You should charge something for this. Even if you charged $10/year, it at least gives the impression that there is a contract and agreement in place that you will maintain the service and protect and provide the service. I have no interest, personally, in entering a bunch of invoice data in a service that might get shut down in a year after the developers lose interest in maintaining something that they lose money on…
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I'm not in the market for a new invoicing app, but if I were, the perceived sustainability of your business model is a dealbreaker for using you for it. My business deals with a 6 year audit window. (Technically speaking, multiple overlapping 6 year audit windows.) If your business fails, and I get audited, bad stuff happens. (e.g. The National Tax Agency might come to the conclusion "Mr. McKenzie, you claimed you had $5,000 withheld by clients in 2010 on your tax return for that fiscal year, but you seem to be unable to support that with original documentation. That's unfortunate, but we believe you're acting without malice, so in lieu of imprisoning you we'll just ask you to pay the $5,000 plus statutory interest of 8% a year."
Does this adequately explain why Free-as-in-Beer invoicing software doesn't exactly light a fire in my belly?