Wave Moved Bank Connections to Pro: What Changed and 4 Alternatives for Freelancers
For years Wave was the default "free accounting software" recommendation for freelancers. In 2026 that changed: automatic bank connections now sit in a paid plan. This guide explains exactly what changed (using Wave's own help pages), how to decide whether to stay, and what the main alternatives cost.
What changed at Wave
- Starter (free) covers manual work: creating invoices, bills and estimates, uploading bank statements yourself and reconciling accounts.
- Automatic bank connections and advanced receipt matching require Wave Pro, which Wave lists at US$19/month or US$190/year in the US (CA$25/month or CA$250/year in Canada). Wave's fee page was last updated September 20, 2026.
- Legacy accounts: businesses created before February 2024 that didn't use Wave's payments, payroll or another paid service moved to Starter on June 1, 2026.
- Pro terms: pay-as-you-go, cancel any time, no free trial. If you cancel, you keep access until the paid period ends, then return to Starter.
- Card processing on Pro: Wave lists 2.9% + $0 on the first 10 card transactions each month, then 2.9% + $0.60. Bank (ACH) payments are 1% with a $1 minimum on both plans.
Should you stay on Wave? A 3-question test
- Do you need automatic bank feeds? If you're happy to download a statement and upload it monthly, Starter still does the job for free.
- How many transactions do you have? A few dozen a month is manageable by hand. Hundreds is where automatic feeds save real time.
- Is anything missing that you need? For example proposals, a client portal or mileage tracking. If yes, you'd be paying for Pro and still lacking a feature.
If you answered "no, few, no", staying on Wave Starter is a perfectly reasonable choice; pair it with our free bookkeeping spreadsheet for mileage and category totals. If you need feeds, compare Pro's $19/month with the options below.
The alternatives at a glance
| Option | US list price | Bank connections | Best for |
|---|---|---|---|
| Wave Starter | Free | Manual statement upload | Low transaction volume |
| Wave Pro | $19/month or $190/year | Automatic | Happy Wave users who want feeds back |
| Zoho Books free plan | Free under a revenue threshold ($50K in Zoho's materials, set per region) | Check Zoho's plan page | Very small businesses wanting free full books |
| Zoho Invoice | Free | Not an accounting app | Invoicing only (500 invoices/year) |
| QuickBooks Solopreneur | $20/month | Yes (bank-connected categorisation) | One-person businesses, mileage, Schedule C |
| FreshBooks Lite / Plus | $23 / $43 per month | Check FreshBooks' plan page | Client-focused service businesses |
"Check the plan page" means we couldn't confirm the detail from official pages on October 29, 2026.
Alternative 1: Zoho Books (free plan) or Zoho Invoice
Zoho Books' free plan is aimed at very small businesses: Zoho says it stays free while revenue is under a regional threshold, with annual caps of 1,000 invoices and 1,000 expenses. If all you used Wave for was invoicing, Zoho Invoice is free with up to 500 invoices a year and includes recurring invoices and payment reminders.
See Zoho Books plans (paid link)Alternative 2: QuickBooks Solopreneur
At $20/month list, it costs about the same as Wave Pro. Intuit built it for self-employed people without employees. It adds automatic GPS mileage tracking in the mobile app and links to QuickBooks Live Tax (a separate TurboTax-powered service for Schedule C filers).
See QuickBooks Solopreneur (paid link)Alternative 3: FreshBooks
If invoicing clients is the heart of your business, FreshBooks is the most client-focused option (see our FreshBooks vs QuickBooks comparison). Lite is $23/month for up to 5 billable clients; Plus is $43/month for up to 50 and adds proposals, retainers, receipt scanning and accounting reports.
See FreshBooks plans (paid link)Alternative 4: QuickBooks Online Simple Start
If you're moving anyway and expect to grow (an accountant, employees, more complex books), it can make sense to start on QuickBooks Online ($38/month list for Simple Start) rather than switch twice.
Cost check: one year
| Option | 12 months at list price |
|---|---|
| Wave Starter | $0 |
| Wave Pro (annual) | $190 |
| QuickBooks Solopreneur | $240 (12 × $20) |
| FreshBooks Lite (monthly) | $276 (12 × $23), less with annual billing |
| FreshBooks Plus (monthly) | $516 (12 × $43), less with annual billing |
| QuickBooks Online Simple Start | $456 (12 × $38) |
Before discounts or promotions, and before payment-processing fees.
Switching checklist
- Export from Wave first: customer list, invoices, reports and transaction history, for every year you still need.
- Keep old records: the IRS says to keep records that support your return until the period of limitations for that return runs out. For employment tax records it's at least four years.
- Switch at a clean break, such as the start of a month or quarter, so your books don't overlap.
- Re-create recurring invoices in the new tool and tell regular clients about any change in how they pay.
- Cancel Pro (if you upgraded) after confirming the new tool works.
Want a wider view first? Our guide to the best invoicing software for freelancers compares free and paid options side by side.
FAQ
Is Wave still free?
Yes: the Starter plan is free. Automatic bank connections and advanced receipt matching need Pro.
Is Wave Pro worth it?
If you like Wave and want automatic bank feeds, $19/month (or $190/year) is in line with other entry-level options. If you also need features Wave doesn't offer, compare alternatives first.
What's the cheapest alternative with automatic bank feeds?
Among the options here, Wave Pro annual ($190/year) and QuickBooks Solopreneur ($20/month) are the lowest list prices. Zoho Books' free plan may also work for very small businesses; check its current bank-feed availability on Zoho's site.
Sources (checked October 29, 2026)
- Wave, Receipts and Pro Plan subscription fees: https://support.waveapps.com/hc/en-us/articles/15601519996436-Receipts-and-Pro-Plan-subscription-fees
- Wave, FAQ: Plans for legacy businesses: https://support.waveapps.com/hc/en-us/articles/26449863006612-FAQ-Plans-for-legacy-businesses
- Wave, Online payments processing fees: https://support.waveapps.com/hc/en-us/articles/218323823-Online-payments-processing-fees-and-timelines
- Zoho Books free plan: https://www.zoho.com/blog/books/unveiling-the-free-plan-of-zoho-books-for-businesses.html; Zoho Invoice pricing: https://www.zoho.com/us/invoice/pricing/
- QuickBooks pricing and Solopreneur: https://quickbooks.intuit.com/pricing/, https://quickbooks.intuit.com/solopreneur/, https://quickbooks.intuit.com/solopreneur/business-personal/
- FreshBooks pricing: https://www.freshbooks.com/pricing
- IRS Publication 583, Starting a Business and Keeping Records: https://www.irs.gov/publications/p583