Wave Accounting is a Toronto-founded accounting software company offering free core accounting features for small businesses. Invoicing, expense tracking, bank connections, and financial reporting are all included at no cost. Wave monetizes through payment processing and paid payroll. For Canadian freelancers and very small businesses, it's hard to argue with free — but there are important limitations to understand.
KOHO combines a no-fee bank account with built-in spending tracking and budgeting. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYA| Feature | Cost |
|---|---|
| Accounting (invoicing, expenses, reports) | Free |
| Bank connections | Free |
| Invoicing | Free |
| Payment processing (credit card) | 2.9% + $0.60 per transaction |
| Payment processing (bank transfer/ACH) | 1% per transaction |
| Payroll (Canada) | ~$20/mo + $6/employee |
| Wave Advisor (bookkeeping support) | $149+/mo |
| Feature | Wave | QuickBooks Online Simple Start |
|---|---|---|
| Price | Free | ~$20/mo |
| Invoicing | Good | Good |
| GST/HST tracking | Good | Excellent |
| Bank connections | Good | Excellent |
| Inventory | No | No (need Plus) |
| Integrations | Limited | 700+ |
| Support | Email (free tier) | Phone + chat |
Wave Accounting is genuinely excellent for what it is: a free accounting platform for small Canadian businesses and freelancers. For businesses with straightforward needs — invoicing clients, tracking expenses, filing GST/HST — Wave covers all the bases at zero cost. As your business grows and requires inventory, payroll, or advanced integrations, the upgrade path to QuickBooks or FreshBooks is a natural progression. Start with Wave; upgrade when you outgrow it.