In this review of Wave Accounting, I’ve followed SMB Guide’s detailed criteria for evaluating the bookkeeping software. In this review, we’ll address all these questions and more, providing you with an in-depth analysis of Wave Accounting. The time-consuming process of sifting through piles of paperwork and manually organizing your finances can be exhausting.
Real-time monitoring and tracking of finances is possible using this software. For a free product, Wave Accounting packs a powerful punch and will greatly benefit solopreneurs and very small businesses starting out with limited requirements. The software is simple to learn and it’s ease of use is often cited as the most positive feature of the program, along with its low cost (free) and the lack of restrictions. Even though the majority of reviews are good, the business has just been given a rating of 1.54 out of 5 stars by the BBB. The most of the bad evaluations center on the company’s sluggish servers, bugs, and downtime. After the 60 days, chat support is only available for Payments and Payroll customers.
- Your employees can log into Wave securely to access their pay stubs and T4s and manage their contact and banking information.
- As stated earlier, Wave Accounting Software comes with a free plan for invoicing and accounting.
- Strong invoicing feature competes with that of paid products; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking.
- You will however be required to pay an extra cost in order to complete the filing of your taxes using this connection, which includes the automated import of data from Wave directly into H&R Block.
- Wave Accounting software allows you to quickly create an estimate and send it to your customer for approval.
Why should I use accounting software for my business?
Wave only supports a small number of connectors, but it does include support for the much-requested Zapier integration, which can link Wave to more than a thousand different add-ons. Accounting is simple thanks to the freemium Wave Accounting that’s included with your service. All transaction information is quickly synchronized with this program, so there is no need to enter it manually. After the invoices have been handed over, you are able to easily check their status and see whether they’ve been received, payment made, or if they are late.
At BeginDot, we go through each product in detail so that we can prove the most authentic information to our audience. We try the products, go through documentation, do research in user sentiments before adding our final recommendation. Wave Accounting’s Mobile Receipts uses OCR technology to scan receipts and import data in seconds. It also allows them to back up their receipts to the cloud for extra peace of mind. Finally, they can also scan unlimited receipts and bulk import up to 10 receipts at a time.
They seem to be knowledgeable about the software and able to solve most issues quickly. For customers who only use our free Wave Accounting or Invoicing products, support is self-service with assistance available in the Help Center and through the chatbot, Mave. While the company does offer email and live chat support, there is no phone support available. One of the biggest disadvantages of Wave is that it doesn’t have any dedicated time-tracking features. If you need to track your time for billing or invoicing purposes, you’ll need to use separate time-tracking software.
So you won’t have to worry about manual setups and calculations. The product provides limitless revenue and expense tracking, double entry accounting and tailored sales taxations. The firm keeps the program fully free by using the cash that it earns from providing services like as credit card transactions, Wave payroll, and accounting. Founded in 2009, Wave provides financial services and software for SMB’s from its HQ in Toronto, Canada and online accounting software in particular.
Support & Tools
Wave also offers resources designed to enhance the financial management capabilities of these businesses. Professionals who want to manage their accounting, invoicing, and financial transactions in one integrated platform will find the platform particularly useful. Zoho Books is a cloud-based accounting software that offers a comprehensive suite of accounting and business management tools. Its top features include invoicing, expense management and tracking, receipt management, bank reconciliation, payroll, and tax compliance (sales tax tracking and 1099 reporting). Once you have created your account and entered basic business information, Wave accounting software will suggest other areas for you to add further important business information.
Import, categorize, and reconcile your transactions and stay organized, painlessly.
For small businesses any larger than that, however, Wave is limited. Unlike competitors, Wave doesn’t offer many advanced features to increase the software’s functionality. Our partners cannot pay us to guarantee favorable reviews of their products or services. The payroll features offered by Wave require a monthly payment of $20.
The benefits of Wave accounting software are unlimited invoices and income tracking, financial reporting, double-entry accounting, invoicing, and more. Wave Accounting allows you to manually enter your income and expenses or import your bank and credit card transaction for tracking. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories.
Wave Accounting Review: Features, Benefits, Pricing, and Cons
You can create customizable invoices and monitor their payments, and accept credit card payments as wave accounting canada well as online bank transfers. The app has payroll functionality (the payroll suite starts at $20 per month) and lets you calculate taxes. Xero is feature-rich accounting software with all the best features of Wave, such as payments, invoices, bank connections, payroll, sales tax, reporting, bank reconciliation, and bill and receipt capture. Wave’s invoicing is free and unlimited, with customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses.
The software is PCI Level-1 certified for processing bank account and credit card information. Wave’s stored bank data relies on 256-bit encryption, and Wave states that its servers are both physically and virtually secured. Higher-tier QuickBooks Online plans include bill tracking, project profitability data, inventory management, employee expense tracking and more. Otherwise, unless you add an optional service like Wave Payroll or Wave Mobile Receipts, Wave Accounting is free to use.
The most basic plan, Simple Start, costs $35 per month, and the top-tier Advanced plan costs $235 per month, which is a sizable investment if you’re running a business on a tight budget. Wave Accounting offers a wide variety of useful reports by first selecting the “reports” option on the left-hand side navigation panel and then selecting the report you would like to generate. You can also export the reported information into your spreadsheet program for further use. A handy dashboard feature is the ability to find commonly used Wave application features by selecting the blue “create a new” drop-down button at the top of the screen.
- If this is the first new invoice you create, you will click on the “tax” field to create a new tax.
- Wave also offers paid products for payroll, coaching and mobile receipt scanning.
- Wave payroll provides you with a tax service in a way – you will gain access to important tax forms and documents.
- There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time.
In either case, Wave Accounting’s mobile app lets you capture unlimited receipts and import them in bulk in batches of up to 10 receipts. And further to that point, it’s hard to beat free accounting software with plenty of features, and Wave offers an excellent range of them for freelancers, contractors, and small businesses. Wave Accounting is an easy-to-use online accounting software ideal for businesses seeking a cost-effective solution for their accounting work. Its free features make it a valuable tool for managing finances without high costs.