Wave is a Canadian company, founded in 2009. It offers a suite of packages targeted at small businesses and freelancers, including accounting software.

Wave is organised slightly differently to its competitors. Its different functions are split into modules, each of which integrate with each other. So, for example, there’s an ‘accounting’ app, but also a separate ‘invoicing’ app. The other key thing to understand about Wave is that its software is free, making it an appealing choice to particularly cost-conscious businesses.

However, there are some areas in which Wave falls short. It has no inventory management function, meaning that you’ll struggle if you handle stock. It also does not include a time tracking tool, which is perhaps surprising given that it’s marketed in great part at freelancers. Perhaps most importantly, though, Wave is not 'Making Tax Digital' compliant so it's not an option if you're a VAT-registered business. Finally, Wave does not offer payroll support, so if you have employees you’ll need to look elsewhere.

Unfortunately, Wave also lacks some integration tools that come as standard with its competitors. It does not, for example, integrate with a CRM system, and it’s missing the plug-ins that make packages like Xero so potentially attractive.

Support for Wave is available by email only.