Wave vs Paylocity

Wave

Wave is a free accounting and invoicing platform designed for small businesses, freelancers, and solopreneurs. It offers genuinely free accounting, invoicing, and receipt scanning with no subscription fee. Wave makes money through payment processing and payroll add-ons. It is one of the best free accounting tools available for very small businesses with simple needs.

Freemium pricing · Get Pricing →

Paylocity

Paylocity is a modern HR and payroll platform designed for mid-market businesses. It combines payroll processing with employee engagement tools, learning management, and workforce analytics. Paylocity stands out for its strong mobile experience and focus on building connected, engaged workplaces.

Paid pricing · Get Pricing →

Pros

• ✓Genuinely free accounting and invoicing — no subscription required
• ✓Clean and easy to use interface
• ✓Good enough for most very small businesses and freelancers
• ✓Receipt scanning and bank connections included free

Cons

• ✗Limited features compared to paid alternatives
• ✗Customer support is minimal on the free plan
• ✗Not suitable for growing businesses with complex needs
• ✗Payroll and payment processing add-ons can add up in cost

Pros

• ✓Strong employee engagement and communication tools
• ✓Excellent mobile app for both managers and employees
• ✓Modern UI with good user adoption rates
• ✓Robust payroll with strong compliance features

Cons

• ✗Pricing requires a sales call and is not published online
• ✗Implementation can be complex for larger organizations
• ✗Some advanced features require additional modules at extra cost

Best For

Solopreneurs and very small businesses wanting free accounting and invoicing software

Best For

Mid-market businesses with 20-1000 employees