Akaunting vs Wave: Which Free Accounting Software Should You Use?

A factual comparison of Akaunting and Wave for small businesses and freelancers looking for free or low-cost accounting software.

Updated 2026-10 · 2026

Akaunting

Open-source, self-hostable accounting software

Free (self-hosted, open-source)Cloud hosting plans start around $20/month

Strengths

+Fully open-source — free forever if self-hosted
+Full control over your data and server
+Extensible via app marketplace (payroll, CRM, inventory add-ons)

Weaknesses

-Self-hosting requires technical setup (PHP/Laravel server)
-Smaller community and fewer tutorials than Wave
-Bank feed integrations are more limited

Best for

Technical founders or agencies who want full control over their accounting data and don't mind self-hosting.

Wave

Free accounting and invoicing for small businesses

Free (Starter), $16/month (Pro)per month (billed monthly or annually)

Strengths

+True free tier with unlimited invoicing and accounting
+Clean, easy-to-use interface — no setup needed
+Built-in payments and payroll add-ons (fee-based)

Weaknesses

-Data lives on Wave's servers, not yours
-Free plan lacks automatic bank reconciliation
-Payroll only available in US and Canada

Best for

Freelancers and small businesses who want a no-setup, free accounting tool with optional paid add-ons.

Feature Comparison

Feature	Akaunting	Wave
Self-hosting option	Yes, free	No
Free plan limits	Unlimited (self-hosted)	Unlimited invoicing, basic accounting
Bank feed sync	Limited, via integrations	Included in Pro plan
Invoicing	Yes	Yes
Payroll	Via marketplace add-on	Paid add-on (US/Canada only)
Multi-currency	Yes	Yes
Mobile app	Limited	Yes
Open-source	Yes	No
Data ownership	Full (your server)	Hosted by Wave
Ease of setup	Requires server/technical setup	Sign up and go
Third-party app marketplace	Yes	Limited

The Verdict

Wave wins on simplicity — it's genuinely free, requires no setup, and looks better out of the box. Akaunting wins if you want to own your data and are comfortable self-hosting or paying for cloud hosting. For most freelancers and small teams who just want to send invoices and track expenses without touching a server, Wave is the easier choice.

How to switch from Akaunting to Wave

1In Akaunting, go to each module (Sales > Invoices, Purchases > Bills, Banking > Transactions) and use the Export button to download CSV files; if self-hosted, also take a full database backup for your records.
2Sign up for a free Wave account and create your business profile with the correct currency and fiscal year settings.
3Import your customer and vendor lists into Wave manually or via CSV under Sales > Customers and Purchases > Vendors.
4Re-enter or bulk-import historical invoices and transactions using Wave's CSV import tool under Accounting > Transactions.
5Reconnect your bank accounts in Wave (Pro plan) to resume automatic transaction syncing instead of Akaunting's manual or integrated feeds.
6Once data is verified in Wave, stop new entries in Akaunting and run both systems in parallel for one billing cycle before fully cutting over.

Akaunting vs Wave: common questions

How do I export my data from Akaunting before switching to Wave?+

Akaunting lets you export invoices, bills, and transactions as CSV files from each module (Sales > Invoices > Export, for example). You can also export a full SQL database dump if you're self-hosting, which preserves everything but isn't directly importable into Wave. For Wave, you'll mainly need the CSV exports of transactions, invoices, and customer/vendor lists.

What do I lose by switching from Akaunting to Wave?+

You lose self-hosting and full data control — Wave stores everything on its own servers. You also lose Akaunting's marketplace apps (like inventory or CRM add-ons) and multi-company management under one install, since Wave treats each business as a separate account.

Is Wave's free plan enough for a small team?+

Yes, for basic invoicing, expense tracking, and manual bookkeeping, Wave's free Starter plan covers most small team needs. If you need automatic bank reconciliation or multiple users with roles, you'll need the $16/month Pro plan.

Does Wave integrate with the same tools as Akaunting?+

Not exactly — Wave has fewer third-party integrations and no public app marketplace like Akaunting's. Wave focuses on its own built-in payments and payroll products instead of an open ecosystem, so if you rely on Akaunting add-ons, check Wave's native feature list first.

Will switching to Wave cost more over time than Akaunting?+

If you were self-hosting Akaunting for free, Wave's Pro plan ($16/month, ~$192/year) is a new recurring cost. But if you were paying for Akaunting Cloud hosting, Wave may actually be cheaper, especially once you factor in server maintenance time.