Wave review

At a glance

The short version

What we liked

Genuinely free core accounting and invoicing
Clean, friendly interface that is easy to learn
Unlimited invoices and expense tracking
Good enough reports for a small operation
No trial pressure or feature nagging

Where it falls short

Local GST handling is basic, no InvoiceNow path
Built around US and Canada tax first
Reporting depth is thin next to paid rivals
Support is limited on the free plan

Bottom line For a freelancer or a business finding its feet, Wave is free and enough to keep clean books. The moment GST, InvoiceNow or serious reporting matter, you will outgrow it: step up to Zoho Books for the cheapest real upgrade, or Xero for the best one.

The verdict

What Wave is, and who it is for

Wave is a free cloud accounting and invoicing tool aimed at freelancers and very small businesses. The pitch is simple: create invoices, track income and expenses, and see basic reports, at no cost. For a solo operator who mainly needs to bill clients and keep a tidy record, it delivers that cleanly, and the interface is one of the friendliest in the category.

On the free plan the documented workflow covers invoicing and expense tracking. This is our research based read; we will confirm the detail with a hands-on test and update the review. Where it shows its limits is local compliance. Wave is built around US and Canada tax first; Singapore GST handling is basic, and there is no path to IRAS InvoiceNow. For a GST-registered business that will need e-invoicing, that is a real ceiling rather than a minor gap.

Use Wave to start, or to run a micro business that will not register for GST. When you need proper GST returns and InvoiceNow, plan to move to a paid tool rather than stretch Wave past what it is built for.

Pricing

Wave pricing

Core accounting and invoicing are free. You pay only for optional add-ons such as online payments; payroll is limited to certain regions.

Plan	Price	What you get	Best for
Starter (free)Start here	Free	Invoicing, income and expense tracking, basic reports	Freelancers and micro businesses
Pro	Paid	Automation, receipt capture, more	Small businesses wanting more automation
Payments	Per txn	Accept card and bank payments	Anyone taking online payments

The honest read: the free plan is the whole appeal, and it is genuinely useful. Paid add-ons are worth it only for payments or extra automation. If you are paying anyway, compare against Zoho Books, which files GST properly for a low monthly price.

SG & MY compliance

The local checks US and UK reviews skip

GST returns (Singapore) Basic You can track a GST rate on transactions, but there is no dedicated GST F5 workflow. Fine for a non-registered micro business, thin for a registered one.

IRAS InvoiceNow No path yet Wave does not connect to the InvoiceNow network. If you will need e-invoicing, this is a reason to choose another tool.

PayNow on invoices Workaround No native PayNow QR; you would add payment details manually or use Wave Payments where available.

Malaysia SST & MyInvois No No SST workflow or MyInvois submission. Not built for Malaysian tax.

Payroll (CPF / EPF) No Wave payroll is limited to some regions and does not cover CPF or EPF. Use a local payroll tool instead.

Who it is for

Buy it, consider it, or skip it

Buy it if

You are a freelancer or micro business
You will not register for GST soon
You want zero software cost
You mainly need invoicing and records

Great fit for

Side businesses and sole traders
Very early-stage startups
Anyone testing whether they need paid books
Simple service businesses

Skip it if

You are GST-registered (see Zoho Books or Xero)
You need IRAS InvoiceNow
You need deep reporting
You are in Malaysia and need SST

Alternatives

If Wave is not the one

Zoho Books

Accounting

8.3

The cheapest real upgrade. Files GST, connects to InvoiceNow, has a free tier too.

from S$15/mo

Xero

Accounting

8.7

Our top pick. The best upgrade when the books start to matter.

from S$32/mo

QuickBooks

Accounting

8.1

The reporting-heavy alternative, with a slightly cheaper entry than Xero.

from S$30/mo

FAQ

Questions buyers ask us

Is Wave really free?

Yes. Core accounting and invoicing are free, with no trial clock. You only pay for optional add-ons such as accepting online payments, and payroll where it is available. For a freelancer that free plan is often all you need.

Does Wave support IRAS InvoiceNow or GST?

GST handling is basic, and Wave does not connect to IRAS InvoiceNow. If you are or will be GST-registered, choose a tool built for it, such as Zoho Books or Xero.

What is the best free accounting software in Singapore?

Wave is the strongest genuinely free option for a freelancer or micro business. Zoho Books also has a free tier and files GST properly, so it is worth comparing if you are close to registering.

When should I move off Wave?

When you register for GST, need IRAS InvoiceNow, or start wanting deeper reports and multiple users. At that point a low-cost paid tool pays for itself in time saved and compliance handled.

Researched and written by

Wei Chun

Founder & Editor

I assessed Wave from its documentation, free plan details and public feature information in July 2026, including its local GST and InvoiceNow limits, not yet a hands-on test, so this carries a research based score. When I run it hands-on, the review is updated and re-dated. This review is edited to our editorial policy. The score and every observation are my own.

Reviewer profile → How we test → Corrections policy →

How this stays free: some links on this page are affiliate links, and we may earn a commission if you sign up through one, at no extra cost to you. Wave itself is free to use. Our verdict is honest and never for sale. Full terms in our editorial policy and affiliate disclosure.