Best Free Invoice Software for Small Businesses Wave Financial

Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page.

  • Add credit cards and bank payments to get paid even faster, for a low, pay-per-use fee.
  • These include cash flow reports, balance sheets, profit and loss statements, and expense breakdowns.
  • Once you create an account, we’ll notify all new eligible businesses by email.
  • Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags.

Accounting software helps business owners understand how money flows in and out of their businesses. It replaces the time-consuming method of collecting receipts in a drawer and manually tracking revenue and expenses in a spreadsheet or with pen and paper. Ditching spreadsheets for business accounting software can help you organize your financial documents and statements, reduce headaches during tax season, and remove unnecessary manual work. You can connect nearly 10,000 different bank and credit card accounts with Wave, so your financial transactions import automatically to make your bookkeeping simple. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most.

Wave Accounting

Get paid in as fast as 1-2 business days1, enhance your brand, and look more professional when you enable payments. Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. You can accept credit cards and bank payments for as little as 1%2 per transaction. Wave’s invoicing is free and unlimited, with three customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Other capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing. Wave Accounting is free, but you will have to pay processing fees if you choose to accept invoice payments online.

Zoho Books offers a robust free plan, along with a range of paid plans that feature workflow automation. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Compared with free software like Wave, QuickBooks plans are expensive. The most basic plan, Simple Start, costs $30 per month, and the top-tier Advanced plan costs $200 per month, which is a sizable investment if you’re running a business on a tight budget. Moreover, you can integrate QuickBooks with hundreds of third-party tools available in the app marketplace. There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time.

  • Wave also offers paid products for payroll, coaching and mobile receipt scanning.
  • You can connect nearly 10,000 different bank and credit card accounts with Wave, so your financial transactions import automatically to make your bookkeeping simple.
  • However, like most free products, Wave has its limitations, especially compared to more scalable small-business accounting software.
  • A graduate of the Rotman School of Management at the University of Toronto, he has a wealth of experience knowledge in business strategy and growth.
  • This influences which products we write about and where and how the product appears on a page.

The transactions will appear in your bookkeeping automatically, and you can say goodbye to manual receipt entry. Have an eye on the big picture so you can make better decisions. Our accounting reports are easy to use and show monthly or yearly comparisons, so you can easily identify cash flow trends. Wave Money is currently available to single-owner businesses in the United States with a Wave account. Once you create an account, we’ll notify all new eligible businesses by email.

How does Wave Accounting work?

Although accounting and invoicing are separated into two different product sections on the Wave website (shown similarly below), they don’t require separate accounts. These solutions are integrated common cash flow problems in small businesses within your dashboard and you’ll access them both through your single Wave login. Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay.

After providing a few basic details about your business — name, type, currency you use, address — you’ll have instant access to your free account. Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. Tam is the Chief Financial Officer, responsible for accounting/finance, taxes, and compliance at Wave. She’s led the company through its successful acquisition by H&R Block, a financing round, several corporate reorganizations, and multiple ERP and payroll system changes. Yes, switching from other accounting apps or products to Wave is easy!

After creating your account, everything’s set up so you can get started right away. Your data is always available, and it’s backed up for extra peace of mind. Know when an invoice is viewed, becomes due, or gets paid, so you can stay on top of your cash flow better than ever. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business. QuickBooks Online’s detailed reporting and transaction tracking is ideal for growing businesses.

How much does Wave cost?

Set up recurring invoices and automatic credit card payments for your repeat customers and stop chasing payments. Switch between automatic and manual billing whenever you want. There are no trials or hidden fees, and it includes all the key features you need to keep your books accurate and run your business smoothly. Our double-entry accounting software is trusted by over 2 million small business owners. In addition to its free services, Wave has software and services that do come with fees, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching. However, like most free products, Wave has its limitations, especially compared to more scalable small-business accounting software.

FreshBooks Accounting

The rate that you charge for your freelancing services can vary, so it’s important to get a grasp of market trends before sending your clients an invoice or quoting a price. Freelance rates can differ depending on experience level and industry. For example, the rate a freelance web developer charges may be different than that of a freelance graphic designer, because each freelancer specializes in a different area. I look at the dashboard and know how many invoices are on the way, when they should be paid, and the average time it takes someone to pay. It keeps me on track and takes a lot out of my hands.

For information on credit card rates, visit Pricing for details. Know when an invoice is viewed, becomes due, or gets paid, so you can take the right actions to manage your cash flow. Set up invoice reminders to automatically email your customers when payment is due. All your invoicing and payment information automatically syncs with our free accounting software included with your account.

Invoicing software 
that’s easy and free

We built our Payroll tool for small business owners, so it’s easy to use AND teaches you as you go. Wave is one-stop money management for small business owners. Zahir has always had a passion for small business and enabling financial access for all. This led him to a four-year stint as President and CEO of M-Paisa Afghanistan, bringing banking and financial education to underserved communities.

Save time when you send automatic payment reminders in your Wave account. Whenever a payment is due, your customers will get an email reminder. While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work. Stripe If your processing of credit card payments is powered by Stripe, you’re bound by their Terms of Service.

Leave a Comment

Your email address will not be published. Required fields are marked *