Wave provides true double-entry accounting, unlimited invoicing, expense tracking, and receipt scanning at no cost on its Starter plan. That price point makes it a common starting system for brand-new HVAC businesses: the owner can issue professional branded invoices, accept card and ACH payments, and see a real P&L without committing to a monthly subscription.
The Pro plan ($16/month or $170/year) adds automatic bank feeds, unlimited receipt scanning, and multi-user access. Payments (credit card, ACH, Apple Pay, tap to pay) and Payroll ($20-$40/month + $6/employee depending on state tax filing) are separate paid add-ons where Wave actually monetizes. Wave is now owned by H&R Block, which gives the platform stability and a clear path into tax services.
Wave's limitations matter as an HVAC shop grows. It has no real job costing, no inventory, no FSM integrations, and limited reporting customization. Once a contractor is running multiple trucks, taking deposits on installs, and needing class/location tracking or 1099 vendor management at scale, the move to QuickBooks Online or Xero is inevitable. But for a $100K-$500K single-operator HVAC business that wants to formalize the books cheaply, Wave is genuinely capable.