Wave

What it is

Category DescAccounting/ERP (cloud-based small business bookkeeping software with integrated invoicing, payment processing, and payroll features) ↗

Target UserBuilt for self-employed solo operators, freelancers, micro-businesses, and small residential trade contractors (typically 1–9 employees) with basic general ledger and invoicing needs, rather than commercial contractors needing advanced job costing or ERP capabilities ↗

OwnershipAcquired (wholly owned subsidiary of parent company H&R Block, Inc., acquired in 2019) ↗

Founded Year2009 ↗

Pricing & cost

Pricing ModelFreemium / Tiered Subscription with optional add-ons and transaction-based payment processing. Core features are available via a free Starter plan, with automated features on a paid Pro plan (monthly or annual billing). ↗

Typical CostStarter plan: $0/month. Pro plan: $19/month or $190/year billed annually. Add-on costs include Wave Payroll ($40/month base + $6 per active employee/contractor) and Wave Advisors bookkeeping support (starting at $149–$199/month). Online payment processing fees apply per transaction: 2.9% + $0.60 per credit card transaction (3.4% + $0.60 for Amex) and 1% per ACH bank transfer ($1 minimum). ↗

Api Or Integration FeesWave provides its Developer API free of charge. Third-party automation platforms or middleware (e.g., Zapier, Make) require separate third-party subscriptions if used. ↗

Implementation Cost$0 mandatory setup/onboarding fee for self-service setup. Wave offers optional 1-on-1 accounting and payroll coaching starting at a one-time fee of $379 (includes 2 hours of live coaching and 30 days of email support). ↗

API & data access

Has ApiYes — open public GraphQL API + developer webhooks, plus built-in CSV/XLS exports and Google Sheets integration. ↗

Api TypeGraphQL API with a single public endpoint (https://gql.waveapps.com/graphql/public) supporting both queries and mutations for resources such as accounts, transactions, invoices, customers, and vendors. ↗

Api Access GatingSelf-serve registration via the Developer Portal; personal API access and testing with Full Access Tokens are free, but connecting third-party OAuth applications for other business accounts requires an active paid Pro Plan or Wave Advisors subscription. ↗

Api LimitationsRequests are subject to rate limiting (returning HTTP 429 error status when exceeded); API access is scoped strictly to authorized business accounts; schema updates occur without endpoint versioning. ↗

Data Export OptionsFull account data export via Business Settings generating downloadable CSV/XLS archives (accounting transactions, journal entries, bills, customer/vendor profiles, receipts, payroll stubs); manual CSV or PDF exports for individual financial reports (e.g., Profit & Loss, Balance Sheet, General Ledger); automated sync to Google Sheets via the Wave Connect integration. ↗

Native AI features

Ai Features SummaryWave Accounting (waveapps.com, owned by H&R Block) has essentially no native generative AI features, AI field service dispatching, AI estimating, or native AI assistants. Its native automation features are limited to machine learning and optical character recognition (OCR) for core bookkeeping and invoicing workflows. ↗

Ai DispatchWave offers no native AI dispatching, job scheduling, or field service management capabilities. It is designed exclusively as a cloud accounting and basic invoicing platform for small businesses. ↗

Ai FinanceShipped/GA features include pattern-learning machine algorithms for automated bank transaction categorization, OCR-powered receipt data extraction (on the Pro plan), auto-populating line items/amounts based on client billing history, automated recurring billing, and scheduled payment reminders. Wave also integrates with H&R Block AI Tax Assist for US/Canada tax preparation. ↗

Ai Assistant Or McpWave does not ship a native generative AI assistant/copilot or Model Context Protocol (MCP) server. Any LLM or AI agent functionality requires third-party automation tools or middleware (e.g., CData, Beam.ai, Emergent). ↗

Integrations & ecosystem

Accounting IntegrationsAs a standalone general ledger accounting software, Wave does not natively integrate with other accounting platforms such as QuickBooks, Sage Intacct, or Foundation (data transfers require CSV exports/imports or third-party automation). Wave also lacks native integrations with construction field/PM systems (e.g., Procore, Buildertrend, or ServiceTitan); any connection between field systems and Wave accounting is handled via third-party integration platforms like Make or Zapier. ↗

MarketplaceWave does not maintain a public app marketplace or partner directory. Connections to select native/partner tools (e.g., Square, Driversnote, Amazon, eBay) and automation tools (Make, Zapier) are managed directly inside the Wave web app via the in-account Integrations menu. ↗

Unified Api SupportWave Financial is supported by unified-API providers such as Merge.dev and Apideck for standard accounting resources (invoices, contacts, accounts, and payments). However, construction-focused unified-API providers like Agave do not support Wave Financial. ↗

Accounting fit & implementation

Certified PayrollWave Payroll does not support certified payroll, prevailing wage (Davis-Bacon), or union reporting natively or via native add-on modules. Third-party compliance software (e.g., LCPcertified) can ingest exported payroll data, but native capability is absent. ↗

Accounting MethodWave supports both cash-basis and accrual-basis accounting reporting natively across its primary financial reports and dashboard widgets. ↗

Wip Poc SupportWave does not support Work-in-Progress (WIP) tracking or Percentage-of-Completion (POC) revenue recognition, lacking construction-specific job costing, progress billing, and over/under billing schedules. ↗

Implementation TimeImplementation and onboarding typically take a few hours to a few days, depending on historical data volume and bank connection setup. ↗

Requires ImplementerNo, Wave does not require a paid implementer or Value-Added Reseller (VAR); it is a self-service cloud application designed for direct end-user setup. ↗

Adoption & market position

Market PositionWave (Wave Financial) is an entry-level, budget-friendly cloud accounting and invoicing platform designed primarily for freelancers, solopreneurs, and micro-businesses, including independent trade contractors and handymen. While it offers modern cloud features for standard bookkeeping, invoicing, and payment processing, it lacks specialized construction functionality such as job costing, project profitability tracking, progress billing, and advanced 1099 management. — Business.com (https://www.business.com) / Worldmetrics (https://www.worldmetrics.org)

Customer ScaleWave reports over 400,000 monthly active small businesses and over 3.5 million registered users across 200+ countries. Specific customer counts broken out strictly for U.S. trade or construction contractors are not publicly disclosed by parent company H&R Block. — H&R Block Newsroom (https://www.hrblock.com) / BetaKit (https://betakit.com)

MomentumWave raised approximately $79M–$83M in venture funding before being acquired by H&R Block in July 2019 for $405 million USD ($537 million CAD). It is considered a modern cloud platform rather than a legacy system, but contractors frequently migrate away from Wave to platforms like QuickBooks Online, Xero, or dedicated construction ERPs (e.g., JobTread, Buildertrend, Foundation) as their businesses scale and require job costing. Recent product updates focus on monetization, transitioning legacy free tier features (like automated bank feeds and multi-user access) into paid tiers such as Wave Pro. — H&R Block Newsroom (https://www.hrblock.com) / ClonePartner (https://www.clonepartner.com)