Wave

About Wave

Wave is a free accounting and invoicing platform designed for small businesses, freelancers, and entrepreneurs. Built by Wave Financial Inc., it provides basic bookkeeping, invoicing, and receipt scanning features without subscription fees.

The platform is known for its free core features and straightforward approach to small business accounting. Wave handles invoicing, expense tracking, and basic financial reporting without the complexity of paid accounting software. It's designed for very small businesses that need basic accounting functionality without the cost of subscription-based platforms.

Where Wave Fits in Your Finance Stack

Wave sits at the core of your finance stack as a basic accounting and invoicing platform. It handles invoicing, expense tracking, and basic financial reporting for businesses that don't need advanced accounting features. For finance teams, Wave becomes a simple system of record for basic bookkeeping, though it's less commonly used as businesses grow and need more sophisticated features.

Typical use cases for Wave include:

• Basic invoicing and payment tracking
• Simple expense tracking and categorization
• Basic financial reporting for very small businesses
• Receipt scanning and expense management

Strengths and Common Pitfalls

Wave's main strength is providing free accounting and invoicing functionality that's accessible to very small businesses and freelancers. The platform's straightforward interface makes it easy to create invoices, track expenses, and see basic financial reports without the cost of subscription-based software. Its free model makes it attractive to businesses just starting out.

The tradeoff is that Wave has significant limitations compared to paid accounting platforms like QuickBooks or Xero. The platform lacks advanced features like multi-entity support, complex reporting, or extensive integrations. For finance teams, the main challenge is that Wave may not provide the features needed as businesses grow, requiring migration to more comprehensive accounting software.

Common pitfalls include:

• Limited features compared to paid accounting platforms
• Challenges scaling beyond very small business needs
• Limited integrations with other business tools
• Less suitable for businesses with complex financial operations

When You've Grown Into (and Out of) Wave

Most businesses "grow into" Wave when they're just starting out and need basic invoicing and expense tracking without subscription costs. If you're a freelancer, very small business, or entrepreneur with straightforward financial needs, Wave provides a free solution that handles the basics well.

You start to "grow out" of Wave as your business needs become more complex than the platform can handle. Signals include: requirements for advanced accounting features, multi-entity operations, complex reporting, extensive integrations, or needs for better support and reliability. At that stage, you typically need to migrate to a more comprehensive accounting platform like QuickBooks or Xero, while maintaining clean financial records during the transition.

How Omniga Works With Wave

Omniga can support Wave through its existing QuickBooks integrations. If you're using Wave alongside QuickBooks Online, we can help orchestrate the financial data flow between these systems. Many businesses start with Wave and migrate to QuickBooks as they grow, and Omniga can help ensure a smooth transition while maintaining clean financial records.