Wave AI
Wave Financial
Free AI accounting for small businesses
Quick Answer
Wave offers free AI-powered accounting for small businesses and freelancers including automated transaction categorization invoicing and financial reports. Core accounting is free forever with paid payroll and payment processing add-ons.
What It Does
Wave's AI automatically categorizes bank and credit card transactions, scans and processes receipts through mobile capture, generates professional invoices, tracks outstanding payments, produces financial reports including P&L and balance sheet, provides cash flow insights, and answers basic questions about the business's financial position — all at no cost for the core accounting features.
What It Cannot Do
Wave's free tier excludes payroll and payment processing which are paid add-ons. AI features are more limited than paid competitors. Customer support is primarily self-service for free users. Wave is strongest for very simple business accounting — complex situations require paid software or a professional accountant.
Who Is It For
Very small businesses, freelancers, and sole proprietors in the US and Canada who want capable accounting software without monthly fees. Particularly suitable for businesses just starting out or those with simple accounting needs who cannot justify paying for QuickBooks or Xero.
About Wave AI
Wave is one of the few genuinely free accounting platforms for small businesses, making it particularly popular among very small businesses, freelancers, and sole proprietors who cannot justify paid accounting software costs. The platform is supported by revenue from its paid payment processing and payroll services. Wave has been integrating AI features into its free accounting tools to compete with paid alternatives, providing automatic transaction categorization, receipt scanning, and financial insights without charging for the core accounting features. Wave was acquired by H&R Block in 2019, which has accelerated its AI development.
Pricing and Access
Core accounting invoicing and receipt scanning free forever. Payment processing 2.9% plus $0.60 per transaction. Payroll from $20/month plus $6 per employee. No hidden fees on free accounting features.
Platforms
How AI Works
HybridFounded
2009
Headquarters
Toronto, Canada