Wave

What is Wave?

Wave is an online accounting application that enables small businesses to manage bookkeeping, invoicing and payments through a single web-based platform. It combines core accounting functionality with tools for billing clients, accepting payments and, in certain regions, running payroll.

At its core, Wave provides double-entry accounting software that automatically records transactions and generates standard financial reports. Users can connect bank accounts and credit cards to import transactions, categorise expenses and monitor cash flow. The software is designed to reduce manual data entry while maintaining clear financial records.

In addition to accounting, Wave includes integrated payment processing and payroll services (available in selected countries), allowing businesses to handle key financial operations without switching between multiple systems.

Key Features and Capabilities

• Accounting software: Double-entry accounting with automatic transaction recording and financial reporting.
• Bank connections: Secure bank and credit card connections to import and categorise transactions.
• Invoicing: Customisable invoices, recurring billing and automated payment reminders.
• Online payments: Integrated payment processing so customers can pay invoices by card or bank payment (where available).
• Expense tracking: Capture and organise expenses, including receipt scanning via the mobile app.
• Financial reports: Access to profit and loss statements, balance sheets, cash flow reports and other standard reports.
• Payroll (US and Canada): Payroll processing, tax calculations and filings for eligible businesses.
• Mobile app: Mobile invoicing and receipt capture for managing finances on the go.
• Multi-business management: Ability to manage multiple businesses under one account.
• Accountant access: Options to invite accountants or bookkeepers to collaborate securely.

How Wave Is Typically Used

Wave is commonly used by freelancers and small business owners to issue invoices and track payments from clients. A typical workflow involves creating a branded invoice, sending it electronically and enabling online payment so clients can settle the balance quickly. Automatic reminders can help reduce late payments.

Many users connect their business bank accounts to Wave to automatically import transactions. These transactions are then categorised, allowing the software to keep accounting records up to date with minimal manual input. This process supports regular reconciliation and ensures that financial reports reflect real-time activity.

For businesses with employees or contractors in supported regions, Wave Payroll can be used to calculate wages, manage deductions and handle tax filings. This keeps payroll information aligned with the company’s accounting records.

At tax time, business owners can generate financial reports such as profit and loss statements and balance sheets to share with their accountant or use when preparing tax returns. The ability to grant accountant access makes collaboration more straightforward.

Who Wave Is Best Suited For

Wave is best suited to:

• Freelancers and sole traders who need simple, online accounting software.
• Small service-based businesses, such as consultants, designers and agencies.
• Microbusinesses with straightforward financial structures and limited staff.
• Entrepreneurs who manage their own bookkeeping and want an accessible interface.

It is particularly appropriate for businesses that primarily invoice clients for services and want integrated payment processing. Companies with more complex inventory management, advanced project accounting or multi-entity structures may require more specialised systems.

Wave is designed for small organisations rather than mid-sized or large enterprises. Its functionality focuses on core bookkeeping and billing rather than extensive enterprise resource planning features.

Deployment, Access and Integrations

Wave is delivered as a cloud-based SaaS (Software as a Service) application. Users access the platform through a web browser, without the need for local installation or on-premise infrastructure. This allows business owners to log in from any location with internet access.

Wave also provides mobile applications that support invoicing and receipt capture, enabling users to create invoices, track payments and scan receipts while away from their desks.

The platform integrates directly with bank accounts and credit cards to import transaction data. It also includes built-in payment processing, allowing customers to pay invoices electronically. Payroll services are integrated within the platform for eligible users in the United States and Canada.

Accountants and bookkeepers can be invited to access a business’s Wave account, supporting collaboration and oversight without requiring file transfers.

Summary

Wave is a cloud-based accounting solution focused on the needs of small businesses, freelancers and sole traders. It combines bookkeeping, invoicing and integrated payments within a single online platform, with payroll available in selected regions. By connecting bank accounts, automating transaction tracking and providing essential financial reports, Wave supports day-to-day financial management without requiring complex configuration.

For businesses seeking straightforward accounting software with built-in invoicing and payment processing, Wave offers a consolidated environment designed around simplicity and accessibility.

Example workflow

A Wave invoice is tracked and chased automatically when overdue. No manual work.

Frequently asked questions