Wave provides its accounting application free to users and makes its money on sponsorships and advertising aimed at those users. The company says it has about 250,000 businesses as users with about 1,000 new signups occurring daily. The company launched Wave Payroll in Canada in February and that product will be introduced in the United States this year. The company is one of a group of relatively new organizations that market Internet-based accounting applications. The others are New Zealand-based Xero which opened its office in the U.S. last fall and FreshBooks, also based in Toronto. Those two companies follow the traditional route of selling their applications to users.