?
H&R Block acquired Wave for $405 million USD in 2019. Wave operates as a subsidiary and is still based in Toronto, Canada. The H&R Block backing provides financial stability but hasn't yet resulted in deep tax filing integration.
How does Wave make money if it's free?
Wave Payments charges 2.9% + $0.60 per credit card transaction and 1% for bank payments. Wave Payroll costs $25/month plus $6 per employee. The Pro plan at $19/month is another revenue stream. These services are all optional add-ons.
Should I get Wave Starter or Pro?
If you have a low transaction volume and don't mind manual entry, Starter (free) works fine. If you want automatic bank feeds and auto-categorization to save time, Pro at $19/month ($15.83 with annual billing) is worth it and still cheaper than FreshBooks ($23+) or QuickBooks Solopreneur ($20).